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Neuro-Navigation Systems Market Size, Share, Industry Growth Analysis Report By 2033
Neuro-Navigation Systems Market Size
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According to The Business Research Company's, The neuro-navigation systems market size has grown strongly in recent years. It will grow from $2.60 billion in 2023 to $2.85 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to the expansion of personalized medicine, expansion of global healthcare access, growth in minimally invasive surgeries, growth in tailored treatment plans, and the increasing elderly population.
The neuro-navigation systems market size is expected to see strong growth in the next few years. It will grow to $4.13 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to increasing investment in healthcare infrastructure, growing adoption of robotic-assisted surgeries, rising awareness and early diagnosis of neurological conditions, rising demand for accurate brain mapping, and increasing prevalence of neurological disorders. Major trends in the forecast period include technological advancements, artificial intelligence, robotics synergy, adoption of augmented reality, and telemedicine.
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Market Drivers and Trends:
The rising adoption of minimally invasive surgical procedures is expected to propel the growth of the neuro-navigation systems market going forward. Minimally invasive surgical procedures involve performing operations through small incisions or natural body openings using specialized tools and techniques. The growing adoption of minimally invasive procedures is driven by their benefits, such as less pain, quicker recovery, and a reduced risk of complications. Neuro-navigation systems enhance the precision and effectiveness of minimally invasive surgeries by providing real-time, detailed guidance that allows surgeons to accurately navigate complex anatomical structures. For instance, in January 2023, according to the data published by the American Society of Plastic Surgeons, a US-based association of plastic surgeons, approximately 23,672,269 minimally invasive cosmetic surgeries were performed in the USA in 2022, with a 7% increase to 25,442,640 surgeries in 2023. Therefore, the rising adoption of minimally invasive surgical procedures is driving the growth of the neuro-navigation systems market.
Major companies operating in the neuro-navigation systems market are focused on developing advanced products such as advanced surgical planning and navigation platforms to enhance surgical precision, reduce operation times, and improve patient outcomes. Advanced surgical planning and navigation platforms are sophisticated systems that integrate imaging technologies and real-time tracking to assist surgeons in accurately navigating complex anatomical structures during procedures, ultimately enhancing precision and improving patient outcomes. For instance, in July 2023, Stryker, a US-based medical technology company, launched the Q Guidance System with Cranial Guidance Software. The Q Guidance System with Cranial Guidance Software is a next-generation neuro-navigation tool designed to provide real-time, high-resolution imaging and precise navigation for complex cranial surgeries. It enhances surgical precision and improves patient outcomes by offering surgeons 3D visualization and advanced guidance during procedures. This system is set to streamline workflows, reduce operating room time, and contribute to the evolving landscape of neuro-navigation systems.
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Major Key Players of the Market:
Medtronic Plc, Stryker Corporation, Philips Healthcare, Smith & Nephew PLC, GE HealthCare Technologies Inc., Heal Force Bio Meditech Holdings Limited, BrainLAB AG, Hitachi Medical Systems, Canon Medical Systems, Northern Digital Inc., Synaptive Medical, The Magstim Co. Ltd., ClearPoint Neuro Inc., Xoran Technologies LLC, Toshiba Medical Systems, Nexstim Plc, Soterix Medical Inc., ClaroNav, Happy Reliable Surgeries LLC, Scopis GmbH, NeuroLogica Corporation
Neuro-Navigation Systems Market 2024 Key Insights:
• The neuro-navigation systems market size is expected to see strong growth in the next few years. It will grow to $4.13 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%.
• Increased Adoption Of Minimally Invasive Surgeries Drives Growth In Neuro-Navigation Systems Market
• Innovative Neuro-Navigation Tool Aims to Boost Precision and Efficiency in Cranial Surgeries
• North America was the largest region in the neuro-navigation systems market in 2023
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