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Surgical Navigation Systems: Technologies and Global Markets

  • August 2014
  • 121 pages
  • BCC Research
Report ID: 2313355

Summary

Table of Contents

This study provides a current review of the surgical navigation systems market and offers an in-depth coverage of the competitive landscape. BCC Research determines the current market size, defines trends and presents forecasts of revenue growth over the next five years through 2018.

Use this report to:
- Understand more about the overall clinical specialties and surgery types currently using navigation systems.
- Learn about the current state of the various product segments of navigation systems across geographies and predict their future trends.
- Estimate the current revenue size and future forecasts for the various product categories and geographical segments for the surgical navigation systems market.
- Understand the opportunities and risks for doing business in each country/region.

Highlights
- The global surgical navigation systems market reached $385.5 million in 2012. This market is expected to grow to $419.7 million in 2013 and $631.9 million in 2018, a compound annual growth rate (CAGR) of 8.5% from 2013 to 2018.
- The neurosurgical systems market reached $126.9 million in 2012. This market is expected to grow to $135.8 million in 2013 and $193.4 million in 2018, a CAGR of 7.3% from 2013 to 2018.
- The orthopedic systems market reached $120.5 million in 2012. This market is expected to grow to $132.1 million in 2013 and $201.9 million in 2018, a CAGR of 8.9% from 2013 to 2018.

Introduction & Scope
INTRODUCTION
STUDY GOALS AND OBJECTIVES
A growing number of surgeries needing higher clinical confidence and visualization techniques have led to the increased use of surgical navigation systems. Image-guided
surgeries are now commonplace across clinical specialties such as neurosurgeries, spine, orthopedic surgeries as well as ear, nose and throat (ENT) surgeries. This
modality has allowed the seamless fusion of diagnostic imaging equipment such as computed tomography (CT) and magnetic resonance imaging (MRI) with real-time
tracking to improve surgical outcomes. While a large majority of the 40 million surgeries conducted each year in the U.S. do not use navigation technologies, the
demand for minimally invasive procedures is changing the dynamics of operating rooms (ORs) across the world. With an enormously large addressable market, surgical
navigation systems are set to penetrate ambulatory surgery centers/day care centers, private clinics apart from large tertiary care hospitals.

The key goal of this report is to provide insights into the commercial and technological aspects of the global surgical navigation systems market.
Specifically, the major objectives of the study are to:
- Understand the overall clinical specialties and surgery types currently using navigation systems.
- Review the technological advances across various segments and product categories of surgical navigation systems.
- Identify the key market dynamics, the major drivers and industry challenges facing the surgical navigation systems market.
- Highlight the current state of the various product segments of navigation systems across geographies and predict their future trends.
- Estimate the current revenue size and future forecasts for the various product categories and geographical segments for the surgical navigation systems market.
- Understand the opportunities and risks for doing business in each country/region.
- Provide a description of the various technology patents filed by various manufacturers and developers of surgical navigation systems.
- Highlight the competitive landscape, the various strategic initiatives taken by the major market participants and their company and product profiles for surgical
navigation systems.

REASONS FOR DOING THIS STUDY
Operating rooms across the world are transforming. Be it the workflow, technologies used, clinical protocols, scheduling or the overall revenue generation strategies,
hospitals are looking to incorporate information technology to optimize the functioning of their ORs. With surgeons being required to perform complicated surgeries while
ensuring optimal time duration, the demand for surgical navigation technologies is on the rise.

One of the primary reasons for doing this study is to understand the overall business opportunities and sales prospects for navigation systems across key emerging and
developed markets. While the economic slowdown impeded the growth of capital-intensive navigation systems in the West, medical tourism has opened up several business avenues in the Southeast Asian markets. The growing impetus to upgrade ORs in order to attract a higher proportion of medical tourists is driving volume sales in the emerging markets.

Whereas surgeons performing neurosurgery and orthopedic procedures were the early adopters of this technology, navigation systems are now being increasingly used for
ENT procedures as well. Otolaryngologists are looking to differentiate between bony structures and soft tissues and to navigate through complex sinus passages using
surgical navigation systems. Being a large unaddressed market, manufacturers are looking at various strategies of penetration, including innovative pricing and financing
models, portability and other modes of creating awareness. On the other hand, spine surgeries have been moderately impacted by the lack of adequate clinical studies
establishing the health economic outcomes of using navigation systems. One of the other key objectives of this study is to review the current products and map the
upcoming technologies and patents that may shape the future of the surgical navigation systems market.

