Gamma Knife surgery is the next big treatment for various brain conditions, especially ones that cannot be treated using conventional surgical procedures. Because it is not an interventional surgery, Gamma Knife is often referred to as the ‘No-Scalpel Surgery’. Persistence Market Research has gone to the depth of the Gamma Knife market to offer a detailed insight into future trends and forecasts. PMR’s findings state that the global Gamma Knife market, by revenue, will be worth US$ 651,241.9 thousand by 2020. The CAGR of this market is pegged at 3.6% between 2014 and 2020, predict PMR analysts.
Gamma Knife Surgery Has Clear Advantages over Traditional Surgery
While traditional surgeries in the head and neck area entail intrusive procedures, Gamma Knife is different in that it doesn’t use a ‘knife’ or scalpel. This type of surgical procedure is essentially a radiation therapy that delivers the precise dose of radiation to kill cancerous cells without harming the surrounding healthy tissue.
The Gamma Knife market has now come to include procedures and solutions for a variety of tumors and malformations such as brain tumors, trigeminal neuralgia, arteriovenous malformations, pituitary tumors and acoustic neuroma.
Despite its many advantages such as shorter rehabilitation time, short hospital stays, reduced surgical complications, and infection, growth in the Gamma Knife market will be anything but sweeping. Here’s why:
The approval times for Gamma Knife procedures are still relatively long. Being a new surgical technology, it is subjected to more rigorous and trying regulatory hurdles.
As compared to conventional surgical procedures, Gamma Knife requires highly skilled manpower, which is hard to come by. This affects the growth prospects of this market to a great extent.
The cost of implementation of this innovative surgical procedure is comparatively high too. Despite Gamma Knife being covered under several insurance plans, patients show some degree of reluctance to opt for it.
According to PMR’s forecasts, all of these restraints will collectively not allow the Gamma Knife market to exceed a CAGR of 3.6% through 2020.
Regional Overview and Growth Prospects of the Gamma Knife Market
North America represents a highly lucrative market for Gamma Knife surgeries because of the high number of cancer cases being diagnosed here every year. The American Cancer Society’s records show that in 2014, the United States suffered the death of 310,010 males and 275, 710 females. Of these, brain and nervous system cancers hold a sizeable share.
Europe is yet another key market because it represents about 25% of all cancer cases reported globally, despite being home to only about 1/8th of the world’s population. Head and neck cancer awareness initiatives are being undertaken extensively in these regions, leading to heightened awareness regarding Gamma Knife surgeries too.
Asia is the emerging star in the global Gamma Knife surgery market mainly because it exhibits the fastest rate of growth. An upsurge in the number of cancer cases in China, Japan and India is the reason behind this. The World Health Organization forecasts a 78% increase in cancer cases in China and India alone, between 2013 and 2030.
Latin America doesn’t rank as a region with the most cancer cases, but it is home to an increasing number of R&D and manufacturing facilities pertaining to the Gamma Knife market.