Key Vendors Resorting to Hefty Discounts to Improve their Standing in the Global Surgical Navigation Systems Market
Based on the type of products, the key segments of the global surgical navigation systems market are neurosurgical navigation systems, ENT navigation systems, and orthopedic navigation systems. Among them, the neurosurgical navigation systems hold a leading share in the market due to the increasing number of complex neurosurgeries such as surgeries of brain and spine being conducted annually. The orthopedic navigation systems market trails it and the ENT navigation systems market follows in the third position.
As far as the competitive dynamics is concerned, the market is characterized by stiff competition on account of vendors constantly endeavoring to outdo each other with discounts and powerful marketing strategies. Some such tactics leveraged by vendors are providing navigation systems to community hospitals at a reduced price, fee per use, customer portal and operating room assistance, and medical education.
At present, the global market for surgical navigation systems is moderately concentrated with a handful of well-entrenched players dominating. As per Transparency Market Research, the market is slated to reach a value of US$295.5 mn by 2020.
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What is the unique perceived benefit of surgical navigation systems that is driving the growth in its market?
The primary advantage of surgical navigation system is the precision they accord in a gamut of surgeries. They include the use of imaging modalities in surgical procedures which facilitate the minimally invasive surgeries. With the soaring popularity of minimally invasive surgeries worldwide for ENT, orthopedic, neurological, and trauma, the demand for surgical navigation systems has grown too. Minimally invasive surgeries are being increasingly preferred by patients as they result in fast healing of wounds, reduced hospital stay, and most important lesser pain to the patient.
What is countering the growth in the global market for surgical navigation systems?
Damping demand in the global market for surgical navigation systems is the expensiveness of the equipment. Besides, the surgical navigation systems are not purchased frequently by end-users. This makes it difficult for vendors to find new customers. To overcome the challenges, they are resorting to strategies such as providing continual medical education (CME) classes to medicos, particularly surgeons.
Which are the key regional markets for surgical navigation systems?
Geographically, North America leads the global market for surgical navigation systems and is trailed closely by Europe. Factors at the forefront of driving stellar growth in the North America market are a robust regulatory framework, an excellent healthcare infrastructure, and higher healthcare spending. In the years ahead, the Asia-Pacific market is poised for impressive growth because of the popularity of medical tourism, focus on improvement of healthcare infrastructure by authorities, and higher allocation for the healthcare sector by the government. Europe along with the Rest of the World is also predicted to grow at a good clip in the near future.