Orthopedic Navigation System Market To Gain Demand Quickly Due To High Level Of Healthcare Expenditure Till 2025: Grand View Research, Inc.
The global orthopedic navigation system market is expected to
reach USD 303.7 million by 2025, according to a new study by Grand View
Research, Inc. Increasing geriatric population prone to orthopedic diseases is
a key contributing factor propelling the demand for orthopedic navigation
systems over the forecast period. Osteoarthritis and osteoporosis are most
common disorders in the population aged 70 years and above. Growing prevalence
of these disorders results in increased economic burden on many countries.
According to the WHO, 9.6% of men
and 18% of women are suffering from various forms of arthritis globally. Over
82% of people suffering from osteoarthritis have difficulty in movement and
around 25% are not able to perform daily activities. Degenerative joint
disorders affect majorly knee, hip, and ankle. Knee and hip replacement
procedures are performed in 85% of patients suffering from osteoarthritis.
Other factors include physical inactivity, obesity, unhealthy lifestyle, and
injuries.
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Further key findings from
the study suggest:
- Rising demand for computer-assisted orthopedic
surgery due to associated advantages such as low recovery time and shorter
hospital stay are anticipated to fuel the industry growth
- Knee navigation systems held the largest market share
in 2016 owing to increased adoption by healthcare professionals and ample
availability of products
- Asia Pacific regional market is anticipated to
witness lucrative growth due to rising incidence of orthopedic disorders
and awareness levels amongst consumers regarding benefits of minimally
invasive surgery
- High economic development is boosting medical tourism
in countries, such as India and China, which is expected to drive the
growth by increasing the buying capacity of consumers
- The market is moving toward consolidation, as large
pharmaceuticals are focused on strategic acquisitions of smaller companies
to gain competitive advantage in coming years
- Companies are striving to gain revenue share via new
product development, geographic expansion, and partnership alliances
- For example, Brainlab and De Puy Synthes entered into
an extended collaboration for providing effective spine alignment
treatment via navigation system
- Key players such as Biomet, Orthokey Italia,
Brainlab, Stryker, and De Puy dominate the market and hold more than 70%
of the revenue share as of 2016
- The market is highly competitive in nature as major
players are focusing towards the product innovation strategies due to
changing need of healthcare establishments, surgeons and patients
- For example, in May 2015, Medtronic announced that
StealthStation, a surgical navigation technology has received approval
from the U.S. FDA for expanded use of the same in other surgical
procedures apart from neurosurgery
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Grand View Research has segmented the orthopedic navigation
system market on the basis of application and region:
Orthopedic Navigation System Application Outlook
(Revenue, USD Million, Volume, 000’ Units, 2014 - 2025)
- Spine
- Hip
- Knee
Orthopedic Navigation System Regional Outlook (Revenue,
USD Million, Volume, 000’ Units, 2014 - 2025)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia
Pacific
- Japan
- China
- India
- Latin
America
- Mexico
- Brazil
- MEA
- South
Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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