Europe Orthopedic Navigation Systems Market Growth & Trends
The Europe orthopedic navigation systems market size is expected to reach USD 2.05 billion by 2030, according to a new report published by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.9% from 2022 to 2030. The rising number of target diseases especially in the geriatric population is responsible for the rapid growth of the 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 and low post-operative complications associated with computer-assisted surgery are 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, Orthokey Italia developed a new version of KiRA system integrating it with the iPad to aid in the study of the kinematics of a patient’s knee joint. Moreover, favorable reimbursement policies associated with orthopedic navigation systems are anticipated to further propel the demand over the forecast period.
During the outbreak of COVID-19, non-emergency procedures were canceled, which adversely impacted the market, as restrictions resulted in delays for a number of procedures. Approximately 10 million individuals in the U.K. are waiting for surgical procedures, increasing from 4 million before the pandemic. Currently, most nations have elevated restrictions on elective surgery. As a result of the recommencement of surgical procedures at full force, the market is anticipated to gather pace in the forthcoming years.
Europe Orthopedic Navigation Systems Market Report Highlights
- Knee surgeries dominated the European market as of 2021, accounting for over 47.0% of the total revenue, owing to the rising number of partial & total knee replacement surgeries
- Hip surgery is anticipated to register a steady CAGR over the forecast period, owing to the rising number of hip replacement surgeries. According to the OECD, hip replacements in the U.K. are more recurrent and more than 177 per 100,000 populations undergo hip replacement surgeries each year
- Germany dominated the overall Europe market in terms of revenue in 2014 with a revenue share of 17.6%. The presence of sophisticated healthcare infrastructure coupled with high healthcare expenditures, and a higher volume of joint reconstruction procedures in this region are some factors attributing to the aforementioned conclusion
- The U.K. is pegged to witness lucrative growth during the forecast period, owing to the rising prevalence of diseases such as osteoarthritis and increasing usage of computer-aided navigation systems in knee & hip replacement surgeries. Moreover, high awareness levels, R&D funding, and the 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