According to the reportpublished by Allied Market Research, the global radiosurgery systems industry is estimated to reach $2.10 billion in 2021, and is projected to generate $3.98 billion by 2031, witnessing a CAGR of 6.7% from 2022 to 2031.
Radiosurgery is a surgical technique, also can be called as an external radiation therapy. It is a minimally invasive surgery which includes many benefits. It uses highly focused beams of radiation (X-rays, gamma rays, or protons) in order to treat cancerous tissues without any actual surgery. It aims to distorts the DNA of tumor cells, making them unable to reproduce and grow.
The major driving factors of the global radiosurgery systems market include increase in the number of geriatric populations,surge in the number of chronic diseases like brain tumor, spine tumor,& cancer, technological advancements in the healthcare sector, and rise in product launches as well as product approvals for radiosurgery systems. However, high cost associated with radiosurgery systemsis expected to hamper the market growth. On the other hand, companies are adopting some key market strategies such as collaboration, agreement, acquisition, and business expansion, which in turn, is presenting immense opportunities for the market growth.
The outbreak of the Covid-19 pandemic negatively impacted the global radiosurgery systems market, owing to rapid rise in COVID-19 patients which caused the healthcare industry to restructure its facilities.Many surgical centers were converted into COVID-19 hospitals, which is why, the majority of radiotherapy cases were either postponed or rescheduled. Also, a significant decrease in the number of diagnostic and investigation tests for cancer, especially in the initial period, hampered the market growth.
Based on type, the gamma knife systemsegment was estimated to hold the largest market share in 2021, owing to rapid adoption of gamma knife radiosurgery as effective treatment option. Based on condition, the brain tumors segment dominated the market in terms of revenue in 2021, attributed to rise in the prevalence of brain tumor and cancer, technological advancements in the healthcare sector, and increase in awareness among people regarding importance of health. Based on end-user, the hospitals segment witnessed the lion’s share in 2021, owing to rise in the number of hospitals and increase in the number of chronic diseases.Based on region, North Americais held the highest market share in terms of revenue in 2021. This is attributed to increase in the number of research activities, technological advancements in the healthcare sector, rise in the prevalence of chronic diseases, and presence of key players.
KEY FINDINGS OF STUDY
- Based on type, the gamma knife system segment is projected to manifest the highest CAGR of 7.0% from 2022 to 2031.
- Based on condition, the brain tumorssegment is estimated to portray the largest CAGR of 6.8% from 2022 to 2031.
- Based on end user, the hospitals segment is expected to witness the largest CAGR of 9% from 2022 to 2031.
- Based on region, the Asia-Pacificregionis expected to register the fastest CAGR of 7.5% from 2022 to 2031.