The Gamma Knife market is estimated to be valued at US$ 239.1 Bn or in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Gamma Knife refers to non-invasive radiosurgery devices used for the treatment of tumors and other functional disorders. It uses gamma rays targeted precisely on tumors to destroy them while minimizing damage to surrounding healthy tissues. It is an effective alternative to conventional surgery for conditions like brain metastases, arteriovenous malformations, acoustic neuromas, and pituitary tumors.
Market Dynamics:
The Gamma Knife market is expected to witness significant growth owing to the increasing demand for non-invasive procedures over conventional surgery. Gamma Knife provides several advantages like minimal bleeding, absence of incisions, reduced hospital stays, faster recovery time and lower risk of infections. It also causes minimal damage to surrounding healthy tissues and blood vessels. Additionally, growing geriatric population suffering from neurological disorders like brain tumors is also contributing to the market growth. According to WHO, by 2050 over 2 billion people will be aged over 60 years globally. However, stringent regulations governing approval and usage of radiosurgery devices along with high installation and maintenance costs of Gamma Knife systems are some of the factors hindering the market growth.
SWOT Analysis
Strength: The Gamma Knife provides precise radiation targeting with minimal damage to surrounding healthy tissue. It allows for non-invasive treatment of tumors and other medical conditions in the brain. The treatment is performed on an outpatient basis with no need for overnight hospital stay.
Weakness: Gamma Knife requires high capital investments and has significant maintenance costs. It also has limited treatment size and can only treat individually small tumors.
Opportunity: Growing geriatric population is increasing the prevalence of neurological disorders thus driving the demand for Gamma Knife treatments. Technological advancements are helping expand the applications of Gamma Knife to treat conditions outside the brain as well.
Threats: Alternative treatment options like proton therapy and CyberKnife provide strong competition. Stringent regulatory framework also increases compliance costs.
Key Takeaways:
The global Gamma Knife market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing prevalence of cancer and neurological disorders. Growing geriatric population is susceptible to such conditions thus augmenting the market growth.
Regional analysis: North America dominates the global Gamma Knife market owing to large patient population, high healthcare expenditure, and supportive reimbursement framework. Asia Pacific is expected to exhibit the fastest growth over the forecast period due to improving healthcare infrastructure, rising medical tourism, and increasing focus of key players in the region.
Key players operating in the Gamma Knife market are Elekta, American Radiosurgery Inc., Masep Medical Science & Technology Development Co., Ltd., Panacea Medical Technologies Pvt. Ltd., and Nordion (Canada) Inc. Elekta holds the leading market share and has a comprehensive Gamma Knife product portfolio. It is investing in new product launches and geographic expansion to solidify its market position.
