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The global Gamma Knife Market is estimated to be valued at US$ 239.1 Bn or Billion 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 is a non-invasive treatment option that uses highly focused beams of gamma radiation for treating certain types of tumors, vascular malformations and functional disorders. It allows to treat brain tumors, arteriovenous malformations (AVMs) and other brain related diseases with minimally invasive surgery.
Market key trends:
One of the key trend in the gamma knife market is increasing demand for non-invasive treatment procedures. Non-invasive gamma knife treatment eliminates risks associated with surgery such as bleeding, infection and anesthesia related complications. It provides painless, effective and highly focused treatment for brain tumors and other neurological disorders. Rising prevalence of brain cancer and neurological disorders is driving the growth of non-invasive gamma knife treatment globally.
Market key trends:
One of the major trends in the Gamma Knife market is the increasing adoption of Gamma Knife radiosurgery for treating various brain cancers and other tumors. Gamma Knife radiosurgery is a non-invasive medical procedure that uses extremely focused gamma rays targeted towards tumors or cancerous cells in the brain. It is mainly used for treating brain tumors, vascular malformations, trigeminal neuralgia and other neurological conditions with great precision. The procedure has minimal side effects and high effectiveness which is driving its adoption for treating cancer patients.
SWOT Analysis
Strength: Gamma Knife radiosurgery offers high precision and accuracy in targeting tumor tissues with minimal damage to surrounding healthy tissues. This results in less pain, fewer complications and quicker recoveries for patients.
Weakness: High costs associated with Gamma Knife equipment and maintenance. Not accessible to all patients due to financial constraints.
Opportunity: Increasing incidence of brain tumors and cancers provides scope for market growth. Scope for technological advancements to develop new Gamma Knife systems with improved features.
Threats: Availability of alternative treatments like chemotherapy and robotic radiosurgery pose competition. Rise of reconditioned Gamma Knife systems threatens new system sales.
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 incidence of brain tumors. The World Health Organization estimates that over 250,000 new primary brain tumor cases are diagnosed globally each year. This large patient pool drives demand for effective treatment options like Gamma Knife radiosurgery.
Regionally, North America dominates the Gamma Knife market currently owing to high awareness, developed healthcare infrastructure and favorable reimbursement scenario. However, Asia Pacific is expected to witness the fastest growth during the forecast period due to rising healthcare expenditure, growing medical tourism industry and increasing focus of market 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. These players are focusing on new product launches, expanding to emerging markets and enhancing their global footprint through collaborations.
