The Stereotaxic Instruments Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Neurological Disorders
The stereotaxic instruments market is estimated to be valued at US$ 107.72 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Stereotaxic instruments are specialized medical devices used in stereotactic surgery to localize lesions in the brain. These instruments facilitate precise manipulation of microelectrodes, catheters, and other surgical instruments inside the brain. The most commonly performed procedures using stereotaxic instruments include deep brain stimulation for Parkinson's disease, tumor biopsy, implantation of catheter for drug delivery, and lesioning of specific neural structures.
Market Dynamics:
Surging prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, epilepsy, and other conditions requiring stereotactic procedures is expected to drive the growth of stereotaxic instruments market. According to the World Health Organization (WHO), worldwide around 50 million people have epilepsy, while more than 6 million people in the U.S. alone suffer from Alzheimer's disease. Deep brain stimulation using stereotaxic instruments is an effective treatment option for movement disorders like Parkinson's disease which is further fueling the market growth. Additionally, technological advancements offering improved precision, accuracy and minimal invasiveness of stereotactic procedures are also propelling the industry forward.
SWOT Analysis
Strength: Stereotaxic instruments provide precise localization and targeting of deep brain structures. They offer non-invasive procedures and help avoid neurological deficits. Stereotaxic instruments allow neurosurgeons to perform intricate surgeries with high accuracy.
Weakness: Stereotaxic instruments require specialized knowledge and skills to operate. Long learning curves associated with these instruments increases the dependency on highly skilled neurosurgeons. Rigid frames limit head movement which causes patient discomfort.
Opportunity: Rising incidence of neurological disorders provide growth opportunities. Increasing demand for minimally invasive surgeries also acts as a driver. Development of advanced robotic stereotaxic systems with intraoperative imaging capabilities further expands market scope.
Threats: High costs associated with stereotaxic surgeries limits widespread adoption. Presence of alternative treatment options poses challenge.
Key Takeaways
The Global Stereotaxic Instruments Market is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing prevalence of neurological disorders such as Parkinson's disease, epilepsy, and brain tumors. According to the Parkinson's Foundation, around 1 million Americans are currently living with Parkinson's disease. Rising geriatric population also contributes to increasing incidence of neurological conditions.
North America dominates the stereotaxic instruments market accounting for majority share, owing to rising neurological disease burden, developed healthcare infrastructure, and presence of key market players. Asia Pacific exhibits lucrative growth opportunities, owing to improving healthcare facilities, rising medical tourism, and growing focus of international players. China, Japan and India are fastest growing markets in the region.
Key players operating in the stereotaxic instruments market are Stoelting Co., Kopf Instruments, NeuroLabware, and Harvard Apparatus, RWD Life Science. Major players are focusing on new product launches, partnerships and acquisitions to strengthen their market position. For instance, in 2019, NeuroLabware launched NeuroLab Atlas, an open-frame stereotaxic instrument for rodent surgeries.
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