The global Europe orthopedic navigation system market is expected to grow at a CAGR of 5%, reaching $22.5 Million by 2022. It had a prior market value of USD 15.44 million in 2014.
Rising cases of osteoarthritis & demand for minimally invasive operations for joint replacement surgery are projected to spur the surgical navigation systems demand in the forecast period (2015–2022). Moreover, increasing healthcare expenditure, awareness related to computer-assisted surgical navigation system & acceptance of such systems are key factors driving market growth. Strategic alliance & technological advancements are also projected to boost the market growth.
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Women are more prone degenerative joint disorders, compared to men, in their 50s. Around 1.8 million hip bone fractures have been registered in 1990, and it is projected to increase to 6 million by 2050. Increasing elderly and overweight population, which is prone to degenerative joint disorders & hip bone fractures, is projected to boost the market growth.
Hip surgery and knee surgery are the only 2 applications of the Europe orthopedic navigation system market. The latter dominated the market in 2014, accounting for over 60% of the total share due to the increasing occurrence of total & partial knee replacement operations. Continually rising number of knee surgeries & favorable reimbursement plans, along with technological advancements in navigation systems, are projected to spur the market growth. The former is expected to grow at a steady rate due to the increasing number of hip bone replacement surgeries.
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Germany dominated the Europe orthopedic navigation system market in terms of revenue at 30% in 2014 due to the presence of sophisticated healthcare infrastructure, high healthcare expenditures, & higher number of joint replacement procedures in the region. The UK, on the other hand, is projected to witness a huge growth in the near future due to high investments in R&D aimed at joint-replacement-device development and consumer awareness. It has a projected CAGR of 5% over the forecast period.
Some of the key participants in the Europe orthopedic navigation system market are Stryker Corp., Orthokey Italia SRL, Zimmer-Biomet Inc., Medtronic, DePuy Synthes, Inc., and Amplitude. Innovation is key to surviving the competition, as witnessed by Medtronic introducing StealthStation in 2015.
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