Neuro-navigation systems are medical devices that help neurosurgeons perform neurosurgical procedures effectively on patients by providing accurate intraoperative images of the brain. These systems help surgeons navigate complex brain anatomies and locate lesions or tumors with precision during brain surgeries. The use of neuro-navigation systems improves the success rate of neurosurgeries and reduces risks associated with manually locating areas of interest during surgeries. The growing prevalence of neurological disorders and rise in the number of complex brain surgeries is fueling the demand for neuro-navigation systems.
The global Neuro-navigation Systems Market is estimated to be valued at US$ 2283 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity of growing neurosurgery procedures is expected to drive the neuro-navigation systems market growth over the forecast period. According to estimates, around 13 million brain surgery procedures are carried out globally each year. The growing geriatric population which is more prone to neurological disorders will further hike the number of neurosurgical procedures being performed. As neuro-navigation systems help surgeons conduct these complex surgeries with more precision and accuracy, their adoption in operating rooms is increasing. With the growing neurological disease burden, the demand for effective neurosurgical treatment options is also rising. This provides an opportunity for neuro-navigation system manufacturers to develop advanced products and penetrate the high growth neurosurgery market.
Porter's Analysis
Threat of new entrants: Low as neuro-navigation systems require high capitals and advanced technology. Bargaining power of buyers: Moderate as few neuro-navigation systems manufacturers dominating the market. Bargaining power of suppliers: Low due to availability of substitute components. Threat of new substitutes: Low as neuro-navigation systems are specialized medical devices. Competitive rivalry: High as key players competing on the basis of technology and product offerings.
SWOT Analysis
Strength: Advanced navigation technology and minimally invasive surgeries. Weakness: High costs of neuro-navigation systems and lack of skilled professionals. Opportunity: Growing aging population and rising neurological disorders. Threats: Stringent regulations and reimbursement issues.
Key Takeaways
The Global Neuro-Navigation Systems Market Size is expected to witness high growth.
Regional Analysis: The North America region currently dominates the neuro-navigation systems market due to high healthcare expenditures and advanced healthcare infrastructure. The high prevalence of neurological disorders in countries like United States and Canada is also contributing to the regional market growth. Europe also holds a significant share in the global neuro-navigation systems market owing to increase in geriatric population and favorable reimbursement scenarios.
Key players operating in the neuro-navigation systems market are Bayer AG, BASF SE, Syngenta AG (now owned by ChemChina), Corteva Agriscience, FMC Corporation, Nufarm Limited, Dow AgroSciences (part of Corteva Agriscience), UPL Limited, Adama Agricultural Solutions (part of Syngenta Group), AMVAC Chemical Corporation, Valent U.S.A. (part of Sumitomo Chemical), Isagro S.p.A..
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