Albany - New York, Sept. 29, 2016 (GLOBE NEWSWIRE) -- The intense rivalry between Medtronic Inc., BrainLab AG, and Stryker Corp. points towards a highly competitive landscape of the global market for surgical navigation systems, states a report by Transparency Market Research (TMR). The market is moderately concentrated. The top three participants accounted for a share of nearly 75% in 2013. The manufacturers of surgical navigation systems are increasingly entering into contracts with end users, such as hospitals and medical research institutes, to provide post-purchase services efficiently. This, in turn, is likely to strengthen the relationships between players and end users in the near future, leading to a deepened rivalry between manufacturing companies to capture each greater market share. This competition will intensify further due to the limited growth opportunities in terms of manufacturing cost and product differentiation.
The report offers a comprehensive assessment of the global market for surgical navigation systems. As per the study, the overall market will increase at a CAGR of 4.50% during the period from 2014 to 2020 and reach a value of US$295.5 mn by the end of the forecast period. Compared to other navigation systems, the demand for neurosurgery navigation systems is higher and is likely to remain the same over the coming years.
Browse Industry Research Report with free Analysis: http://www.transparencymarketresearch.com/surgical-navigation-systems-market.html
Demand for Surgical Navigation Systems to Remain Higher in North America
In this study, Asia Pacific, North America, Europe and the Rest of the World have been identified as the key geographical segments of the worldwide surgical navigation systems market. With a share of 40%, North America acquired the leading position in the overall market in 2013. The presence of an advanced healthcare infrastructure, together with a well-structured regulatory framework, has been driving the adoption rate of surgical navigation systems in this region. The trend is likely to continue over the forecast period, ensuring the dominance of North America.
Asia Pacific is also expected to record a robust rise in the uptake of surgical navigation systems in the coming years due to the increasing medical expenditure in this region. Analysts project the demand for these systems to expand at a CAGR of 7.60% between 2014 and 2020 in Asia Pacific, reports the research study.
Increased Awareness Regarding Usage and Benefits of Surgical Navigation Systems to Boost Adoption
“The increased awareness regarding the benefits that surgical navigation systems offer has played a significant role in driving their demand,” says an analyst at TMR. The leading manufacturers are taking initiatives to create more awareness about the applications and the benefits of these systems among healthcare professionals, which, in turn, is accelerating their sales substantially.
Request a Free PDF Brochure with Report Analysis:
Apart from this, the rising trend of minimally invasive surgeries has also impacted positively on the adoption of surgical navigation systems, globally. As these systems impart accuracy to minimally invasive surgical procedures, the risk of failure reduces significantly as compared to conventional procedures, notes the study.
High Initial and Maintenance Cost to Hamper Market’s Growth
In the coming years, though the demand for surgical navigation systems will escalate considerably, the cost associated with these systems may restrict the market from rising steadily. The average price of a surgical navigation system ranges from US$0.2 mn to US$0.65 mn on the basis of the combination of software employed on its basic unit.
Taking the initial investment and the maintenance cost in consideration, it will become difficult for a lot of healthcare organizations and research institutes to afford these systems. This factor may lead to a decline in their usage over the next few years.
Browse Press Release on Surgical Navigation Systems Market:
The study presented here is based on a report by Transparency Market Research (TMR) titled “Surgical Navigation Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
The global surgical navigation systems market is segmented into:
- ENT navigation systems
- Neurosurgical navigation systems
- Orthopedic navigation systems
- North America
- Asia Pacific
- Rest of World (RoW)
Browse Other Latest Research Reports:
- Surgical Equipment Market: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=183
- Sterilizers and Surgical, Dental Care and Equipment Disinfectors Market http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=4681
- Minimally Invasive Surgery Market http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1356
Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
US Office Contact Rohit Bhisey Transparency Market Research 90 State Street, Suite 700 Albany, NY 12207 Tel: +1-518-618-1030 USA - Canada Toll Free: 866-552-3453 Email: firstname.lastname@example.org Website: http://www.transparencymarketresearch.com Blog: http://www.tmrblog.com/
Source:Transparency Market Research