Global stereotactic surgery devices market is growing rapidly mainly due to the growing prevalence of neurological diseases and disorders. Moreover, factors such as the increasing preference for minimally invasive surgeries and the increasing prevalence of brain-related diseases such as Parkinson’s disease are escalating the market on the global platform.
The global stereotactic surgery devices market will garner exponential accruals by 2023, registering 5.2% CAGR throughout the forecast period (2018-2023). The market had valued at USD 16.59 BN. in 2017,
Additional factors having a synergistic effect on the growth of the stereotactic surgery devices market include the increasing number of technological advancements, increasing number of ambulatory services, and government initiatives.
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On the flip side, factors such as the high installation cost and low treatment charges are expected to impede market growth.
Key players leading the global stereotactic surgery devices market include
Huiheng Medical Inc.
Koninklijke Philips N.V.
Mitsubishi Heavy Industries Ltd.
Varian Medical Systems
Hitachi Medical Systems
Ferring B. V.
and Shinva Medical Instrument Co. Ltd among others.
Global Stereotactic Surgery Devices Market – Segmentations
The MRFR analysis is segmented into four key dynamics for enhanced understanding.
By Product Type : Linear Accelerators (LINAC), Gamma Knife, Proton Beam Therapy, and Cyberknife among others.
By Application : Arteriovenous Malformations, Brain Tumour, Parkinson’s disease, and Epilepsy among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Stereotactic Surgery Devices Market – Regional Analysis
The North American Region heading with the growing prevalence of neurological diseases, accounts for the leading market for stereotactic surgery devices, globally. Moreover, technological advancements in the manufacturing of these devices is a key force driving the growth of this market.
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The U.S., backed by a large number of patients undergoing neurosurgeries, majorly contributes to an increase in the demand for stereotactic surgery devices in the region. Moreover, factors such as the presence of the developed healthcare infrastructure, alongside high healthcare expenditures drive the growth of the regional market.
Canada is focusing on exporting these surgical devices to countries worldwide, which is increasing the market in this region. Furthermore, the growing number of hospitals and healthcare services alongside the availability of materials required for the production of these devices and technological expertise will fuel the growth of this market.
The European region, led by the well-established medical devices market accounts for the second-largest market for stereotactic surgery devices. European countries like the U.K, Germany, and France spend a lot on the manufacturing of medical and surgical devices. Moreover, the increase in occurrences of brain diseases that have led to the rise in the number of surgeries and healthcare organization fosters the market growth in the region. Also, the presence of a developed healthcare sector and the resurging economy in the region drive the market growth in Europe.
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The stereotactic surgery devices market in the Asia Pacific region is emerging as a promising market owing to the increasing prevalence of brain-related diseases and continuously growing healthcare sector. Rapid economic growth in the APAC has been a dominant driving force increasing the per capita healthcare expenses. Recent economic data suggests that China along with the Southeast Asia is expected to join the ranks of the deep-pocketed Asian economies such as Taiwan an Korea.
China, owing to the presence of huge geriatric population and the increasing number of neurosurgeries, leads the stereotactic surgery devices market in the APAC. Whereas, India due to the vast population base, rapidly changing economy, and the increasing number of manufacturers of these devices, accounts for the second largest market in the region.
Whereas, the Middle East & Africa (MEA)region has the least market share due to the lack of awareness and low healthcare expenditures. The stereotactic surgery devices market in the MEA region will exhibit moderate growth during the corresponding period.
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