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The market dynamics of stereotactic surgery devices are shaped by various factors, including technological advancements, increasing prevalence of neurological disorders, and regulatory considerations. Stereotactic surgery involves the precise localization and targeting of specific areas within the brain or other body parts using a three-dimensional coordinate system. This minimally invasive approach offers several benefits, including reduced risk of complications and shorter recovery times, driving demand for stereotactic surgery devices.
One key driver of market growth is the rising prevalence of neurological disorders, such as Parkinson's disease, essential tremor, and brain tumors. As the global population ages and lifestyle factors contribute to the increasing incidence of these conditions, there is a growing need for effective treatment options. Stereotactic surgery devices enable neurosurgeons to precisely target and ablate diseased tissue or deliver therapeutic agents to the affected area, providing patients with better outcomes and improved quality of life.
Technological advancements play a crucial role in driving innovation and expanding the capabilities of stereotactic surgery devices. Manufacturers are continually developing new imaging modalities, such as magnetic resonance imaging (MRI) and computed tomography (CT), to improve preoperative planning and intraoperative navigation. Additionally, advancements in robotic-assisted surgery and image-guided systems enable greater precision and accuracy during stereotactic procedures, enhancing patient safety and surgical outcomes.
The regulatory landscape also influences the market dynamics of stereotactic surgery devices, with regulatory agencies such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) setting standards for safety and efficacy. Obtaining regulatory approval for new devices can be a lengthy and costly process, requiring manufacturers to invest in rigorous testing and clinical trials. However, regulatory clearance is essential for gaining market access and building trust among healthcare providers and patients.
Furthermore, reimbursement policies and healthcare financing mechanisms impact the adoption of stereotactic surgery devices and the accessibility of these procedures to patients. In countries with publicly funded healthcare systems, reimbursement decisions are often based on cost-effectiveness assessments and budgetary constraints, which can vary depending on regional preferences and healthcare priorities. Private insurance coverage and out-of-pocket expenses also play a role in determining patient access to stereotactic surgery, particularly for innovative technologies with higher upfront costs.
Global market trends, such as the increasing demand for minimally invasive procedures and the growing adoption of precision medicine, are driving the expansion of the stereotactic surgery devices market. Minimally invasive techniques offer several advantages over traditional open surgery, including smaller incisions, reduced pain, and faster recovery times. Additionally, the emergence of precision medicine approaches, such as personalized targeting of tumor cells based on genetic and molecular characteristics, is revolutionizing the treatment of neurological disorders and driving demand for advanced stereotactic surgery devices.
Covered Aspects:
| Report Attribute/Metric | Details |
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| Segment Outlook | Product Type, Application, and Region |
Stereotactic Surgery Devices Market Highlights:
Global Stereotactic Surgery Devices Market Overview
Stereotactic Surgery Devices Market Size was valued at USD 18.8 Billion in 2022. The Stereotactic Surgery Devices Market industry is projected to grow from USD 19.61 Billion in 2023 to USD 27.46 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.30% during the forecast period (2023 - 2032).The increasing spread of brain tumors and the increasing adoption of stereotactic surgery in place of levodopa therapy are market drivers expediting the market’s expansion.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Procedures including ablation, biopsy, injections, stimulation, and radiosurgery are all carried out using stereotactic surgery. A minimally invasive procedure uses a coordinate system to locate microscopic targets inside the body. The market for stereotactic surgical instruments is expanding due to the rising popularity of stereotactic surgeries to substitute levodopa drugs, the desire for minimally invasive treatments, and increased brain tumor incidence. The key drivers driving demand for stereotactic surgery equipment are rising requirements for minimally invasive surgeries, rising cancer prevalence, and technological advancements in these technologies. The first half of the COVID-19 pandemic saw a substantial decline in the medical tourism business in nations like Malaysia and India.
