Optical Technology Enabled Orthopedic Navigation Systems Market Revenue to Swell at a CAGR of around 17% from 2023 to 2033
The Orthopedic Navigation Systems Market revenues were estimated at US$ 2.4 Billion in 2022 and is anticipated to grow at a CAGR of 16.9% from 2023 to 2033, according to a recently published Future Market Insights report. By the end of 2033, the market is expected to reach US$ 10.4 Billion.
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.
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.
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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.
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.
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- 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 (2018-2022) and forecast statistics for the period of 2023-2033.
Market Segments Covered in Orthopedic Navigation Systems Market Analysis
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- Other Technologies
By End Use:
- Ambulatory Surgery Centers
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