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 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Stereotaxic instruments facilitate precise placement of electrodes or delivery of therapeutic agents into targeted brain regions in animals and humans. They help perform functions such as stereotactic brain biopsies, stereotactic radiosurgery and deep brain stimulation procedures.
Market key trends:
One of the key trends in the stereotaxic instruments market is increasing preference for minimally invasive neurosurgeries. Minimally invasive surgeries are performed through tiny incisions as opposed to open surgeries thereby reducing recovery time, blood loss and risk of infection. Stereotaxic instruments help deliver therapeutic agents or conduct biopsies through precise, minimally invasive methods. As demand for minimally invasive neurosurgical procedures rises, adoption of stereotaxic instruments is also expected to gain traction over the forecast period.
SWOT Analysis
Strength: Stereotaxic instruments provide precise image-guided localization and targeting of deep brain structures. They enable painless and minimally invasive procedures.
Weakness: High cost of stereotaxic instruments limits their adoption in resource-constrained settings. Technical expertise is required to efficiently operate these instruments.
Opportunity: Rising incidence of neurological disorders, growing geriatric population, and increasing demand for minimally invasive surgeries create lucrative opportunities.
Threats: Availability of alternative imaging modalities poses competition. Stringent regulatory procedures and reimbursement issues challenge market growth.
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. According to WHO, over 1 billion people suffer from neurological disorders globally. Stereotaxic instruments facilitate diagnosis and treatment of such conditions.
Regional analysis
North America dominates the stereotaxic instruments market and is expected to continue its dominance over the forecast period. This is attributed to growing neuroscience research, developed healthcare infrastructure, and presence of leading market players in the region. The Asia Pacific market is anticipated to exhibit fastest growth owing to rising healthcare spending, increasing medical tourism, and growing focus of international players in developing countries.
Key players
Key players operating in the stereotaxic instruments market include Stoelting Co., Kopf Instruments, NeuroLabware, Harvard Apparatus, RWD Life Science. These companies have strong geographical presence and offer diverse product portfolios targeting small animal and human research applications. Strategic collaborations with research institutes and acquisitions are among the priority growth strategies adopted by market players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it