Stereotactic Surgery Devices Market to Register Steady Growth During 2017 to 2027
The global Stereotactic Surgery Devices Market Demand held a market value of USD 16.59 billion in the year 2017 and is expected to grow at a CAGR of 5.2% during the forecast period. Stereotactic surgery is a minimally invasive form of surgical intervention that uses a 3D coordinate system to locate small targets inside the body and perform actions such as ablation and biopsy. The rising preference for minimally invasive surgeries, increasing adoption of stereo static surgery devices, and growing prevalence of brain-related diseases such as Parkinson’s disease, brain tumor, and others is anticipated to drive the growth of the market over the assessment period. According to the National Tumor Society, an estimated 700,000 people in the US were living with a primary brain tumor in 2017 and about 78,980 people are expected to be diagnosed for primary brain tumor in 2018. Moreover, according to reports published by Elekta AB company, an estimated 70,000 patients undergo gamma knife surgery each year.
On the other hand, the high installation cost and low treatment charges delays the recovery of the invested amount which thus limits the adoption of the technology. This factor is expected to hamper the growth of the market over the forecast period.
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Geographically, the Americas is expected to dominate the global market owing to the rising prevalence of neurological diseases, presence of developed healthcare infrastructure, and high disposable income. Europe is anticipated to hold the second largest position in the global stereotactic surgery devices market. The market growth in this region is mainly due to the increasing occurrences of brain diseases and presence of developed healthcare sector. The Asia-Pacific region is expected to be fastest growing region owing to the growing prevalence of brain-related diseases and continuously growing healthcare sector. The Middle East & Africa has the least share of the market owing to the limited presence of developed healthcare infrastructure in the African region.
The global stereotactic surgery devices market has been segmented into product type and application.
The global market, on the basis of product type, has been segmented into gamma knife, Linear accelerators (LINAC), proton beam therapy, and cyberknife. By product type, linear accelerators (LINAC) segment is expected to hold largest market share owing to the growing adoption rate and installations. Additionally, cyberknife is expected to be the fastest growing segment over the assessment period owing to its growing popularity in the developing economies.
On the basis of application, the market has been segmented into brain tumor, arteriovenous malformations, Parkinson’s disease, epilepsy, and others.
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Some of the prominent players in the global stereotactic surgery devices market are Huiheng Medical, Inc., Mitsubishi Heavy Industries, Ltd., GE Healthcare, Elekta AB, Koninklijke Philips N.V., Varian Medical Systems, Hitachi Medical Systems, Accuray, Inc., Ferring B. V., and Shinva Medical Instrument Co., Ltd.