Global Gamma Knife Industry: Increasing Popularity of Stereotactic Radiation Therapy to Propel Future Market Growth
Published On : Mar 24, 2015
The Gamma Knife is the leading radio-surgical equipment, which has been used for more than 250,000 successful treatments across the globe, in the non-invasive treatment of small intracranial lesions to medium sized ones. The Gamma Knife leaves healthy tissues unhurt by focusing all 201 beams of cobalt-60 radiation to annihilate only the targeted brain lesions. It is majorly utilized for the treatment of brain tumors, trigeminal neuralgia, arteriovenous malformations, pituitary tumors, and acoustic neuroma. As the Gamma Knife is non-invasive, complications and mortality are decreased when compared to traditional neurosurgery. The Gamma Knife patients generally leave the hospital that same day or after a day, and recuperate in lesser time when compared to other patients.
Rise in Geriatric and Obese Population Driving the Gamma Knife Market
Increasing obese and geriatric population base coupled with rising prevalence of cancer and growing awareness about cancer care among people are the main factors driving the Gamma Knife market. Apart from this, highly developed features of the Gamma Knife are also acting as the market drivers.
In contrast, the stern regulatory requirements and extended approval time for the Gamma Knife systems, together with a lack of skilled manpower and high cost of implementation are the major hindrances in the global Gamma Knife market.
The global Gamma Knife market reached a market value of US$526,733.2 thousand in 2014. It is expected to reach US$651,241.9 thousand by 2020, increasing at a CAGR of 3.6% during the period of 2014 to 2020.
Gamma Knife Market in North America to Reach US$270,000 Thousand By 2020
Based on application brain metastases, trigeminal neuralgia, brain tumors, and arteriovenous malformations are the segments of the global Gamma Knife industry. The global brain metastases market was worth US$360,610.2 thousand in 2014. This is segment is likely to reach US$448,903.1 thousand by 2020, rising at a CAGR of 3.7% between 2014 and 2020.
According to the regional markets, North America leads the global Gamma Knife industry owing to the rise in the incidences of cancer, as well as growing investments by radio-surgery systems producers. The Gamma Knife industry in North America stood at US$217,115.5 thousand in 2014. It will reach a value of US$269,995.5 thousand by the end of 2020, growing at a CAGR of 3.7% between 2014 and 2020.
In 2000 the World Health Organization (WHO) stated, approximately 2.8 million people were suffering from cancer in the U.S. In addition to this, an international journal of surgical oncology, the Hindawi Publishing Corporation stated that every year, North America faces a threat of approximately 98,000 to 170,000 fresh brain metastases cases. Furthermore, Europe holds only one-eighth of the total population of the world. However, the region reports almost a quarter of global cancer cases every year.
Asia is considered as the fastest developing region in the global Gamma Knife market owing to the increase in cancer patients in China, India, and Japan. According to WHO, the prevalence of cancer in China and India is set to rise at a rate of 78% during the period of 2013 to 2030. In addition to this, increase in geriatric population is also nurturing the development of the Gamma Knife industry in the region. Increasing production and research facilities by various firms is propelling the Gamma Knife market in Latin America.
ET Medical Group, American Shared Hospital Services, Nordion, Inc., Hokai, Cyber Medical Corporation Limited, Masep Infini Global, Inc., Varian Medical Systems, Inc., Huiheng Medical, Inc., and Elekta AB are the main participants of the global Gamma Knife Market.
The stereotactic radiation therapy is getting popular in Gamma Knife market. This development is expected to cater to ample of opportunities and drive the market growth in coming years.
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