LONDON, March 22, 2017 /PRNewswire/ -- The global orthopedic navigation system market is expected to reach USD 303.7 million by 2025, according to a new study by Grand View Research, Inc. 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.
Further key findings from the study suggest:
Rising demand for computer-assisted orthopedic surgery due to associated advantages such as low recovery time and shorter hospital stay are anticipated to fuel the industry growth
Knee navigation systems held the largest market share in 2016 owing to increased adoption by healthcare professionals and ample availability of products
Asia Pacific regional market is anticipated to witness lucrative growth due to rising incidence of orthopedic disorders and awareness levels amongst consumers regarding benefits of minimally invasive surgery
High economic development is boosting medical tourism in countries, such as India and China, which is expected to drive the growth by increasing the buying capacity of consumers
The market is moving toward consolidation, as large pharmaceuticals are focused on strategic acquisitions of smaller companies to gain competitive advantage in coming years
Companies are striving to gain revenue share via new product development, geographic expansion, and partnership alliances
For example, Brainlab and De Puy Synthes entered into an extended collaboration for providing effective spine alignment treatment via navigation system
Key players such as Biomet, Orthokey Italia, Brainlab, Stryker, and De Puy dominate the market and hold more than 70% of the revenue share as of 2016
The market is highly competitive in nature as major players are focusing towards the product innovation strategies due to changing need of healthcare establishments, surgeons and patients
For example, in May 2015, Medtronic announced that StealthStation, a surgical navigation technology has received approval from the U.S. FDA for expanded use of the same in other surgical procedures apart from neurosurgery
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