July 14, 2024

Rising geriatric population to boost growth of Gamma Knife Market

The global Gamma Knife Market is estimated to be valued at US$ 239.1 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Gamma Knife is a non-invasive surgical procedure that uses high doses of gamma radiation to treat brain tumors and other brain-related disorders. It utilizes multiple beams of gamma rays that converge at a focal point to destroy or disable diseased tissue while surrounding healthy tissue remains largely unaffected. Gamma Knife is majorly used in the treatment of conditions such as brain tumors, vascular disorders like arteriovenous malformations and aneurysms, trigeminal neuralgia and functional disorders. With advanced precision and minimal invasion as compared to conventional surgery, Gamma Knife offers faster recovery time and lower risk of complications.

Market key trends:
One of the major trends in the Gamma Knife market is the technological advancements in Gamma Knife systems. Key players are focusing on developing next generation Gamma Knife systems with upgraded features such as real-time visualization, wireless connectivity, integrated imaging capabilities and improved dose planning software. For instance, Leksell Gamma Knife Icon by Elekta features advanced imaging for high precision treatment planning and delivery. Moreover, increasing preference for non-invasive procedures among geriatric population who are more prone to brain-related disorders is expected to drive the demand for Gamma Knife over the forecast period.
Porter’s Analysis

Threat of new entrants: Low, as gamma knife technologies requires high capital investments and well-established distribution networks.

Bargaining power of buyers: Moderate, as there are few alternative treatments for brain tumors and patients have inelastic demand.

Bargaining power of suppliers: Moderate, as key suppliers like Elekta have established themselves as global leaders with technological advancements.

Threat of new substitutes: Low, as gamma knife provides minimally invasive surgery with high precision and there are limited treatment alternatives.

Competitive rivalry: High, as key players like Elekta, American Radiosurgery continuously invest in R&D to develop advanced gamma knife systems and services.

Key Takeaways

The global Gamma Knife market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period 2023 to 2030, due to increasing incidence of brain tumors and neurological disorders. The market size for 2023 is estimated at US$ 239.1 Bn.

Regionally, North America dominates the global gamma knife market owing to growing demand for gamma knife surgery and presence of key market players. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to increasing healthcare expenditures and rising medical tourism in countries like China, India and Japan.

Key players operating in the gamma knife market are Elekta, American Radiosurgery Inc., Masep Medical Science & Technology Development Co., Ltd., Panacea Medical Technologies Pvt. Ltd., and Nordion (Canada) Inc. Elekta holds the leading market share with its wide portfolio of Leksell Gamma Knife systems. It is continuously investing in R&D to develop 4th generation gamma knife devices with advanced features.