Neuronavigation Systems Market Size to Grow at a CAGR of 7.7% in the Forecast Period of 2023-2031

The ‘Global Neuronavigation Systems Market Size Report and Forecast 2023-2031’ by Expert Market Research gives an extensive outlook of the global neuronavigation systems market, assessing the market on the basis of its segments like products, applications, end-uses, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Neuronavigation Systems Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast

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The key highlights of the report include:

Market Overview (2016-2031)

  • Forecast CAGR (2023-2028): 7.7%

The increasing prevalence of neurological disorders induced by congenital abnormalities, infections, or changing lifestyles, is leading to an increase in hospitalisation rates. This factor is driving the demand for neuronavigation systems. According to WHO, chronic neurological diseases such as epilepsy has affected a total of 50 million people worldwide. In addition to this, neurological mortalities are more prevalent among paediatrics and adults. Such factors are driving the global neuronavigation systems market.

The increasing healthcare expenditure across the emerging economies, rising health awareness, and favourable reimbursement policies of the government are some of the major driving factors increasing the demand for neuronavigation systems. Also, the increasing investments towards emergency preparedness in case of spinal or head injuries are likely to further propel the demand for neuronavigation systems across hospitals and ambulatory surgical centres.

Over the forecast period, the anticipated increase in the possibilities of intracranian localisation is likely to ease the penetration of neuronavigation technology across the medical facilities. Moreover, the increasing inclination towards minimally invasive approaches to treat chronic neurological diseases is likely to provide impetus to the global neuronavigation systems market.

North America accounts for a significant share in the market. In the United States of America, the prevalence of neurological diseases, along with the awareness pertaining to these disorders are high. According to WHO, the United States of America has been the country with highest age-standardised deaths caused by neurological disorder.

Meanwhile, the Asia Pacific region is likely to witness a considerable growth in the forecast period, owing to the increasing number of healthcare facilities, coupled with the rising per capita income. The increasing modernisation of neurological devices and systems is another key factor propelling the neuronavigation systems market growth in the region.

Neuronavigation Systems Industry Definition and Major Segments

Neuronavigation systems refer to the type of systems which provides surgical guidance to the doctors, physicians, and cardiologists, among others, for an accurate, reliable, and faster procedure. Neuronavigation systems are most commonly applied in brain, nerve, and spinal cord surgeries.

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Based on product, the market can be segmented into:

  • Optical Systems
  • Electromagnetic Systems

The market can be broadly categorised based on application into:

  • Neurosurgery
  • ENT Surgery
  • Maxillofacial Surgery
  • Spinal Surgery

The significant end-uses of these systems include:

  • Hospitals
  • Ambulatory Surgery Centres
  • Others

On the basis of region, the market can be categorised into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Neuronavigation Systems Market Trends

The key trends in the global neuronavigation systems market include the technological advancements in the neurological facilities which is leading to more efficient image-guided neurosurgeries. The ongoing regulatory approvals by the government of various nations are anticipated to further aid the market.

In December 2021, ClaroNav Kolahi, a leading medical innovator based in Toronto, Canada, announced the regulatory clearance of its new product, Navient, from the Chinese authorities. Navient is an image-guiding equipment which navigates the surgeons through the patient’s skull. The approval by National Medical Products Administration (NMPA) is likely to open new opportunities for the company in the global neuronavigation systems market.

In August 2021, an Irish med-tech company, announced a collaboration with NeuroNav, a medical software and hardware solutions provider. The aim of this collaboration is to optimise the use of artificial intelligence to bolster the efficiency of neurosurgical navigation. Moreover, the collaboration will also assist the neurosurgeons by increasing the accuracy of surgeries and by decreasing the risk of serious damage in sensitive areas of the body.

Over the forecast period, the increasing penetration of artificial intelligence and various internet technologies in the neurosurgical settings are likely to be the crucial trends in the market.

Key Market Players

Some major players in the market:

  • Stryker
  • BrainLAB AG
  • Brainbox Ltd.
  • Medtronic Plc
  • 7D Surgical System
  • others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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