New York, July 1, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Persistence Market Research "Global Market Study on Gamma Knife: Asia to Witness Highest Growth by 2020," the global Gamma Knife market is valued at USD 526,733 million in 2014 and is expected to grow at a CAGR of 3.6% from 2014 to 2020 to reach an estimated value of USD 651.241 Million in 2020.
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Radiation therapy is a procedure entailing the precise delivery of high doses of radiation to tumors and other relevant anatomical targets. Gamma Knife radiosurgery is a major form of radiation therapy. It is mainly used to treat brain tumors, arteriovenous malformations, trigeminal neuralgia, acoustic neuroma, and pituitary tumors. Globally, the Gamma Knife market is witnessing significant growth due to increasing prevalence of cancer and obesity and growing aging population. In addition, rising number of initiatives undertaken by various government associations and the advanced features of Gamma Knife systems are also driving the growth of the market. However, stringent regulatory requirements and prolonged approval time for Gamma Knife systems and a high cost of implementation and shortage of skilled manpower inhibit the growth of the market. The global Gamma Knife market is anticipated to grow from an estimated USD 526.73 million in 2014 to USD 651.241 Million by 2020 at a CAGR of 3.6% during the forecast period.
In North America, the Gamma Knife market is growing due to the rising incidence of cancer in the region. In addition, increased awareness about Gamma Knife technology for cancer treatment is also boosting the growth of the market in the region. According to WHO, approximately 2.8 million people had cancer, including brain cancer, in the U.S. in 2000. Moreover, according to the Hindawi Publishing Corporation, an international journal of surgical oncology, approximately 98,000 to 170,000 new brain metastases cases occur every year in North America
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In Europe, increasing prevalence of cancer is boosting the growth of the Gamma Knife market in the region. According to WHO, Europe accounts for only one-eighth of the world's population. However, the region records around a quarter of global cancer cases. Several government associations, such as the Women Against Lung Cancer in Europe (WALCE) and European Head and Neck society (EHNS), are trying to increase awareness about breast cancer, lung cancer, and head and neck cancer and their brain metastases effects in Europe.
However, Asia represents the fastest growing region in the Gamma Knife market due to the rise in cancer patients in various countries such as India, China, and Japan. According to WHO, the occurrence of cancer in India and China is set to climb at a rate of 78% from 2013 to 2030. In addition, growing aging population is also supporting the growth of the Gamma Knife market in the region.
In Latin America, construction of manufacturing and research facilities by many companies is driving the Gamma Knife market in Latin America. Furthermore, the governments of Latin American countries have recognized the growing epidemic of cancer and are actively devising several patient awareness programs to raise awareness of signs and symptoms of cancer, including brain cancers.
Elekta AB, Varian Medical Systems, Inc., and Hokai are some of the leading players in the Gamma Knife market. Other major players in the Gamma Knife market include Huiheng Medical, Inc., Cyber Medical Corporation Limited, Masep Infini Global, Inc., Nordion, Inc., ET Medical Group, and American Shared Hospital Services.
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The global Gamma Knife market is segmented as follows:
Gamma Knife market, by application
- Brain Metastases
- Brain Tumors
- Trigeminal Neuralgia
- Arteriovenous Malformations
Gamma Knife market, by geography
- North America
- Rest of North America
- Rest of Europe
- Rest of Asia
- Latin America
- Rest of Latin America
- Rest of the World (RoW)
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Source:Persistence Market Research