GAMMA KNIFE MARKET ANALYSIS

The global gamma knife market is estimated to be valued at US$ 239.1 billion in 2023 and is expected to exhibit a CAGR of 5.4% during the forecast period (2023-2030).

Analysts’ Views on Global Gamma Knife Market:

Gamma knife radiosurgery is a type of radiation therapy. It can be used to treat tumors, veins that have developed differently than usual, and other differences in the brain. Increasing product approvals from regulatory authorities are expected to drive the global gamma knife market over the forecast period. For instance, in October 2022, Elekta, a neuroscience company, received U.S. Food and Drug Administration 510(k) clearance for Elekta Esprit, a new Leksell Gamma Knife radiosurgery platform. This system is available to clinicians and people with brain disease in the U.S. Leksell Gamma Knife has been designed as a gentler alternative to open surgery and conventional radiotherapy.

Figure 1. Global Gamma Knife Market Share (%), By Indication, 2023

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Global Gamma Knife Market– Drivers

• Increasing inorganic growth activities such as acquisition by market players: Increasing inorganic growth activities such as acquisition by market players are expected to propel the growth of the global gamma knife market over the forecast period. For instance, in February 2021, Fujitsu Laboratories, Ltd., a technology equipment and services company, collaborated with researchers at the University of Toronto (U of T) for the development of a technology for dramatically streamlining the creation of radiation treatment plans for Gamma Knife radiosurgery. This leveraging Fujitsu’s quantum-inspired computing technology, the Digital Annealer, which rapidly solves combinatorial optimization problems.

Figure 2. Global Gamma Knife Market Share (%), By Region, 2023

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Global Gamma Knife Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global gamma knife market over the forecast period. North America is estimated to hold 33.5% of the market share in 2023. The global gamma knife market is expected to witness significant growth in the coming years, driven increasing prevalence of neurological disorders is contributing to the growth of the gamma knife market in the North America region. For instance, according to the American Neurological Association (ANA) in March 2021, neurological diseases affect around 100 billion people in the U.S. This significant number of patients with one neurological disorder is expected to increase the number of neurosurgeries in the U.S., thereby driving demand for gamma knife in the U.S.

Global Gamma Knife Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, are facing problems with the transportation of things from one place to another.

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.

Global Gamma Knife Market Segmentation:

The global gamma knife market report is segmented by indication, by anatomy, by end user, and by region.

• By indication, the market is segmented into brain metastasis, arteriovenous malformation (AVM), trigeminal neuralgia, and others. Out of which, brain metastatis is expected to hold a dominant position in the global gamma knife market during the forecast period, and this is attributed to the increasing use for the treatment of brain metastatis.
• By application, the market is segmented into head, neck, and others. Out of which, the head segment is expected to dominate the market over the forecast period, and this is attributed to increasing neurologic disorders.
• By end user, the market is segmented into hospital clinics, and ambulatory surgical centers. Out of which, hospital is expected to dominate the market over the forecast period, and this is attributed to the prompt treatment that can lead to proper recovery.
• Among all the segments, the brain metastases segment is expected to dominate the market over the forecast period, and this is attributed to constantly increasing collaboration by market players. For instance, in April 2022, Elekta collaborated with GE Healthcare, a manufacturing company, for the commercialization of radiation oncology. It provides hospitals with a comprehensive offering across imaging and treatment for cancer patients requiring radiation therapy for the treatment of cancer.

Global Gamma Knife Market- Cross Sectional Analysis:

Increasing prevalence of head and neck cancer in North America is also expected to boost demand gamma knife market in North America region. For instance, according to the American Society of Clinical Oncology (ASCO), in January 2021, head and neck cancer accounted for about 4% of all cancers in the United States. In 2020, an estimated 66,630 people (48,740 men and 17,890 women) had developed head and neck cancer, and also estimated that 14,620 deaths from head and neck cancer in 2020. Thus, this constantly increasing head and neck cancer will help in the growth of the market.

Global Gamma Knife Market: Key Developments

In October 2022, Elekta collaborated with Brainlab a medical technology company to enable neurosurgeons and radiation oncologists to use Brainlab’s iPlan software together with Elekta’s Leksell GammaPlan treatment planning for Gamma Knife radiosurgery. Through this collaboration, clinicians will be given the option to add the functionality of iPlan RT Image to the optimized dosimetry and precision of Leksell GammaPlan treatment planning.

In October 2021, Panacea Medical Technologies Pvt. Ltd. a medical equipment company received U.S. Food and Drug Administration (FDA) 510(k) clearance for its next generation stereotactic body radiotherapy (SBRT)-enabled linear accelerator on a ring gantry platform.

Global Gamma Knife Market: Key Trends

• Incresing technological advancement: Increasing technological advancement by the market players is expected to drive the growth of the global gamma knife market over the forecast period. For instance, in August  16, 2023, GK Financing LLC (GKF), a subsidiary of American Shared Hospital Services, launched its new dedicated website, www.gkfinancingllc.com, which aims to revolutionize the way healthcare professionals in neuroscience and radiosurgery access creative financing alternatives to obtain the Gamma Knife for non-invasive radiosurgery treatments.

Global Gamma Knife Market: Restraint

• High price associated with gamma knife procedures: The high price associated with gamma knife procedures is expected to hinder market growth over the forecast period. The gamma Knife procedure ranges from US$35,000 to US$45,000. The high cost of gamma knives has remained a longstanding challenge for the global gamma knife market. If increase in funding by government for gamma knife devices may increase the ease of buying gamma knife devices and thus produce positive impact on gamma knife market.

Global Gamma Knife Market - Key Players

Major players operating in the global gamma knife market include Elekta, American Radiosurgery Inc., and Masep Medical Science & Technology Development Co., Ltd.,  Panacea Medical Technologies Pvt. Ltd.,  and Nordion (Canada) Inc.

*Definition: Gamma knife is an advanced radiation therapy used for the treatment of cancer among adults and children of all ages. It is basically a beam of highly focused gamma rays used for precisely cutting or destroying tumors or damaged cells in the brain. Gamma knife uses tiny beams of radiation for the treatment of tumor and carcinogenic region of thre body. It is most often used in the treatment of neurological conditions such as brain metastases, acoustic neuroma and trigeminal neuralgia.