Neuro-navigation Systems Market Size, Share & Trends Analysis Report By Technology (Optical, Electromagnetic System), By Application (Neurosurgery, Craniomaxillofacial Surgery), By End-use, By Region, And Segment Forecasts, 2022 - 2030

Neuro-navigation Systems Market Size, Share & Trends Analysis Report By Technology (Optical, Electromagnetic System), By Application (Neurosurgery, Craniomaxillofacial Surgery), By End-use, By Region, And Segment Forecasts, 2022 - 2030

Neuro-navigation Systems Market Growth & Trends

The global neuro-navigation systems market size is anticipated to reach USD 4.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.77% from 2022 to 2030. The rise in the number of people suffering from a brain tumors and cancer is expected to propel the demand for neuro-navigation systems. According to American Brain Tumor Association, more than 84,000 people were diagnosed with a primary brain tumor in 2021andapproximately 18,000 people died as a result of a primary malignant brain tumor. Nearly one-third (29.7%) of the brain and Central Nervous System (CNS) tumors are malignant.

The outbreak of the COVID-19 pandemic in the year 2020 have a negative impact on the neuro-navigation systems market as the majority of elective brain procedures were postponed to free-up limited space in healthcare settings to treat COVID-19 patients. However, patients suffering from COVID-19 have subsequently shown certain neurologic symptoms that are expected to create a favorable environment for market growth in the near future. For instance, as per the study in Lancet, 1 in 3 Covid patients who recovered have neurological and mental health disorders. Such instances will surge the demand for neurovascular devices.

Furthermore, an increasing number of approvals and new product launches are expected to further drive the market growth over the forecast period. Advancements in technology such as improved accuracy due to improved software and registration processes, as well as the less complicated framework are expected to propel the growth of the neuro-navigation systems market. For instance, in May 2019, MagStim, launched StimGuide TMS navigation system. The device is designed to provide precise and consistent coil positioning during treatments for major depressive disorder.

Neuro-navigation System Market Report Highlights

• Based on technology, the optical segment dominated the neuro-navigation systems market with a revenue share of 57.2% in 2021. Optical-based systems provide better results as compared to electromagnetic navigation systems. They are considered the industry standard for neurosurgeries and are capable of tracking a large number of tools simultaneously
• Based on application, the neurosurgery segment held the largest revenue share of 30.4% in 2021, owing to the upsurge in the number of individuals suffering from brain tumors and cancer leading to brain metastasis
• The hospital segment dominated the end-use segment with a share of 51.9% in 2021. The use of technologically advanced equipment in hospitals, and an increasing number of government funding to the hospitals are boosting segment growth
• North America dominated the neuro-navigation systems market with the highest revenue share of 45.41% in 2021 owing to the presence of key participants, and the high purchasing power of consumers