February 23, 2024
Neuro-navigation Systems Market

Neuro-Navigation Systems Market Driven By Rising Incidences Of Neurological Disorder

Neuro-navigation systems aid neurosurgeons in successful treatment of various neurological disorders and conditions by providing real-time anatomical guidance during complex brain surgeries. These systems incorporate high resolution MRI/CT scan images of a patient’s brain with a 3D digital brain atlas to guide surgeons during procedures for conditions like cancerous tumors, vascular malformations, epilepsy, Parkinson’s disease etc. Neuro-navigation allows for minimally invasive surgeries with precise navigation to targeted brain areas, reduced risk of damage to healthy brain areas, shorter hospitalization and improved patient outcomes.

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 key trends:

One of the key trends in the neuro-navigation systems market has been increased adoption of portable and hybrid systems. Traditional neuro-navigation systems involve fixed laboratory setups requiring the patient to be transported to the operation room. However, recent advancements have led to the development of portable and hybrid neuro-navigation systems that provide real-time image guidance during surgery in a portable fashion without requiring fixed laboratory setups. This has streamlined the surgical workflow while also enabling procedures to be performed across multiple operation rooms or even in ambulatory settings. The hybrid systems integrate neuro-navigation with robotic surgical platforms further augmenting precision and ease of procedures. Such innovative product development is expected to drive the neuro-navigation systems market during the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirements and availability of certified neuro navigation device makers keeps threat of new entrants high.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price sensitivity of neuro navigation devices.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and focus on innovations.

Threat of new substitutes: Threat of new substitutes is moderate as new innovations regularly disrupt the market.

Competitive rivalry: Market has few players due to high accuracy needs, competitive rivalry is high.

Key Takeaways

The Global Neuro-Navigation Systems Market Size is expected to witness high growth.

Regional analysis: North America dominates the Neuro-navigation Systems market currently due to development of advanced neuro navigation devices and demand for intraoperative imaging in neurosurgeries. Asia Pacific region is expected to be fastest growing market due to rise in awareness and improving healthcare infrastructure.

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.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it