Gamma knife technology ensures precise delivery of high doses of radiation to tumours in brain and other anatomical targets. The technology is extensively used to treat brain tumours, acoustic neuroma, pituitary tumours, trigeminal neuralgia, and others. The rising number of patients suffering from cancer has led to the surging demand for Gamma Knife technology. The global Gamma Knife Market is projected to expand at a CAGR of 3.6% during the period between 2014 and 2020.
Growing Usage of Stereotactic Radiation Therapy to Boost Global Gamma Knife Technology
The growing prevalence of cancer across the globe, coupled with the rising geriatric population, bolsters the global Gamma Knife market. The increasing awareness among people about cancer care and advanced features of Gamma Knife have further boosted the growth of the overall market. However, strict regulatory requirements and long approval time for Gamma Knife systems will restrain the market growth in coming years. High cost of implementation and shortage of skilled manpower will also inhibit the growth of the global Gamma Knife market. The market has a huge opportunity to grow with the increasing usage of stereotactic radiation therapy.
Usage of Gamma Knife Technology for Treatment of Brain Tumours is Significantly High
On the basis of application, the global Gamma Knife market has been segmented into brain tumours, brain metastases, arteriovenous malformations, trigeminal neuralgia, and others. The application of Gamma Knife technology for treating brain tumours, brain metastases, and trigeminal neuralgia is significantly high. In fact, Gamma Knife surgery is regarded as one of the most advanced means to treat brain tumours.
Asia to Dominate the Global Gamma Knife Market in Coming Years
The global Gamma Knife market has been segmented into five key regions: Europe, North America, Latin America, Asia, and Rest of the World. Growing prevalence of cancer in North America has led to the surging demand for Gamma Knife Technology from the region. According to the World Health Organization (WHO), around 2.8 mn cancer cases were reported in the year 2000 in the U.S. alone. In Europe, the growth of the Gamma Knife market can be attributed to the various awareness initiatives taken by government associations such as the European Head and Neck Society (EHNS) and the Women against Lung Cancer in Europe (WALCE).
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However, in the near future, Asia is estimated to register the fastest growth in the market with the increasing number of patients suffering from cancer across countries such as China, Japan, and India. The WHO projects the prevalence of cancer in China and India to rise at a rate of 78% during the period between 2013 and 2020. Further, rapidly growing geriatric population in Asia will support the growth of the gamma knife market.
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In Latin America, rising number of cancer patients and various patient awareness programs initiated by the government organizations have boosted the growth of the regional Gamma Knife market. Construction of manufacturing and research facilities by some of the key market players in the region has also augmented the market growth.
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Key Players in Global Gamma Knife Market
Some of the key players in the global Gamma Knife market are Varian Medical Systems Inc., Huiheng Medical Inc., Elekta AB, ET Medical Group, Cyber Medical Corporation Limited, Nordion Inc., Masep Infini Global Inc., Hokai, and American Shared Hospital Services.