Stereotaxic instruments are essential medical devices used to perform precise minimally invasive procedures on the brain and spinal cord while observing three-dimensional coordinates of the targeted area. These instruments enable doctors to diagnose and treat various neurological conditions effectively with reduced recovery time and risks of complications for patients. 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 key trends:
The increasing demand for advanced neurological procedures is one of the key trends driving the growth of the stereotaxic instruments market. Stereotaxic instruments play a crucial role in minimally invasive surgeries of the brain such as deep brain stimulation surgery and biopsies. According to the Parkinson's Foundation, over 10 million people worldwide suffer from Parkinson's disease. Deep brain stimulation surgery using stereotaxic instruments has proven effective in reducing both motor and non-motor symptoms of Parkinson's disease. Similarly, the growing prevalence of neurological disorders such as brain tumors, epilepsy, and chronic pain is also augmenting the demand for stereotactic surgery, thus propelling the stereotaxic instruments market growth over the forecast period.
Segment Analysis
The global stereotaxic instruments market size can be segmented into diagnostic imaging system and surgical navigation systems. The diagnostic imaging system segment dominated the market in 2023 and is expected to remain dominant over the forecast period. Diagnostic imaging systems aid in accurate stereotactic localization of areas of interest and help surgeons in planning stereotactic surgeries, making this segment important for neurosurgical procedures.
Key Takeaways
The global stereotaxic instruments market is expected to witness high growth.
North America dominated the market in 2023 and is expected to remain dominant over the forecast period. Well developed healthcare infrastructure, rising geriatric population undergoing neurosurgeries, and presence of major manufacturers in the US and Canada are driving the North America stereotaxic instruments market.
Key players operating in the stereotaxic instruments market are Recon Robotics Inc., Lockheed Martin Corporation, 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. Major players are focusing on developing innovative robotic surgical systems with navigation capabilities for precision neurosurgeries.
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