The global Orthopedic Navigation Systems market size is expected to be worth around US$ 403.7 million by 2030, according to a new report by Vision Research Reports.
The global Orthopedic Navigation Systems market size was valued at US$ 222.95 million in 2020 and is anticipated to grow at a CAGR of 20.6% during forecast period 2021 to 2030.
Growth Factors
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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Report Highlights
Knee surgery segment dominated the overall market in terms of revenue in 2020. Increasing number of total knee replacement procedures and rising awareness pertaining to associated benefits are the factors contributing to its dominance over the forecast period. On the other hand, hip, and spine surgery segment is expected to witness a moderate growth over the forecast period due to lesser use of CAS and high cost of the instruments.
In addition, volume wise, knee surgery dominated the market in 2020 owing to greater penetration coupled with wider applications in multiple surgical conditions, such as total knee arthroplasty, unicompartmental (partial) knee replacement, kneecap replacement (patellofemoral arthroplasty), and revision knee replacement.
North America dominated in 2020 owing to the availability of improved infrastructure, high awareness levels, and favorable government initiatives pertaining to the promotion of orthopedic navigation system.
The Asia Pacific market is presumed to witness the fastest growth owing to the presence of high unmet clinical needs, increase in government initiatives to improve patient awareness related to minimally invasive procedures for replacement surgeries, and rising investments by manufacturers for production of cost-efficient orthopedic navigation systems.
Key Players
Stryker Corporation; B Braun Melsungen AG; Brainlab AG; Zimmer Biomet, Inc.; MicroPort Medical; Amplitude SAS; DePuy Synthes, Inc; Medtronic; Orthokey Italia SRL; Smith & Nephew
Market Segmentation
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In this study, the years considered to estimate the market size of Orthopedic Navigation Systems are as follows:
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– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
The study objectives of this report are:
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