This occurs due to the travel restrictions put in place by several nations to stop the virus's spread. Mass vaccination campaigns and other government-implemented control measures allowed the economies to reopen and function fully. High initial startup costs and a strict regulatory environment limit industry expansion. The lack of alternatives to surgery has also fuelled demand for stereotactic surgical equipment. The increasing need for less invasive operations, the rising incidence of cancer, and technological developments in these technologies are the main factors driving demand for stereotactic surgery equipment. The stringent control measures and massive immunization campaigns implemented by the government did, however, allow the economies to begin functioning to their full capacity. As a result, it considerably supported the market's recovery in the second phase of the epidemic.
Medtronic and Zimmer Biomet, through an alliance made in July 2023, aimed at co-developing a new line of orthopedic surgery systems assisted by robots, thus expanding their product offerings in the Stereotactic Surgery Devices Market.
In May 2023, Monteris Medical Corporation acquired significant financing from its venture capital investors to push forward with more developmental and commercialization work on its innovative stereotactic surgery devices.
During Estro Meeting in Vienna (Austria) held in May 2023, Accuray Incorporated showcased their latest generation Radixact® System that includes CyberKnife® and TomoTherapy® platforms. Additionally, in 2023 ESTRO congress featured over 55 abstracts on Accuray technologies which added to existing clinical evidence supporting their use as well as demonstrating they can provide precise ultra/hypofractionated radiation treatments for many different cancer types.
Elekta’s present solutions and services distributor in Thailand, Premier Business Inter Company (PBI), sold company assets to Elekta in February 2023. As a result, Elekta has set up a direct presence in that region, which is better prepared for growth, hence ensuring it can raise customer service levels
A recently developed radiosurgery system called Elekta Esprit was cleared for distribution with advanced radiosurgery applications after receiving CE marking last year, thus confirming its compliance with European regulatory standards. Elekta Esprit is a recently developed radiosurgery system from Elekta that gained CE mark approval in November 2022.
On May 28th, 2022, A male patient aged thirty-five years who had been diagnosed with right-sided vestibular schwannoma underwent Stereotactic Radiosurgery (SRS) technology at Rajiv Gandhi Government General Hospital (RGGGH) using a linear accelerator.
Philips and Elekta are, therefore, extending their strategic alliance into accurate and personalized cancer treatment as well as proper care. Following their success with MR-guided adaptive radiation therapy (ART), a rapidly developing field in oncology, this partnership aims to promote precise and personalized oncology care and treatment.
According to Monteris’ Form D filed earlier today with the Securities and Exchange Commission, $9 million was raised by Monteris Medical (Plymouth, Minn.) in September 2020 from only one investor.
News:
The Food and Drug Administration of Indonesia has approved the VisAR surgical navigation system from Novarad. The technology, which uses augmented reality, is created for intraoperative usage during stereotactic spinal surgery. The surgical navigation device is accurate for open and minimally invasive surgery. Pre-surgical planning, virtual annotations, segmentation, and two-way image communication are all included in Novarad's entire package. The technology enables surgeons to create 3D holograms from a patient's imaging data, which may then be precisely projected onto the patient's body. Additionally, it can accurately install pedicle screws in both open and closed surgical procedures with a sub-2mm accuracy rate. With voice-activated instructions, VisAR enables a seamless setup that gives surgeons access to the whole operating room area
Stereotactic Surgery Devices Market Trends
- Rising cases of brain tumors and cancers across people are driving the market growth
The rise in the spread of brain tumors and cases of cancers among people is driving market CAGR for stereotactic surgery devices. The key drivers driving demand for stereotactic surgery equipment are the rising demand for minimally invasive surgeries, rising cancer prevalence, and technological advancements in these technologies. The first half of the covid-19 covid pandemic saw a substantial decline in the medical tourism business in nations like Malaysia and India. This occurs as a result of the travel restrictions put in place by several nations to stop the virus's spread. However, the government's extensive control measures and widespread immunization campaigns enabled the economies to open up and function at their full potential. As a result, in the second half of the pandemic, it significantly aided the market's recovery.
The next developments will also hasten the expansion of the stereotactic surgery devices industry as governments and numerous healthcare professionals concentrate on R&D and investments in the healthcare sector. In addition, it is anticipated that over the next few years, the market will be significantly boosted by the growing use of these devices among patients with Parkinson's disease, epilepsy, and arteriovenous malformations. Stereotactic surgery devices are predicted to become more widely used as a result of the rising prevalence of various medical disorders.
