Stereotactic Planning Software Spending Analysis Market Was estimated to be US$ 252.6 Mn in 2021, with a market CAGR of 4.6% during the forecast period (2021-2031)
Stereotactic planning software is an interactive software tool used in stereotactic planning applications of recording chamber placement and electrode trajectories. It combines basic trajectory planning to obtain arc settings with advanced planning capabilities that improve O.R. workflows, localization of functional areas, and deep brain stimulation (DBS). According to the recent Future Market Insights (FMI) report, the global stereotactic planning software spending analysis is estimated to be US$ 252.6 Mn in 2021, with a market CAGR of 4.6% during the forecast period (2021-2031).
The high prevalence of neurological disorders and small cell lung cancer is expected to boost the demand in the stereotactic planning software market. For instance, Parkinson’s disease and other movement disorders are estimated to affect 2.75 million people in the United States. According to DALY’s, in the U.S., stroke accounts for 3.58 Mn people, Alzheimer’s disease for 2.55 Mn, and migraine for 2.4 Mn.
Furthermore, increasing investments in better treatment options involving precision and artificial intelligence in the software provide impetus to the market by increasing the overall adoption rate. Patients are inclined towards safer and better treatment facilities with minimal incision. Stereotactic planning software facilitates surgeons to plan stereotactic surgery efficiently.
However, the unprecedented impact of the ongoing covid-19 pandemic has created a significant impact on the stereotactic planning software market due to a shortage of inpatient footfalls in hospitals and other centers.
Preference now is being given to the treatment of COVID-19 patients, thus halting product launches for stereotactic planning. Also, this has led to the postponement of the enrolment of the new participants is such studies. Now, with the availability and commencement of the COVID-19 vaccination, the research activities expected to resume in the near future.
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Key Takeaways from Stereotactic Planning Software Spending Analysis Market Study
- Integrated stereotactic planning solutions are expected to grow 2x by 2031 as compared to 2021 owing to ease of use and higher adoption rates.
- CT scans are projected to capture over 46% of the global market by 2031. This is attributed to inherent accuracy in identifying and localizing intracranial lesions.
- North America is the largest revenue-generating region for stereotactic planning software, with the U.S. accounting for over 79% of the regional market.
- The U.K. holds the lead in Europe, accounting for over 37% of the region through the end of 2031.
- East Asia is poised to grow at the highest CAGR of 5.3% during the forecast period with China accounting for over 62% of the market owing to the large subclinical patient pool of patients.
Growing cases of neurological disorders, small cell lung cancer, and prostate cancer, along with an increase in patient awareness and screening, favorable reimbursement scenarios, approvals, and grants for product development are factors influencing market growth. The implementation of artificial intelligence, the use of visual improvements in real-time are some of the upcoming trends that are expected to create growth opportunities for manufacturers through the assessment period,” says the FMI Analyst
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Who is Winning?
Some of the leading companies operating in the stereotactic planning software spending analysis market are focusing on collaborations and mergers and acquisitions for global expansion options with a focus on emerging economies. Thus, enhancing their market presence. For instance,
- In March 2021, RaySearch Laboratories AB (publ) announced a sales agent agreement with Canon Medical Systems USA, Inc., enabling RaySearch America’s salesforce to promote Canon Medical’s Aquilion Large Bore CT and Celesteion PET/CT products.
- In March 2021, Brainlab announced the acquisition of Mint Medical GmbH. The acquisition aims to improve the structured diagnosis, analysis, and treatment of cancer and other diseases to address the demands of modern medicine and personalized treatments.
The key market players covered by FMI include Brainlab, Inc., Renishaw Inc., Inomed Inc., RaySearch Americas, Inc., Mevis Informática Médica, FHC, Inc., Integra LifeSciences Corporation, Elekta Solutions AB, and SurgiFRONT Ltd.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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