Gamma Knife Market: Technologies, Markets and Players
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The gamma knife market can be segmented by disease indication and geography. Based on disease indication, the market is classified into cancer, arteriovenous malformation (AVM), trigeminal neuralgia, essential tremor and others (epilepsy, Parkinson’s disease etc.). Cancer holds the dominant share of the gamma knife market by disease indication, and its increasing prevalence is expected to boost the overall market. There are over 100 types of cancer. According to WHO, about 16% of the world population die because of cancer. In 2015, 8.8 million people died of cancer. This is expected to be the prominent driver for the gamma knife market.
Geographically, the gamma knife market is classified into five regions, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America has the leading market share followed by the other developed region, Europe. The U.S. accounts for a major share of the global market. According to the American Cancer Society, in 2016, about 1,685,210 new cancer cases were diagnosed. Advanced technologies, high awareness levels, and high purchasing power in North America influenced the gamma knife technology market expansion significantly. However, the same factor of affordability has restrained the markets in developing regions. Despite this, the gamma knife market in Asia Pacific has shown significant increase in growth rate. Rising population, increase in disposable income, increase in the geriatric population, and increase in awareness levels are some key factors driving the Asia Pacific market. Due to these factors, the Asian market is observing a large number of new entrants compared to developed regions.
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Other factors that drive the gamma knife market are increasing prevalence of various types of cancer, increasing preference toward non- and minimally-invasive procedures, high adoption and acceptance in developed markets, high success rate of gamma knife procedure, innovations and developments in technology, and comprehensive health insurance cover for radio surgery procedures. The market is also experiencing certain restraints such as stiff competition among existing players, high cost of the procedure, low equipment availability, and lack of awareness about gamma knife therapy among the rural population in developing and underdeveloped economies.
The major players in the gamma knife market include Elekta, Varian Medical Systems, Huiheng Medical, Inc., Nordion Inc., ET Medical Group, and American Shared Hospital Services.
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