One of the best cancer treatments is radiosurgery. With the use of stereotactic radiosurgery, tumors can be precisely treated with high radiation doses. Technological developments in stereotactic radiosurgery aid in improving treatment precision. Additionally, stereotactic radiosurgery aids in concentrating radiation dose on tumor cell lining, minimizing the radiation's influence on adjacent healthy tissues. Thus, affecting the Stereotactic Surgery Devices Market revenue.
Stereotactic Surgery Devices Market Segment Insights
Stereotactic Surgery Devices Product Type Insights
The Stereotactic Surgery Devices Market segmentation, based on product type includes Gama knife, Linear accelerators, Proton beam therapy, and Cyberknife. Over the projected period, the cyberknife segment is anticipated to develop at the fastest rate. CyberKnife's clinical advantages include target specificity with high radiation doses, ongoing visualization, and total automation. Over the forecast period, these benefits are expected to support the segment's expansion. Additionally, prominent companies' new cyberknife product launches are propelling the expansion of the market.
Stereotactic Surgery Devices Application Insights
The Stereotactic Surgery Devices Market segmentation, based on application, includes Brain tumors, Arteriovenous malformations, Parkinson’s diseases, and Epilepsy. Over the course of the forecast period, the market for stereotactic surgery devices is anticipated to be considerably dominated by the brain tumors segment. Usually, brain and spine stereotactic radiosurgery is completed in a single session. Treatment with body radiosurgery typically takes three to five sessions and is used to treat tumors of the lung, liver, adrenal gland, and other soft tissues.
Figure 1: Stereotactic Surgery Devices Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
News:
In medical devices and technology design, the Elekta Esprit, a high-precision stereotactic radiosurgery device intended to treat targets in the brain, including tumors, vascular malformations, or functional impairments, won the Red Dot Award for product design. Elekta Esprit has earned an international winner label of the most prestigious distinction by masterfully fusing form and function. The most recent iteration of the well-known Leksell Gamma Knife delivers more effective and fluid workflows along with a contemporary appearance and a clean, light, and approachable attitude. Additionally, Elekta Esprit strongly emphasizes a straightforward, minimalist design aesthetic that detracts from the machine and highlights Elekta's attention on the system's user and patient experiences.
Stereotactic Surgery Devices Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Owing to the spread of cancer in this region as a result of unhealthy lifestyles, significant technological improvements, & supportive initiatives taken by governments and numerous organizations to raise awareness about the early detection & treatment of the disease, North America held the largest market share.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: STEREOTACTIC SURGERY DEVICES MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe’s Stereotactic Surgery Devices Market accounts for the second-largest position in the market. This is because more institutions in this area are becoming active. For instance, a new radiation therapy machine was given to an Oxyd hospital. Stereotactic Radiosurgery (SRS) equipment uses a lot of precisely focused, high-intensity radiation beams to treat brain tumors. Further, the UK Stereotactic Surgery Devices Market held the largest market share, and the Germany Stereotactic Surgery Devices Market was the quickest-growing market in the North American region
The Asia-Pacific Stereotactic Surgery Devices Market is anticipated to expand at the quickest CAGR. This is because of the rising elderly population, the high cancer rate, and the fast-expanding healthcare tourism. Growing knowledge of therapeutic methods and increased use of therapies like LINACS, tomography, gamma knife, and cyberknife. Moreover, China Stereotactic Surgery Devices Market held the fastest CAGR, and the India Stereotactic Surgery Devices Market was the quickest-growing market in the Asia-Pacific region.
Stereotactic Surgery Devices Key Market Players & Competitive Insights
Leading market players are investing largely in research & development-related activities to extend their product/service lines, which will aid the Stereotactic Surgery Devices Market, to grow faster. Market leaders are also adopting a range of strategies to expand their worldwide position, with important market developments including new product launches & developments, contractual agreements among companies with complementary service lines, mergers & acquisitions, increased investments, & collaboration with other organizations having complementary products and services. To grow in a competitive and rising market climate, the Stereotactic Surgery Devices industry needs to offer cost-efficient products.
