by 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 are used for precise delivery of pharmaceuticals or devices into specific regions of the brain. These instruments allow neurosurgeons to target structures deep inside the brain with high accuracy during neurosurgical procedures. They help in targeting small areas of the brain for biopsies, implantation of electrodes for deep brain stimulation, and injections. Main products under stereotaxic instruments include stereotaxic frames, stereotaxic species-specific adaptors, and stereotaxic software and accessories. Rising demand for minimally invasive neurosurgeries is a major factor driving growth of this market.
Market key trends:
One of the key trends in the stereotaxic instruments market is growing popularity of robot-assisted stereotactic surgery systems. Robotics offers several advantages over manual stereotactic frames such as providing precision beyond human capabilities, eliminating hand tremors, improved ergonomics for surgeons, and integrating pre-operative images with intra-operative anatomy. Major players are focusing on developing advanced robot-assisted stereotactic systems integrated with imaging and navigation to perform complex brain surgeries precisely. This is expected to boost adoption of robotics in stereotactic neurosurgery over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirement and established brand value of existing players make the entry of new players difficult in this market.
Bargaining power of buyers: Buyers have high bargaining power owing to the presence of several players offering similar products in the market.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute raw materials and components.
Threat of new substitutes: Threat of substitution is low as stereotaxic instruments are highly specialized with no close substitutes.
Competitive rivalry: Intense competition exists among the existing players to gain higher market share.
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 research activities in neurosurgery.
The North America region dominates the stereotaxic instruments market currently. This is attributed to ongoing technological advancements and presence of key players in the region. However, Asia Pacific region is expected to exhibit the highest CAGR during the forecast period due to improving healthcare infrastructure and rising research expenditure.
Key players operating in the stereotaxic instruments market are Stoelting Co., Kopf Instruments, NeuroLabware, Harvard Apparatus, and RWD Life Science. These players are focusing on new product launches and regional expansion to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
