Stereotactic Radiosurgery (Gamma Knife) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Stereotactic Radiosurgery (Gamma Knife) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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.

Key Market TrendsHead & Neck Cancer Segment is Expected to Grow With a Healthy CAGR

The head and neck cancer segment is expected to dominate the global stereotactic radiosurgery (gamma knife) market through the forecast period. Gamma knife therapy is used for various cancer indications, including head and neck cancer. Head and neck cancers usually originate in the squamous cells that line the mouth, nose, and throat. The typical symptoms include a persistent sore throat, difficulty swallowing, mouth sores that won't heal, a hoarse voice, and persistent neck swelling from enlarged lymph nodes.

Some of the major trends driving the market segment are the increasing number of cases of target diseases, and the growing aging population that increased the prevalence of chronic diseases. For instance, as per the study published in February 2022, titled "Head and Neck Squamous Cell Carcinoma in Elderly Patients: Role of Radiotherapy and Chemotherapy", although the majority of HNC occurs during the fifth and sixth decades of life, approximately 25–40% of the patients are over 70 years old. Moreover, according to the World Health Organization data updated in May 2020, the annual incidence of head and neck cancers worldwide is more than 550,000 cases, with around 300,000 deaths each year. Thus, the increasing prevalence of head and neck cancer globally boosts the market segment.

Additionally, 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. Furthermore, estimated that 14,620 deaths (10,640 men and 3,980 women) from head and neck cancer in 2020. Thus, this huge disease burden will help in the growth of the market. Thus, due to the aforementioned factors, the market segment is expected to see significant growth over the forecast period.

North America is Expected to Dominate the Stereotactic Radiosurgery (Gamma Knife) Market

North America is anticipated to witness a notable growth rate in the global stereotactic radiosurgery (gamma knife) market. Key factors responsible for high growth are increasing disease burden, rising prevalence of cancers & brain tumors, growing awareness amongst healthcare professionals regarding noninvasive treatment alternatives, high adoption of these instruments in surgery centers, and improving healthcare infrastructure in this region.

Cancer is also one of the most prevalent chronic diseases in the country, which is further expected to augment the growth of the market over the years. For instance, according to the GLOBOCAN 2020 report, 101,809 cases of colon cancer, 44,780 cases of rectum cancer, and 26,259 cases of stomach cancer were reported in the United States, which are expected to drive the demand for interventional procedures in the country.

Moreover, the United States has a better healthcare infrastructure than most developed countries. According to the National Cancer Institute (NCI), the national spending on cancer care was USD 156 billion in 2020. Thus, due to the increased funding, the stereotactic market is expected to boost in the region. Moreover, as per the statistics published in February 2022, by Cancer.net, in 2022, an estimated 25,050 adults (14,170 men and 10,880 women) in the United States will be diagnosed with primary cancerous tumors of the brain and spinal cord. As per the same source, about 4,170 children under the age of 15 will also be diagnosed with a brain or CNS tumor in 2022 in the United States. Therefore, with the increasing cases of cancer in the nation, the demand for stereotactic radiosurgery for its treatment is expected to increase, thus, the market is expected to see a surge over the forecast period.

Moreover, the Epidemiology and End Results (SEER) Program estimated that 53,000 new cases of the oral cavity and pharyngeal cancer occurred in the United States in, making up 3% of all new United States cancer cases. The SEER Program also estimated that such cancer cases would account for 10,860 United States deaths in the year, making up 1.8% of all cancer deaths. Thus, the growth in these programs has helped in the overall growth of the market.

Thus, the abovementioned factors are expected to increase market growth.

Competitive Landscape

The global stereotactic radiosurgery (gamma knife) market is highly consolidated market. In terms of market share, Elekta AB is currently dominating the market. Some of the market players are Elekta AB, Accuray Incorporated, and Varian Medical Systems. The major market players are focusing on technological advancements to acquire maximum market share.

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