Producing locally to cut operational expenses is one of the prime business strategies used by manufacturers in the Stereotactic Surgery Devices industry to benefit clients and increase the market sector. In recent years, the Stereotactic Surgery Devices industry has served with some of the key perks of medicine. Major players in the Stereotactic Surgery Devices Market, including Koninklijke Philips N.V., Huiheng Medical Inc., Mitsubishi Heavy Industries Ltd., GE Healthcare, Varian Medical Systems, Hitachi Medical Systems, Accuray Inc., Ferring B. V., Elekta AB, and Shinva Medical Instrument Co. Ltd, & others are making efforts to increase market growth via investing in research and development operations.
An industrial conglomerate, General Electric Co. (GE). A variety of industrial, infrastructure, and financial products and services are offered by it. The corporation provides a wide range of goods and services, including medical imaging, financing, and industrial goods, as well as aircraft engines and systems, healthcare systems, pharmaceutical diagnostics, power generation, and oil and gas production equipment. Additionally, it provides its clients with a wide variety of financial services. In addition to other industries, the company provides services to the water, oil and gas, power, energy management, aviation, healthcare, digital, transportation, appliance, and lighting sectors. In addition to having production sites all over the world, it also has activities in across all region worldwide. In the US, Boston, Massachusetts, serves as the home base for GE. In January 2023, GE HealthCare had acquired IMACTIS. The ergonomic all-purpose CT-Navigation system was created by Stephane Lavallee and Lionel Carrat, who established the French business IMACTIS in 2009. It provides stereotactic needle guidance. Intuitive pre-planning and ongoing control are made possible by this technology during a variety of treatments, from diagnostic to treatment.
A provider of comprehensive information systems, image-guided clinical solutions, and services for the management of brain illnesses and enhanced cancer care, Elekta AB (Elekta) is a medical technology firm. A few of its main offerings are the Gamma knife and Extend systems, the stereotactic systems, the fully integrated stereotactic radiation therapy systems, the volumetric arc modulated therapy systems, the image-guided radiation therapy systems, the advanced digital treatment systems, the treatment planning systems, the electronic brachytherapy for skin cancer, and the automated remote after loading platform. Additionally, it provides soft tissue visualization software, cancer registries, treatment planning software, radiation oncology information systems, and medical and radiation oncology information systems. Operating regions for the corporation include North America, Europe, the Middle East, Africa, and Asia-Pacific. Stockholm, Sweden serves as the home base for Elekta. In May 2023, By a three-year agreement signed by Elekta (EKTA-B.ST), Royal Philips, and Mercurius Health, Elekta and Philips will install cutting-edge diagnostic and therapeutic oncology equipment as well as related informatics solutions at Mercurius Health's recently acquired Robert Janker Klinik cancer centre in Bonn, Germany. Following the company's acquisition of Robert Janker Klinik earlier this year, Mercurius Health has committed to creating a significant presence in Germany with its investment in Elekta and Philips solutions.
Key Companies in the Stereotactic Surgery Devices Market include
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Koninklijke Philips N.V.
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Huiheng Medical Inc.
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Mitsubishi Heavy Industries Ltd.
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GE Healthcare
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Varian Medical Systems
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Hitachi Medical Systems
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Accuray Inc.
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Ferring B. V.
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Elekta AB
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Shinva Medical Instrument Co. Ltd
Stereotactic Surgery Devices Industry Developments
April 2022:To offer hospitals a complete solution spanning imaging and treatment for cancer patients needing radiation therapy, Elekta and GE Healthcare recently announced that they had inked a commercial collaboration agreement in the field of radiation oncology.
Stereotactic Surgery Devices Market Segmentation
Stereotactic Surgery Devices Product type Outlook (USD Billion, 2018-2032)
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Gama knife
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Linear accelerators
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Proton beam therapy
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Cyberknife
Stereotactic Surgery Devices Application Outlook (USD Billion, 2018-2032)
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Brain tumor
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Arteriovenous malformations
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Parkinson diseases
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Epilepsy
Stereotactic Surgery Devices Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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