New York City, New York, Jan 12, 2016: A new market study dedicated to analysis of the global market for gamma knives has been recently published by Persistence Market Research. The report, titled “Global Market Study on Gamma Knife: Asia to Witness Highest Growth by 2020”, states that the market of gamma knife will grow at a moderate 3.6% CAGR between 2014 and 2020. The market is expected to grow from a valuation of US$526,733.2 thousand in 2014 to US$651,241.9 thousand by 2020.
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Gamma knives form an important segment of radiation therapies prescribed for the treatment of a variety of tumors and conditions such as arteriovenous malformations, brain tumors, acoustic neuroma, pituitary tumors and trigeminal neuralgia, and many other anatomical targets.
The global market for gamma knives is on a positive, albeit moderate, growth path owing to many factors such as the rising prevalence of a variety of cancers and obesity across the globe. The rising global geriatric population, and the subsequent rise in a number of neurological diseases, is also a key factor leading to increased demand for gamma knife surgeries across the globe.
The WHO states that there were nearly 8.2 million cancer-related deaths and at least 14 million new cases of cancer in 2012. Moreover, the number of new cancer cases is expected to rise by about 70% in the next two decades. Currently, more than 60% of the world’s overall new cancer cases occur in Asia, Africa, and Central and South America.
That said, the number of geriatric people is also rapidly rising across the globe. According to the WHO, the proportion of the global geriatric population in the total global population will double from nearly 11% to 22% between 2000 and 2015. The global total of 605 million geriatric people in 2000 is expected to rise to 2 billion by 2050.
With the global rise in cancer patients as well as geriatric people, the global market for gamma knife surgeries will also rise at a steady pace in the next few years. However, the market’s growth is limited by factors such as the stringent regulatory frameworks related to radiation therapies, long time required to approve gamma knife systems, high cost of the treatment, and scarcity of skilled manpower in the field of gamma knife treatments.
The report segments the global gamma knife model based on two key criteria: application areas and key regional markets. Gamma knife application segments include brain tumors, brain metastases, arteriovenous malformations, and trigeminal neuralgia. Geography-wise, the market is segmented into North America, Latin America, Asia, and Europe.
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Of the various applications studied in the report, the market segment of brain metastases is currently the fastest growing market segment and also the one with the promise of growing at the fastest pace in the future. Geography-wise, North America is currently the largest regional market, while Asia is the one expected to grow at the fastest pace during the report’s forecast period.
The report presents detailed business profiles of some of the key players in the global gamma knife market, including Varian Medical Systems, Cyber Medical Corporation Limited, Elekta AB, Inc., Masep Infini Global, Inc., ET Medical Group, American Shared Hospital Services, Huiheng Medical, Inc., and Nordion, Inc.
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