Orthopedic Navigation Systems Market Size, Share & Trends Analysis Report 2021-2028

 Orthopedic Navigation Systems Industry Overview

The global orthopedic navigation systems market size was valued at USD 1.97 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 14.4% over the forecast period. Rising geriatric population & cases of joint reconstruction, growing healthcare expenditure, and high awareness levels among patients & healthcare professionals are expected to drive the market growth over the forecast years. There is an increase in the number of cases of orthopedic conditions, including osteoporosis, osteoarthritis, rheumatoid arthritis, and ligamentous knee injuries. These ailments affect the body's musculoskeletal system, which comprises muscles, bones, joints, nerves, ligaments, cartilage, and tendons. This results in a reduction in the range of motion, stiffness, swelling, and muscle pain that later requires surgical treatment.

This is anticipated to boost the demand for the orthopedic navigation system in the coming years. According to the CDC estimation, 54.4 million (or 1 in 4) U.S. adults have some form of arthritis, which is expected to reach 78 million by the year 2040. This indicates the potential need for navigation systems for orthopedic surgeries in foreseeable future. Facing the outbreak of COVID-19, many countries made the required decision to abandon all non-emergency surgical procedures to free up caregivers for patients with COVID-19.

Gather more insights about the market drivers, restrains and growth of the Global Orthopedic Navigation Systems market

The pandemic has adversely affected the overall market owing to restrictions on non-emergency procedures, which resulted in delays to several procedures consequently causing massive revenue losses for the orthopedic companies. For instance, Stryker’s net revenue decreased by 9.1% from last year and Smith & Nephew’s revenue decreased by 11.2% in 2020 from 2019. However, from the 3rd quarter, the market started recovering and began working rapidly as hospitals have gradually started resuming elective procedures. Therefore, in the coming years, it is projected that the market for orthopedic navigation systems will recover rapidly after the resumption of surgical procedures at full force.

Associated advantages of Computer-assisted Surgeries (CAS), such as low blood loss, shorter hospital stays, and easier rehabilitation, are other factors expected to drive the industry revenue. CAS is instrumental in delivering accurate implant alignment, provides improved functionality, improves quality-adjusted life year, and causes less pain & tissue damage and fewer complications. Due to the abovementioned factors, demand for minimally invasive surgery is increasing rapidly. Furthermore, technological advancement in orthopedic surgical navigation procedures, increasing incidence of osteoarthritis, and rise in funding pertaining to R&D are other factors expected to boost the demand.

 

Browse through Grand View Research's Medical Devices Industry Research Reports.

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Orthopedic Navigation Systems Market Segmentation

Grand View Research has segmented the global orthopedic navigation systems market on the basis of application, technology, end-use, and region:

Orthopedic Navigation Systems Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Knee
  • Hip
  • Spine

 

Orthopedic Navigation Systems Technology Outlook (Revenue, USD Million, 2016 - 2028)

  • Electromagnetic
  • Optical
  • Others

 

Orthopedic Navigation Systems End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Hospitals
  • Ambulatory Surgical Centers (ASCs)

 

Regional Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2028)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Market Share Insights

  • November 2020: Stryker completed the acquisition of Wright Medical, in an attempt to enhance its global market position in trauma and extremities, providing significant opportunities to improve outcomes, advance innovation, and increase patient reach.
  • July 2020: Smith+Nephew publicized the introduction of the RI.HIP Navigation for Total Hip Arthroplasty (THA). This device received 510(k) clearance from the U.S. FDA and CE Mark certification for THA. As a result of such initiatives, competitive rivalry in this industry is anticipated to be high in the coming years.

 

Key Companies profiled:

Some prominent players in the global Orthopedic Navigation Systems market include

  • Braun Melsungen AG
  • Stryker
  • Medtronic
  • Smith+Nephew
  • Johnson & Johnson Services, Inc. (DePuy Synthes)
  • Zimmer Biomet
  • Amplitude Surgical
  • Kinamed, Inc.
  • Globus Medical
  • OrthAlign

 

Order a free sample PDF of the Orthopedic Navigation Systems Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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