Stereotactic Radiosurgery

Stereotactic Radiosurgery

Stereotactic radiosurgery (SRS) is a non-invasive medical treatment that uses highly precise and concentrated radiation to target and treat various types of brain tumors, as well as other conditions such as arteriovenous malformations (AVMs) and trigeminal neuralgia. The term "stereotactic" refers to the use of a three-dimensional coordinate system to guide the radiation beams to a specific location in the brain. SRS offers several advantages over traditional surgery, including less risk of complications, faster recovery time, and fewer side effects. The stereotactic radiosurgery market is growing at a tremendous rate owing to a surge in the number of chronic diseases such as cancer. For instance, in 2020, the International Agency for Research on Cancer and the World Health Organization conducted a GLOBOCAN study on global cancer incidence and prevalence. According to the results of the study, there were approximately 308,102 new cases diagnosed in the U.S. Other factors such as increased focus on early detection and prevention, advances in treatment options, rising product launch and product approval for radiosurgery systems, and a rise in the senior population are driving factors for the market.

The Stereotactic Radiosurgery Market is expected to grow at a strong CAGR of 5.1% during the forecast period owing to the rising research and developments and approvals for finding a potential cure. For instance, in June 2021 Elekta AB was granted product approval by the U.S Food and Drug Administration (FDA) for their Elekta Harmony radiation therapy system, which is based on a linear accelerator. Several other factors such as increased number of product launches, investment in research, improved patient outcomes, and company collaborations are also leading to the surge in the market. For instance, Accuray Incorporated announced in October 2020 a partnership with Brainlab, the market leader in digital surgery and precision radiotherapy, a pioneer in robotic stereotactic radiofrequency surgery (SRS), based in Munich, Germany. The purpose of the collaboration is to strengthen and expand the Accuray Cyberknife treatment platform for the Neuro-Radiosurgery market.

• Based on technology, the market is segmented into gamma knife, linear accelerator, proton beam radiation therapy, cyberknife, and others. The gamma knife segment held the highest share in the market in the year 2022 owing to the prevalence of neurological disorders and brain tumors, as well as the swift adoption of gamma knife radiosurgery as a viable treatment option, the increased need for minimally invasive treatments, and innovative product launches have led to significant growth of this segment. For instance, Elekta unveiled its cutting-edge next-generation gamma knife stereotactic radiosurgery system in May 2022, the Elekta Esprit, the company's most advanced system to date. This system provides clinicians with significantly more rapid and automated treatment planning, as well as more tailored and patient-centric treatments, and a level of accuracy that safeguards both the mind and the body. Hence, the gamma knife segment held a significant share of the market in the year 2022.
• Based on the application, the market is bifurcated into brain cancer, prostate cancer, head and neck cancer, breast cancer, lung cancer, and others. The head and neck cancer segment is expected to grow with the highest CAGR during the forecast period. The most common types of head and neck cancer are squamous cell carcinoma of the mouth, nose and throat, and lymph node carcinoma of the neck due to enlarged lymph nodes. This segment is gaining market dominance due to the prevalence of target diseases, an adaptation of a bad lifestyle comprising of smoking and alcohol that has increased the incidences of head and neck cancers, and increased awareness of chronic conditions such as cancer. For instance, in May 2020, the World Health Organization (WHO) reported an estimated 550,000 head and neck cancer cases worldwide annually. Thus, the head and neck cancer segment is expected to gain prominence in the market in the forecast period.
• Based on end-users, the market is segmented into hospitals, ambulatory surgical centers, and others. The hospitals category held the highest share in the market in 2022 attributed to the ease of access to healthcare provided by hospitals, the availability of highly qualified healthcare personnel, the utilization of advanced medical technology, and a diverse number of units all over the globe. For instance, according to the American Hospital Association in 2023, there are in total of 6,129 hospitals in the U.S with 919,649 staffed beds and 34,011,386 hospital admissions in the year 2022. The market for the hospital segment is highly competitive and is projected to remain so in the foreseeable future. Thus, the hospital segment held dominance in the market in the year 2022.
• For a better understanding of the market adoption of the stereotactic radiosurgery industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is expected to grow with the highest CAGR during the forecast period. This is due to the presence of major players in the market, the increasing incidence of cancers, and the presence of well-established academic and research institutes. Countries such as India and China offer attractive investment opportunities for clinical research and are anticipated to positively drive research and development prospects for stereotactic radiosurgery. For example, in May 2022, an individual aged 35 years, who had been diagnosed with a condition involving the right side of the vestibular schwannoma, was successfully operated on by a linear accelerator-based technique known as stereotactic radiotherapy (SRS) at Rajiv Gandhi Government General Hospital (RGGGH), India. Hence, given the large population size of APAC, it is expected to grow with a high CAGR during the forecast period.
• Some of the major players operating in the market include Elekta; Accuray Incorporated; Varian Medical Systems, Inc.; Akesis, Inc.; Provision Healthcare; IBA Worldwide; ProTom International; Advanced Oncotherapy; Hitachi, Ltd.; Mevion Medical Systems.