Market Trends of Orthopedic Navigation Systems Industry
Knee Surgery Segmentation is Expected to Hold a Significant Market Share During the Forecast Period
Knee replacement surgery is a common joint replacement surgery for patients with osteoarthritis, post-traumatic arthritis, osteoporosis, or rheumatoid arthritis, which are knee-damaging diseases. An increase in the geriatric population and growing demand for minimally invasive surgical procedures are expected to enhance the segment's growth during the forecast period.
For instance, according to an article published by Orthopedic Surgery in February 2022, the use of minimally invasive surgical techniques has spread rapidly in the orthopedic field. It has been widely applied to the surgical approach of total knee arthroplasty surgery. This minimally invasive approach to total knee surgery is a technical improvement and supplement to traditional knee replacement, and it has several advantages, such as small skin incision, minor trauma, and an aesthetically appealing appearance. Thus, the increasing advantages of minimally invasive knee surgery and the increasing usage of these techniques are expected to boost the segment's growth.
According to the data published by the World Health Organization in October 2022, by 2030, 1 in 6 people worldwide will be aged 60 years or over, and the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion in 2030. By 2050, people aged 60 years and older will double to 2.1 billion. The number of persons aged 80 or older is expected to triple between 2020 and 2050 to reach 426 million. As knee surgeries are mainly associated with the elderly, the rising geriatric population is also expected to boost the segment's growth.
The rising developments by key market players are also driving the segment. For instance, in July 2021, DePuy Synthes (an Orthopedic company of Johnson & Johnson) launched its VELYS Robotic-Assisted Solution for knee replacement surgery in Australia.
Thus, the rising geriatric population, the increasing adoption of minimally invasive orthopedic surgeries, and the developments by major market players are expected to enhance the segment's growth during the forecast period.
North America is Expected to Hold a Significant Market Share During the Forecast Period
North America is expected to hold a significant share of the orthopedic navigation systems market during the forecast period due to the growing geriatric population, increasing prevalence of orthopedic disorders, key developments by market players, and geographical expansions by local players.
For instance, according to an article published by OTA International in June 2022, around 53 million Americans either carry a diagnosis of osteoporosis or are at risk for fracture due to decreased bone mass. Thus, the high prevalence of osteoporosis is expected to boost the usage of orthopedic navigation systems.
The rising geriatric population is also a major factor in the market's growth. For instance, according to the data published by Statistics Canada in July 2022, around 7,330,605 people are 65 years of age or older in Canada, accounting for 18.8% of the total population.
The developments by key market players are also expected to boost the market's growth. For instance, in June 2022, VisAR, an augmented reality surgical navigation system from healthcare technology leader Novarad, received FDA approval for precision-guided intraoperative spine surgery.
Thus, the rising geriatric population, the increasing prevalence of orthopedic disorders, and the developments by major market players are expected to enhance the segment's growth during the forecast period.
