Rising number of patients battling brain tumor is expected to fuel the global radiosurgery market growth, according to Fortune Business Insights in its report, titled “Radiosurgery Market”, Size, Share and Global Trend By Indication (Cobalt 60 Systems (Gamma Knife), Electron-Emitting High-Energy Linear Accelerators(Linac), Proton Beam Therapy), By End User (Hospitals, Clinics, Others) and Geography Forecast till 2026”. A detailed assessment of the key factors determining the growth and development pattern of the market has also been incorporated in the report. Radiosurgery refers to an unconventional surgery method which is performed using radiation. It has two types – stereotactic and staged. In stereotactic radiosurgery, targeted radiation is delivered in large doses to shrink or destroy tumors and lesions. It is a non-invasive procedure and is considered less hazardous than conventional surgeries. The other type of radiosurgery is called staged radiosurgery which is the same as its stereotactic counterpart, but the doses are divided into smaller parts and delivered on separate days or stages.
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High Mortality Rate of Brain Tumor Patients to Propel the Market
According to the National Cancer Institute (NCI), around 6.4 in every 100,000 men and women get affected by brain tumors and nervous system cancers per year. Moreover, close to 70% of those affected die every year as well. With 50% of cancer patients being treated with radiosurgery as per NCI data, the global radiosurgery market revenue is expected to rise considerably in the coming decade.
However, the market might experience restrained growth, mainly due to the resource-heavy treatment procedures. For example, in case a person does not have insurance, stereotactic radiosurgery could cost as high as $55,000; for those with insurance, out-of-pocket pay can skyrocket to $10,000. Additionally, poor reimbursement policies may also constrain the global radiosurgery market growth in the stipulated period.
An Overview of the Impact of COVID-19 on this Market:
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R&D Collaborations to Make Competition Dynamic
Serious players are adopting different strategies to gain a competitive edge in the global radiosurgery market. One of the strategies is to enter into partnership with research institutes and expand market reach. For example, the Belgian medical technology company, Ion Beam Applications, signed a contract with the University of Kansas Health System to install its proton beam therapy unit, Proteus One, in Kansas. Regulatory approvals are also playing a critical role in pumping up investment in innovation among the companies. For instance, in late 2017, the FDA green lit Xcision Medical’s non-invasive stereotactic radiotherapy system which is designed to treat breast cancer.
Fortune Business Insights has profiled some of the key players in the global radiosurgery market. These include IsoRay, Inc., Mallinckrodt Public Limited, Siemens, Ion Beam Applications SA, Mevion Medical Systems, Inc., Varian Medical Systems, C.R. Bard, Inc., Accuray Incorporated, and others.
North America to Have a Prominent Market Presence; Europe to Hold Second Place
With growing incidence of cancer, robust healthcare system, and growing public and private investment in cancer research, North America is anticipated to hold the largest section in the global radiosurgery market share. Europe is expected to follow owing to advancements in medical technology and surgical techniques and presence of major research institutes in the continent. The global radiosurgery market stands to benefit as a result.
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Leading Players operating in the Radiosurgery Market are:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- IsoRay, Inc.
- Mallinckrodt Public Limited
- Ion Beam Applications SA
- Mevion Medical Systems, Inc.
- Varian Medical Systems
- R. Bard, Inc.
- Accuray Incorporated
Rising Cancer Prevalence to Majorly Expand the Market
World Health Organization (WHO) numbers reveal that 9.6 million deaths occurred in 2018 and around 17% of them were cancer-induced. Moreover, 70% of these deaths occur in middle and low income countries. This signals good news for the global radiosurgery market size as low and middle income countries have speedily increasing populations which will expand the market substantially. Furthermore, the WHO report highlights the fact that around one-third of cancer deaths are caused by faulty lifestyle and dietary, primarily lack of exercise, alcohol and tobacco abuse, smoking, high BMI, and low fruit and vegetable intake. These figures show that majority of the working population globally is susceptible to cancer risk, which augurs well for the global radiosurgery market during the forecast period.
- Cobalt 60 Systems (Gamma Knife)
- Electron-Emitting High-Energy Linear Accelerators(Linac)
- Proton Beam Therapy
By End User
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Reasons to Purchase this Report:
- Comprehensive analysis of the Radiosurgery Market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
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