Gamma knife is an advanced radiation therapy for the treatment of cancer in adults and children. Gamma knife is not really a knife; it is a beam of highly focused gamma rays, to precisely cut or destroy the tumor or damaged cells, generally in the brain, causing little or no damage to the surrounding normal cells. Gamma knife technology is used to treat medium brain tumors, trigeminal neuralgia, epilepsy, nerve disorders that causes chronic pain, abnormal blood vessel formations called arteriovenous malformations, and other neurological conditions. Patients with serious diseases can be treated with the help of this technology which is a noninvasive procedure and get cured in a few days with no long hospital stay, returning to normal life and activity promptly. Typically, gamma knife treatment is completed in a few hours with little or no side effects. According to Leksell Gamma Knife Society, gamma knife technology is universally preferred and no other radiosurgery system has greater clinical acceptance as gamma knife. Gamma knife radiosurgery is performed in leading hospitals around the world, with more than 70,000 patients treated every year. To treat with gamma knife technology the surgeon neither requires to make an incision in the scalp, nor an opening in the skull.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.