Stereotaxic instruments play a crucial role in precise targeting and targeting required locations during various surgical procedures involving brain, spinal cord, abdomen and eye. These instruments use three-dimensional coordinate systems for locating sites and performing procedures. Some of the most common procedures where stereotaxic instruments are utilized include brain biopsies, stereotactic surgery for Parkinson’s disease, brain tumor removal, epilepsy treatment and functional neurosurgery. The global stereotaxic instruments market is driven by increasing prevalence of neurological disorders requiring surgical interventions. According to World Health Organization (WHO), neurological disorders affect over one billion people worldwide and is one of the leading cause for disability and death. Surging geriatric population prone to neurodegenerative disorders is further augmenting demand for neurosurgical procedures and associated equipment. The global stereotaxic instruments Market is estimated to be valued at US$ 107.72 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The stereotaxic instruments market size is expected to be flourished by surging demand for advanced brain surgeries globally. Of late, there has been substantial development in minimally invasive brain surgery techniques facilitated through incorporation of robotics and computer guidance. Advanced robotic 3D stereotaxic systems offer precise targeting and real-time intraoperative imaging, enabling complex surgeries to be performed with high accuracy and minimal collateral tissue damage. This is helping surgeons perform procedures previously considered untreatable. Technological advances have made robotic surgeries safer and more accessible. Leading manufacturers are focusing on developing next generation robotic platforms integrated with AI and machine learning capabilities to enable more personalized surgical approach. Increasing private and public investments to develop state-of-the-art neurosurgical facilities is also fueling adoption of advanced robotic stereotaxic instruments. However, high costs associated with stereotaxic robotic systems and need for specialized neurosurgeon training remain a major market challenge.
Segment Analysis
The stereotaxic instruments market is dominated by the neurosurgery segment. These instruments are majorly used during brain surgeries and biopsies to locate specific targets inside the brain with high precision. Neurosurgery accounts for over 60% of the total stereotaxic instruments market share due to rising cases of brain cancer, Parkinson’s disease and other neurological conditions that require stereotactic surgery.
PEST Analysis
Political: Governments across countries are increasing healthcare expenditures to strengthen public healthcare infrastructure and promote affordable healthcare. This is promoting adoption of stereotaxic instruments in hospitals and clinics. Economic: Rising disposable incomes are allowing people to spend more on sophisticated surgical procedures like stereotactic surgeries for brain disorders. This is fueling demand for accurate stereotaxic instruments. Social: Growing geriatric population susceptible to neurological conditions is a major factor. Also increasing awareness about stereotactic surgeries is driving the market. Technological: Developers are focusing on innovations like robotic stereotaxy systems, 3D navigation systems to enhance surgical accuracy and minimize invasiveness of procedures.
Key Takeaways
The global stereotaxic instruments market is expected to witness high growth.
North America region currently dominates the market attributed to increasing healthcare expenditure, rising neurological disorder incidence and presence of major players. Growing geriatric population and increasing healthcare budgets in countries like China and India are pushing Asia Pacific market growth.
Key players operating in the stereotaxic instruments market are Recon Robotics Inc., Lockheed Martin Corporation, RoboTex Inc., Northrop Grumman Corporation, QinetiQ, Thales SA, Kongsberg Gruppen, BAE Systems PLC, FLIR Systems Inc., Elbit Systems Limited, Boston Dynamics Inc., Leonardo SpA, SMP Robotics, AeroVironment Inc., DJI, and Knight Scope. Key players are focusing on developing innovative robotic stereotaxy systems with integrated imaging and navigation capabilities for minimally invasive surgeries.
