Stereotaxic instruments are medical devices that are used for accurate localization of brain lesions during neurological procedures. These instruments use coordinate systems to locate targets inside the brain and guide surgical or biopsy procedures. Stereotaxic instruments find wide applications during procedures such as deep brain stimulation surgery, brain biopsy, implantation of radioactive seeds, lesions and intracerebral therapeutic delivery. Deep brain stimulation is a surgical procedure that involves placement of electrodes within the brain to deliver electrical stimulation to precise targets to treat neurological conditions such as Parkinson’s disease, epilepsy and chronic pain. The global demand for deep brain stimulation surgery has witnessed steady growth owing to increasing prevalence of Parkinson’s disease. The Global Stereotaxic Instruments Market Size is estimated to be valued at US$ 175 million in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Stereotaxic Instruments Market is Expected to be Flourished by Increasing Demand for Accurate Localization of Brain Lesions
One of the major drivers accelerating the growth of stereotaxic instruments market is increasing demand for accurate localization of brain lesions during neurological procedures. Stereotaxic instruments aid neurosurgeons in precise targeting of diseased regions in the brain that need surgical treatment or biopsy. Growing prevalence of neurodegenerative disorders such as Parkinson’s disease and Alzheimer’s disease has fuelled the demand for stereotactic guided neurological procedures globally. According to WHO, around 50 million people worldwide are estimated to be living with dementia as of 2020. Alzheimer’s disease is the most common cause of dementia accounting for 60-70% of cases. As per estimates, around 10 million new cases of dementia are reported annually worldwide. This growing prevalence of neurological diseases is expected to significantly propel the demand for stereotaxic instruments during the forecast period of 2024-2031.
Segment Analysis
The global stereotaxic instruments market can be segmented based on product, application, and end-use. In terms of product, the frame-based stereotaxic instrument segment is currently dominating the market due to its high accuracy and precision for neurosurgery. These instruments provide a rigid three-dimensional coordinate system for accurately targeting brain structures.
PEST Analysis
Political: Regulations regarding medical device approval are becoming more stringent globally, which can increase approval timelines for new stereotaxic instruments. However, growing healthcare expenditures are positively impacting the market.
Economic: The rising incidence of neurological disorders and increasing demand for minimally invasive surgeries are fueling market growth. Furthermore, advancements in robotics and imaging technologies are augmenting demand.
Social: Growing awareness regarding neurological conditions and their treatment options are driving patients to seek stereotactic surgeries. Moreover, rising geriatric population prone to neurodegenerative diseases is also propelling the market.
Technological: Innovation in neurosurgery technologies along with integration of robotics, 3D imaging, and automated instruments in stereotactic procedures are expected to provide new opportunities over the forecast period.
Key Takeaways
The global stereotaxic instruments market is expected to witness high growth due to the increasing prevalence of neurological diseases along with growing demand for minimally invasive surgeries.
Regionally, North America is expected to continue dominating the market owing to the rising neurological disease burden and availability of advanced healthcare facilities in the region.
Key players operating in the stereotaxic instruments market are Elekta AB, Stoelting Co., Braintree Scientific Inc., David Kopf Instruments, and Leica Biosystems.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
