According to Future Market Insights’ newly released Orthopedic Navigation Systems Market analysis report, global sales of the Orthopaedic Navigation Systems Market in 2022 were valued at US$ 2.4 Billion. The market is expected to reach a valuation of US$ 13.2 billion by 2033, with a CAGR of 16.9% from 2023 to 2033. Orthopaedic navigation systems for the knee are predicted to be the most profitable market, with a CAGR of 19.1% from 2023 to 2033.
Increasing financing initiatives from the government for surgical navigation system research and development is also contributing to market growth. The high cost of surgical navigation systems and product recalls, on the other hand, are anticipated to have a negative impact on the Orthopedic Navigation Systems market’s growth.
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Businesses are concentrating on raising knowledge about the use and benefits of Orthopedic Navigation Systems among healthcare professionals and patients. In developed countries, manufacturers of surgical navigation systems have begun to reach out to local communities by offering CME classes. As a result, physicians and experts are becoming more aware of the availability and use of Orthopedic Navigation Systems.
Furthermore, commercially marketed Orthopedic Navigation Systems come with a six to seven-year warranty, resulting in a seven-year product sales cycle. Due to the increased demand for technology aid in orthopedic treatments, the market for Orthopedic Navigation Systems is likely to expand throughout the forecast period.
Key Takeaways
- The United States controls a sizable portion of the market and is estimated to be worth $5.2 billion by 2033.
- By 2033, the market in the United Kingdom is estimated to be worth US$ 1.1 billion.
- From 2023 to 2033, the market in Japan is estimated to develop at a CAGR of 19.2%, reaching roughly US$ 539 million.
- South Korea’s market is estimated to be worth roughly US$ 207 million by 2033, rising at a CAGR of 12% from 2023 to 2033.
- During the forecast period, the market revenue from Knee application is expected to grow at a CAGR of 19.1%.
- Optical orthopedic navigation systems have a significant market share and are predicted to grow at a CAGR of 16.7% between 2023 and 2033.
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Competitive Landscape
The key players operating in Orthopedic Navigation Systems Market include Stryker, Medtronic, Johnson & Johnson Services, B. Braun Melsungen AG, Smith + Nephew, OrthAlign, Globus Medical, and Zimmer Biomet.
- In February 2021, Brainlab, received FDA clearance for both Cirq and Loop-X Mobile Imaging Robot. Following the CE mark approval, the FDA’s clearance paved the way for Brainlab to enter the U.S. market with the Cirq robotic alignment module for spine procedures, and Loop-X, a fully robotic intraoperative imaging device on the market.
- In January 2021, DePuy Synthes received 510(k) FDA clearance for VELYS robotic-assisted solution. It is designed for use with the ATTUNE total knee system.
- In November 2020, Stryker, completed the acquisition of Wright Medical, in an attempt to enhance its market position globally in trauma and extremities. It will provide the company with significant opportunities to improve outcomes, advance innovation, and increase patient reach.
- In 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.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Orthopedic Navigation Systems Market by Application (Knee, Hip, Spine), by Technology (Electromagnetic, Optical, Other Technologies), by End Use (Hospitals, Ambulatory Surgery Centers), and by Region, presenting historical market data 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
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Market Segments Covered in Orthopedic Navigation Systems Market Analysis
By Application:
- Knee
- Hip
- Spine
By Technology:
- Electromagnetic
- Optical
- Other Technologies
By End Use:
- Hospitals
- Ambulatory Surgery Centers
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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