NEW YORK, Oct. 27, 2016 /PRNewswire/ -- Europe orthopedic navigation system market is expected to reach USD 22.7 Million by 2022, according to a new report by Grand View Research, Inc. Rising number of target diseases especially in the geriatric population is responsible for the rapid growth of the European orthopedic navigation system market. According to the Executive Agency for Health and Consumers, one in ten people in the geriatric population in Europe is suffering from osteoarthritis.
Minimal invasion, low post-operative complications associated with computer assisted surgery is anticipated to drive regional market growth over the forecast period. Moreover, the introduction of technologically advanced products is expected to induce demand for orthopedic navigation systems.
For instance, in February 2015, Orthokey Italia developed a new version of KiRA system integrating it with iPad to aid in study of kinematics of patient's knee joint. Moreover, favorable reimbursement policies associated with orthopedic navigation system are anticipated to further propel the demand over the forecast period.
Further key findings from the study suggest:
Knee surgeries dominated the European orthopedic navigation system market as of 2014, accounting for over 60.0% of the total revenue owing to the rising number of partial & total knee replacement surgeries.
Hip surgery is anticipated to be growing at a steady rate owing to the rising number of hip replacement surgeries. According to the OECD, hip replacements in the UK are more recurrent and 177 per 100,000 populations in 2014 undergo hip replacement surgeries.
Germany dominated the overall Europe orthopedic navigation system market in terms of revenue in 2014 at 30.5%. Presence of sophisticated healthcare infrastructure coupled with high healthcare expenditures, and higher volume of joint reconstruction procedures in this region are some factors attributing to the aforementioned conclusion.
The UK is pegged to witness lucrative growth of over CAGR of 5.0% from 2015 to 2022, owing to the rising prevalence of diseases such as osteoarthritis and increasing usage of computer aided navigation system in knee & hip replacement surgeries. Moreover, high awareness levels, R&D funding, and presence of skilled orthopedic surgeons are likely to fuel future demand.
Some prominent market participants include Stryker Navigation, B Braun Melsungen AG, Brain Lab, Zimmer Biomet, Microport Medical, Amplitude, De Puy, Medtronic, Orthokey Italia. Market share capitalization via new product development is the most effective sustainability strategy adopted by these players.
For instance, in May 2015, Medtronic received U.S. FDA approval and introduced its product "StealthStation", a surgical navigation technology in a probe to expand its product portfolio in specialties other than neurosurgery.
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