Radiosurgery Systems Market Expected to Reach $3.98 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Radiosurgery Systems Market," The radiosurgery systems market size was valued at $2.10 billion in 2021, and is estimated to reach $3.98 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031. Radiosurgery is a non-surgical procedure, it is also called stereotactic radiosurgery. It is a very precise form of therapeutic radiology. Although it is called surgery, radiosurgery does not involve actual surgery. Instead, highly focused beams of radiation (gamma rays, X-rays, or protons) are used to treat cancerous tissues without surgical incision or opening. It is commonly used for the treatment of various type of cancers and tumors. Radiosurgery works in the same way as other types of therapeutic radiology, it destroys the DNA of tumor cells, making them unable to reproduce and grow. The tumor will shrink over time. In blood vessel lesions, such as an arteriovenous malformation (AVM), the blood vessels eventually close after treatment.

Factors that drive the growth of the radiosurgery systems market include rise in number of product launch and product approval in the field of radiosurgery. Moreover, increase in the adoption of key strategies such as collaboration, agreement, business expansion, acquisition by key players for development of radiosurgery systems market development fuels the market growth. For instance, in May 2022, Elekta, a leading innovator of precision radiation therapy solutions, announced launch of new radio surgery system known as Elekta Esprit, this is next generation Gamma Knife radiosurgery system. Moreover, in January 2019, Accuray Asia Limited, a subsidiary of Accuray Incorporated, medical equipment manufacturing company, and CNNC High Energy Equipment (Tianjin) Co., Ltd, a subsidiary of China Isotope and Radiation Corporation, announced business expansion for manufacture and sell radiation oncology systems in China.

In addition, rise in number of chronic diseases such as cancer causes increase in applications of radiosurgery systems in treatment. For instance, according to National Cancer Institute, in 2020, estimated number of new cancer cases in U.S. are 1,806,590 and estimated number of deaths are 606,520. Moreover, according to world cancer research and international, in 2020 approximately 2,261,419 new breast cancer and 2,206,771 lung cancer cases diagnosed across the globe. As per the same source breast and lung cancers were the most common cancers worldwide, contributing 12.5% and 12.2% of the total number of new cases diagnosed in 2020.

Moreover, rise in the awareness among people regarding availability of healthcare services and increase in the number of diagnostic centers anticipated to fuel the market growth. In addition, rise in number of medical professionals and increased disposable income among population contributes to drive the growth of radiosurgery market. Moreover, technological advancement in the healthcare sector and availability of different type radiosurgery systems such as gamma knife system, linear accelerator systems and proton beam therapy fuels the market growth. In addition, increase in number of hospitals, rise in the expenditure by government for development of healthcare sector and rise in the awareness about importance regular health checkup anticipated to boost the radiosurgery systems market growth.

On the basis of type, the market is classified into gamma knife system, linear accelerator systems and proton beam therapy. The gamma knife system segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to neurological disorders and brain tumor and rapid adoption of gamma knife radiosurgery as effective treatment option. On the basis of condition, it is classified into brain tumor and spine tumor. The brain tumor segment dominated the market in 2021, and is expected to continue the radiosurgery systems market trends during the forecast period, owing to rise in the prevalence of brain tumor and brain cancer, technological advancement in healthcare sector and increase in awareness among the people regarding importance of health.

On the basis of end user, the market is classified into hospitals & diagnostic centers, biotechnology & pharmaceutical companies, academic & research institutes. The hospitals segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to rise in the number of hospitals, increase in the expenditure by government to develop healthcare infrastructure and rise in the number of chronic diseases.

North America accounted for a majority of the global radiosurgery systems market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to increase in the number of research activities, technological advancement in the healthcare sector and rise in the prevalence of chronic diseases. Asia-Pacific is anticipated to witness lucrative growth, owing to owing rise in expenditure by government organization to develop healthcare sector, increase in prevalence of chronic diseases and rise in the number of radiosurgery industry who manufactures radiosurgery systems.

Key Findings Of The Study

• By type, the gamma knife system segment was the highest contributor to the market in 2021.
• By condition, the brain tumor segment was the highest contributor to the market in 2021.
• By end user, the hospitals segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.