The 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 treatment option used for conditions such as brain tumors, vascular malformations, and trigeminal neuralgia. It delivers high doses of gamma radiation focused precisely on brain tumors and other targets while sparing surrounding healthy tissue. This significantly reduces damage to nearby tissues and results in fewer side effects than traditional surgery.
Market key trends:
One of the major trends fueling the gamma knife market growth is the increasing preference for minimally invasive surgeries. Minimally invasive surgeries have advantages such as less pain, shorter hospital stays, quicker recoveries, and lesser scarring. Gamma Knife treatment is considered a minimally invasive surgery as it does not involve incisions or implants. The treatment is painless and provides long term relief from symptoms. Owing to the non-invasive nature and associated advantages, gamma knife is gaining popularity over traditional brain surgery methods for treating various neurological disorders.
Porter's Analysis
Threat of new entrants: Low capital requirements and regulations pose low threat of new entrants. However, established brand loyalty and need for specialized technical expertise acts as a barrier.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, customized treatment and specialized nature increase dependence.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of alternatives and dominance of key players. However, specialized technical components increase dependence.
Threat of new substitutes: Threat of new substitutes is low as gamma knife provides minimally invasive treatment replacing alternatives like surgery.
Competitive rivalry: High due to technological advancements and customized solutions.
SWOT Analysis
Strengths: Minimally invasive procedure, specialized technology, higher precision and success rate.
Weaknesses: High installation and maintenance costs, availability of limited resources, long treatment time.
Opportunities: Growth in geriatric population, rising cancer incidences, increase in medical tourism and investments.
Threats: Stringent regulations, social stigma towards radiation therapy, availability of alternative treatments.
Key Takeaways
The global Gamma Knife market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing prevalence of cancer globally. It is estimated that over 19.3 million new cancer cases were recorded in 2020. Gamma knife provides non-invasive treatment for such cases.
Regionally, North America dominates the global market and is expected to grow at 5.2% CAGR owing to availability of advanced healthcare facilities and rising healthcare expenditure. Asia Pacific shows highest potential growing at 6.1% CAGR due to growing medical tourism across India and China along with increasing healthcare investments.
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., Nordion (Canada) Inc. Players adopt strategies such as new product launches, partnerships and regulatory approvals to gain higher market share