An equally important reason to perform this study is to understand the competitive landscape of the surgical navigation systems market. While the top competitors such
as Medtronic, Brainlab and Stryker have been the mainstays, certain product segments are being characterized by the influx of niche regional market participants. The report
further looks into the competitive landscape focusing on the key market participants, their major strategic initiatives and product profiles. This information can assist companies to find growth opportunities across various product categories and geographical segments for surgical navigation systems.

INTENDED AUDIENCE
The study will be of primary interest to companies that:
- Manufacture surgical navigation systems.
- Manufacture application software, accessories and other add-ons for surgical navigation systems.
- Manufacture diagnostic imaging modalities such as CT, MRI and ultrasound for preoperative and intraoperative imaging.
In addition, the research will be of interest to medical research institutions, and the financial and analyst community. This study is mainly directed toward product
managers, executives, directors, operations managers, sales and marketing managers, and strategic planners working for organizations developing medical devices, medical
robotics and surgical navigation systems. Universities and research facilities may find this study to be a good source of technical information regarding surgical navigation
systems and upcoming technologies, which can be used as a baseline for new or expanded R&D activities.

SCOPE OF THE REPORT
This study provides a current review of the surgical navigation systems market and offers an in-depth coverage of the competitive landscape. BCC Research determines
the current market size, defines trends and presents forecasts of revenue growth over the next five years. In this report, BCC Research’s market analysis is divided into five parts.

In the first part of this study, an in-depth understanding of image-guided and image-free navigation is provided. A deeper analysis of the key surgeries and procedure types using image guidance is studied. This section also focuses on the various components of surgical navigation systems as well as the various market and technology-based segmentation of product categories.

The second part of the report entails a global market analysis of the key qualitative trends in the surgical navigation systems market. This includes a detailed analysis of the current market drivers and industry challenges. In addition, this section looks into the technology trends and an in-depth analysis of the patents filed by the key market
participants. This section summarizes the overall global market revenues and presents the overall revenue forecasts for the next five years. Projected revenues are reported
with forecast compound annual growth rates (CAGRs) for the period of 2013 through 2018.

In the third section of the report, the overall business opportunities for surgical navigation systems manufacturers are detailed by countries. While covering the key
developed markets (the United States, Canada, Japan, Western Europe, and Australia and New Zealand), the report also presents an in-depth analysis of emerging markets
such as India, China, Brazil and South Korea. For each region, the key business opportunities and risks for surgical navigation systems are presented. In addition,
revenue forecast for each geographical region is also provided in this section.

The fourth section of the report presents an in-depth analysis of the various product segments and the business opportunities in each. This report segments the surgical
navigation market based on the usage and capabilities (defined by hardware and software components) of the respective units for various clinical procedures. The four
market segments covered are neurosurgical, spine, ENT and orthopedic navigation systems. In addition, a revenue forecast for each product category and a qualitative
understanding of the competition are presented in this report.

The fifth part of the report presents the competitive landscape for the surgical navigation systems market. This section provides an in-depth coverage of the market leaders, niche market participants and new entrants to the surgical navigation systems market. The company profile and overall product portfolio for various manufacturers is
presented in this section.

METHODOLOGY AND INFORMATION SOURCES
Primary and secondary research methodologies were employed to understand the overall market dynamics, product segments and clinical applications of technologies
discussed in the report. The technology section of this report is based on information derived from technical literature, professional journals, the author’s field experience and online sources.

About 18 manufacturers of surgical navigation systems were analyzed to create the global market analysis. Whereas most of the market participants in the surgical navigation systems market are private organizations, the data for publicly listed firms were obtained by thoroughly analyzing Security and Exchange Commission (SEC) filings, annual reports, websites, industry directories, industry magazines and catalogs, government sources and other public sources. Additional data were obtained from the direct contribution of primary sources, including product managers, marketing managers, service engineers and industry market analysts.

Secondary sources of information include:
- U.S. Securities and Exchange Commission Filings.
- U.S. Patent and Trademark Office.
- World Intellectual Property Organization.
- Company websites.
- Company annual reports and press releases.
In addition to utilizing the above primary and secondary sources, market growth trends and forecasts were compiled by gaining insights from relevant financial and market
information, relevant BCC reports, and the author’s own in-depth and comprehensive analysis of the collected information.

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