The stereotactic surgery devices market is anticipated to expand at a 4.1% CAGR between 2023 and 2033, from US$ 26.34 billion to US$ 39.36 billion.
The primary factors driving demand for stereotactic surgery devices are rising demand for minimally invasive operations, increasing cancer prevalence, and technological improvement in stereotactic surgery equipment.
During the first half of the covid-19 pandemic, countries such as India and Malaysia saw a substantial drop in medical tourism. This is due to travel restrictions established by many countries in order to prevent the virus from spreading. Nonetheless, the government’s numerous tactics for controlling the crisis, as well as mass vaccination efforts, assisted the economy in opening up and operating at full capacity. As a result, it aided the market’s recovery at a rapid speed in the second half of the epidemic.
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With governments and various healthcare professionals focused on research and development and investments in the healthcare sector, the next developments might drive the expansion of the stereotactic surgery instruments industry. Furthermore, the increasing use of these devices in patients with arteriovenous malformations, epilepsy, and Parkinson’s disease is likely to provide a substantial boost to the market in the future years. The rising prevalence of these medical disorders is also projected to accelerate the adoption of stereotactic surgery instruments.
One of the most effective cancer treatments is radiosurgery. Stereotactic radiosurgery allows for the precise treatment of malignancies with high-dose radiation. Technical improvements in stereotactic radiosurgery aid in boosting treatment precision. Moreover, stereotactic radiosurgery aids in concentrating radiation dose on tumor cell lining, reducing the influence of radiation on adjacent healthy tissues.
Stereotactic radiosurgery and accompanying equipment are incorporating a variety of technologies. Radiosurgery therapies based on Varian technology help physicians treat many forms of cancer. Varian Medical Systems provide the Edge radiosurgery system, which is based on Varian technology and includes other technological components. Clinics, for example, can employ this modern equipment to perform streamlined stereotactic radiosurgery with speed and precision.
Despite the numerous benefits of stereotactic surgery, the expensive cost of stereotactic instruments is projected to stymie market expansion. Stereotactic radiosurgery can be delivered using ordinary Linear Accelerators (LINACs) or systems such as Gamma Knife. Unfortunately, many nations lack the financing and money to maintain such expensive radiation systems, which may have a negative impact on market growth.
Key Points from the Stereotactic Surgery Devices Market
- The market is expected to surpass US$ 39.36 billion by 2033.
- Rising surgical procedures, growing cancer prevalence, and increased government awareness campaigns are key factors boosting market expansion.
- Stereotactic surgery devices market is expected to hold a CAGR of 4.1% during the forecast period 2023 to 2033.
- North America dominated the stereotactic surgery devices market.
Key Developments in the Stereotactic Surgery Devices Market
- October 2021 – Ion Beam Applications SA announced the launch of the world’s first online proton therapy platform.
- June 2021 – Navi Netics Inc. received premarket product approval from the US Food and Drug Administration for their NaviNeticsD1 Stereotactic System.
- June 2021 – Elekta AB gained product approval from the US FDA for their linear accelerator-based Elekta harmony radiation therapy system.
- May 2022 – Elekta AB introduced the Elekta Spirit, a Next-generation Gamma Knife that will offer individualized radiosurgery with sub-milli-meter accuracy and treatment planning in less than 60 seconds.
Among the Key Companies in the Global Stereotactic Surgery Devices Market are
- Koninklijke Philips N.V.
- Hitachi Medical Systems
- Huiheng Group
- Siemens Ag
- Elekta AB
- Varian Medical Systems
- IBA
- Accuray Incorporated
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Stereotactic Surgery Devices Market Key Segmentation
Stereotactic Surgery Devices Market by Product:
- Stereotactic surgery devices market for Gamma Knife
- Stereotactic surgery devices market for LINAC
- Stereotactic surgery devices market for PBRT
- Stereotactic surgery devices market for Cyber Knife
Stereotactic Surgery Devices Market by Application:
- Stereotactic surgery devices market for Liver
- Stereotactic surgery devices market for Breast
- Stereotactic surgery devices market for Prostate
- Stereotactic surgery devices market for Lung
- Stereotactic surgery devices market for Colon
Stereotactic Surgery Devices Market by Region:
- Stereotactic Surgery Devices in North America Market
- Stereotactic Surgery Devices in Europe Market
- Stereotactic Surgery Devices in Asia Pacific Market
- Stereotactic Surgery Devices in Latin America Market
- Stereotactic Surgery Devices in the Middle East & Africa Market
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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