Market Size of Global Stereotactic Radiosurgery (Gamma Knife) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Stereotactic Radiosurgery (Gamma Knife) Market Analysis
The stereotactic radiosurgery (gamma knife) market is anticipated to grow with a CAGR of nearly 6.1% during the forecast period.
The COVID-19 pandemic has had ramifications on various surgical procedures. Due to the lockdown restrictions, a delay in diagnosis and treatments was observed in patients with various lifestyle-related and chronic diseases as a result of a reduction in hospital visits, which impacted the studied market. For instance, according to the research study published in August 2020, titled 'Overall Impact of the COVID-19 Pandemic on Interventional Radiology Services: A Canadian Perspective', the COVID-19 pandemic had negatively impacted the interventional radiology services in Canada, especially for elective cases, and as per the study, about 49.3% of the respondents reported that there was an overall decline in interventional radiology services in the country. Thus, this data indicates that surgical procedures declined due to the current pandemic scenario affecting the market. However, with the ongoing vaccinations and decreasing cases of COVID-19, the studied market is expected to bounce back to its full potential over the years.
The major factors that are driving the market growth include the growing prevalence of cancer, brain tumors, and neurological diseases, increasing preference for minimally invasive techniques, and technological advancements. For instance, according to statistics published in February 2022 by Cancer.net, a person's likelihood of developing a brain tumor in their lifetime is less than 1%. Brain tumors account for 85% to 90% of all primary central nervous system (CNS) tumors. Worldwide, an estimated 308,102 people were diagnosed with a primary brain or spinal cord tumor in 2020. Thus, the increasing cases of brain tumor worldwide is expected to increase the demand for stereotactic radiosurgery for its treatment thereby, the market is expected to see a surge over the forecast period.
Moreover, as per the International Agency for Research on Cancer (IARC), published in December 2020, globally, 1 in 5 people develop cancer during their lifetime, and 1 in 8 men. The IARC stated that the prevalence of cancer rose to 19.3 million cases. With this growing burden, the prevention of cancer is one of the most significant challenges. Therefore, the stereotactic radiosurgery (gamma knife) market is expected to grow over the forecast period.
Moreover, increasing approvals and product launches by key players are expected to boost the market. For example, in May 2022, Elekta launched its next generation stereotactic radiosurgery system, Elekta Esprit, the company's most advanced system offering significantly faster-automated treatment planning for clinicians, more personalized and patient-friendly treatments, and a degree of precision able to protect the mind and the person. Also, the ongoing research and development activities by key players to develop technologically 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 market growth.
