The global stereotactic radiosurgery (gamma knife) market is anticipated to grow with a CAGR of nearly 6.1% during the forecast period. The major factors that are driving the market growth include the growing prevalence of cancer, brain tumors & neurological diseases, increasing preference for minimally invasive techniques and technological advancements. For example, in 2015, Elekta Instrument, AB were upgraded previous gamma knife models U, B, C, 4C, and Perfexion to Leksell Gamma Knife Icon. Also, the ongoing research and development activities by key players to develop technological advanced stereotactic radiosurgery (gamma knife) systems are expected to further boost this market revenue throughout the forecast period. However, the high cost and risk associated with gamma knife instruments are hindering the market growth.
Key Market Trends
Ocular diseases and Head & Neck Cancer Segment is Expected to Grow With a Healthy CAGR
Ocular diseases segment is expected to dominate the global stereotactic radiosurgery (gamma knife) market through the forecast period. Gamma knife therapy is used for various ocular indications, such as uveal melanoma, advanced glaucoma, eye metastases, age-related macular degeneration, angioreticuloma, vegetative pain, and pseudotumor cerebri. It reduces intraocular pressure and latency of this treatment is short as compared to other treatments. Unlike other invasive surgical procedures, it requires no incision, and this is also expected to increase demand.
Moreover, rising prevalence of primary brain tumors is also expected to boost the demand over the forecast period. According to the American Society of Clinical Oncology (ASCO), in 2018, nearly 23,820 adults in the United States were diagnosed with primary cancerous tumors of the brain and spinal cord. Brain tumors account for 85% to 90% of all primary CNS tumors. Associated advantages of gamma knife therapy over other treatment alternatives, such as improved, precision, accuracy and treatment safety, are anticipated to increase its demand in surgical centers. Hence, extended applications of this therapy to treat a wide range of brain indications is expected to boost demand for the same.
Asia-Pacific is Expected to Witness Rapid Growth Over the Forecast Period
Asia-Pacific region is anticipated to witness notable growth rate in the global stereotactic radiosurgery (gamma knife) market. Key factors responsible for high growth are increasing disease burden, rising prevalence of cancers & brain tumors, growing awareness amongst healthcare professionals regarding noninvasive treatment alternatives, high adoption of these instruments in surgery centers, and improving healthcare infrastructure in this region. According to the article published in Cancer Biology and Medicine, approximately 24% of all breast cancers were diagnosed within the Asia-Pacific region (approximately 404,000 cases at a rate of 30 per 100,000), with the greatest number of those occurring in China (46%), Japan (14%), and Indonesia (12%). Furthermore, increasing healthcare expenditure and favorable reimbursement policies is also fueling the growth of the overall regional market to a large extent.
Competitive Landscape
The global stereotactic radiosurgery (gamma knife) market is highly consolidated market. In terms of market share, Elekta AB is currently dominating the market. Some of the other companies which are currently present in the market are Accuray Incorporated and Varian Medical Systems, Inc. With investments in R&D, the companies are striving to launch new technologically advanced systems to become a leader in innovation. For instance, in October 2016, Elekta’s Leksell Gamma Knife Icon was used for the first time to treat a patient with brain metastases in Japan.
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