The global stereotactic surgery devices market size is projected to reach USD 34.47 billion by 2030, expanding at 3.9% CAGR from 2023 to 2030, according to a new study by Grand View Research, Inc. Increasing demand for minimally invasive surgeries, new product launches, and increasing investments in radiotherapy to improve oncology treatment are key factors driving the demand for stereotactic surgery devices industry.Minimally invasive stereotactic surgeries offer various benefits such as faster recovery, shorter hospital stays, and lower morbidity & mortality rate, which are the major factors increasing its adoption rate. This is also leading to stereotactic surgery devices replacing conventional invasive procedures.
The COVID-19 pandemic negatively impacted the market and led to a sharp fall in sales of stereotactic surgery devices. The lockdowns and restrictions led by the government led to a reduction in the diagnosis of cancer which resulted in less number of people undergoing radiation therapy. Moreover, changes in healthcare priorities and increased focus on treating COVID-19-infected patients also resulted in reduced patient visits to hospitals and clinics.
However, the market observed a quick recovery in the second half of 2021 and experienced significant growth in 2022 with an increased focus on healthcare by various government organizations. Moreover, with product launches with breakthrough technologies and continuous research funding by various organizations in oncology the market is expected to experience exponential growth over the forecast period.
Stereotactic Surgery Devices Market Report Highlights
• The PBRT segment held the highest market share in 2022 due to its effectiveness in treating various types of malignancies
• The CyberKnife segment is expected to experience maximum growth over the forecast period owing to product launches of technologically advanced CyberKnife
• The breast segment accounted for the highest share in 2022 owing to the increasing prevalence of breast cancer globally
• Lung cancer is expected to experience significant growth due to the rising number of smokers and the degrading quality of air due to pollution
• North America accounted for the highest market share in 2022 owing to the presence of technologically advanced and well-established healthcare facilities
• Increasing investments by medical technology companies in developing and underdeveloped countries are expected to render maximum growth in Latin America
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