February 25, 2024
Stereotaxic Instruments Market

The Global Stereotaxic Instruments Market is driven by rising number of neurological disorders cases

Stereotaxic instruments facilitate precise targeting of neurological structures and tissues during procedures such as brain biopsies and stereotactic surgeries. These instruments help visualize the brain in three dimensions for accurate navigation and localization during such procedures. Rising prevalence of neurological disorders such as Parkinson’s disease, Alzheimer’s disease, epilepsy and brain tumors is anticipated to drive the demand for stereotaxic instruments over the forecast period. For instance, Alzheimer’s disease alone affects over 30 million people worldwide and is projected to nearly triple by 2050. Stereotaxic instruments play a pivotal role in brain biopsies, lesionectomies and placement of deep brain stimulators to treat neurological conditions. Additionally, technological advancements in stereotaxic instruments such as integration of MRI and CT scans have made image-guided surgeries more efficient. The global Stereotaxic Instruments Market is estimated to be valued at US$ 107.72 Mn in 2024 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:
One of the major trends in the stereotaxic instruments market size is the miniaturization of devices. Traditionally, stereotaxic instruments were large, expensive machines requiring dedicated operating rooms. However, the integration of advanced navigation and localization technologies has enabled development of portable and compact stereotaxic instruments that can be used in general operating rooms. For instance, FHC’s SRG Series Stereotaxic Instrument Systems are compact and mobile, being a fraction of the size of older stereotaxic systems. Such portable systems allow procedures to be performed with minimal disruption and cost savings. Another trend gaining traction is the use of robotic stereotaxic instruments coupled with imaging modalities. Companies such as FHC are developing robotic stereotaxic systems integrated with MRI, PET and CT to enable image-guided robotic stereotactic neurosurgery and biopsies with enhanced precision, safety and efficiency. Such advances are expected to bolster the adoption of stereotaxic instruments.

Porter’s Analysis
Threat of new entrants: The Stereotaxic Instruments Market has moderate threat of new entrants due to high initial capital investments required to manufacture and market stereotaxic instruments.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players operating in this market providing differentiated products.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute components and bargaining power of buyers.
Threat of new substitutes: The threat of substitutes is low as stereotaxic instruments provide precision and accessibility not available from alternative techniques.
Competitive rivalry: The competitive rivalry is high among key global players due to technological advancements and mergers & acquisitions.

Key Takeaways
The global Stereotaxic Instruments Market is expected to witness high growth.

Regional analysis based on regions like Asia Pacific and North America are expected to be the fastest growing and dominating regions in the global market during the forecast period.

Key players operating in the Stereotaxic Instruments Market are Recon Robotics Inc., Lockheed Martin Corporation, RoboTex Inc., 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. Key players are majorly focusing on research and development activities to develop advanced stereotaxic instruments and expansion strategies to strengthen their foothold in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it