Stereotactic Surgery Devices Market Size, Share & Trends Analysis Report By Product (Gamma Knife, LINAC, PBRT, CyberKnife), By Application (Liver, Breast), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global stereotactic surgery devices market size was valued at USD 25.3 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 3.9% from 2023 to 2030. Rising demand for minimally invasive surgeries, increasing prevalence of cancer, and technological advancement in stereotactic surgery devices are the major factors driving the demand for the stereotactic surgery devices industry. Countries like India and Malaysia experienced a sharp fall in the medical tourism sector in the first half during the covid-19 covid pandemic. This is due to the travel restrictions imposed by various countries to curb the spread of the virus. However, various strategies adopted by the government to control the situation and mass vaccination programs helped the economies to open up and operate at full capacity. Thus, it helped the market recover at a significant pace in the second half of the pandemic.

Moreover, with governments and various healthcare professionals focusing on R&D and investments in the healthcare sector, the upcoming developments will accelerate the growth of the stereotactic surgery devices industry. In addition, the rising uptake of these devices among patients suffering from arteriovenous malformations, epilepsy, and Parkinson’s disease is expected to provide a significant push to the market over the coming years. The Increasing incidence of these medical conditions is also expected to propel the penetration of stereotactic surgery devices.

Radiosurgery is one of the most effective cancer treatments. Stereotactic radiosurgery helps in treating tumors with great precision using high-dosage of radiation. Technological advancements in stereotactic radiosurgery help in increasing its precision during the treatment. Moreover, stereotactic radiosurgery helps in focusing radiation dose on tumor cell lining, thereby minimizing the impact of the radiation on surrounding healthy tissues.

Various technologies are being incorporated into stereotactic radiosurgery and associated devices. Varian technology-based radiosurgery treatments help expand options for oncologists to treat various types of cancer. Varian Medical Systems offers an Edge radiosurgery system, which is based on Varian technology and comprises other technological components. End-users such as clinics can perform streamlined stereotactic radiosurgery with speed and precision using this advanced system.

Although stereotactic surgery has various advantages, the high cost of stereotactic devices is expected to impede market growth. Stereotactic radiosurgery can be delivered using hardware or software such as standard Linear Accelerators (LINACs) or systems such as Gamma Knife. However, there is a lack of reimbursement and funding to maintain such costly radiotherapy devices in many countries, which may negatively impact market growth.

Product Insights

The PBRT segment dominated the stereotactic surgery devices industry with a market share of 85.6%. Although the adoption rate of PBRT is not very high, the high price majorly contributes to the dominant revenue share in the market. Moreover, PBRT also offers effective results in the treatment of various types of malignancies.

The LINAC segment dominated the market in terms of volume owing to the high adoption and installation rate. The high adoption of LINAC is attributed to its higher efficacy in treating the affected areas with a higher dosage of radiation while maintaining a lower risk of damage to healthy cells. Reduced surgical pain is also boosting its adoption over conventional radiotherapies. Moreover, several associations are undertaking awareness campaigns to educate people about new technologies and their advantages. The above-mentioned factors are likely to contribute to the growth of the segment.

On the other hand, the CyberKnife segment is poised to exhibit the fastest growth over the forecast period. Some of the clinical benefits of CyberKnife are target specificity with a high dosage of radiation, continued visualization, and complete automation. These merits are projected to supplement the growth of the segment over the forecast period. Moreover, new product launches of cyberknife by key players are also accelerating segment growth.

Application Insights

The breast segment accounted for the highest market share of 24.2% in 2022 owing to the high prevalence of breast cancer as compared to other cancers. According to the American Cancer Society, among American women, breast cancer is the most commonly diagnosed cancer. It also stated that an estimated 30% of newly diagnosed cancers in women are going to be breast cancers in 2022. It is not only most common in America but also globally, accounting for about 12.5% of all new annual cancer cases.

The lung segment is expected to experience significant growth over the forecast period owing to rapidly growing cases of lung cancer. An increasing number of smokers is the leading cause of lung cancer, which is also majorly contributing to the growth of this segment. According to an article published in October 2022 by the CDC, cigarette smoking was linked to about 80%-90% of lung cancer deaths in the U.S. Using other tobacco products such as pipes or cigars also increased the risk for lung cancer.  

Regional Insights

North America held the highest market share of 41.3% in 2022 owing to the increasing incidence of cancer in this region due to unhealthy lifestyles, massive technological advancements, and supportive initiatives taken by governments & several organizations to spread awareness about the early detection & treatment of the disease. For instance, the American Cancer Society awarded over $16 million in grants to establish cancer health equity research centers at Minority-Serving Institutions.

Asia Pacific accounted for the second highest market share due to the increasing geriatric population, high prevalence of cancer and rapidly growing healthcare tourism. Increasing awareness about treatment procedures and increasing usage of therapies such as cyberknife, tomography, gamma knife, and LINACS.

Latin America is expected to experience maximum growth with major investments in healthcare in developing economies such as Brazil, Mexico, and Argentina. Favorable regulatory policies and rising awareness among healthcare professionals regarding the benefits of stereotactic surgery devices are promoting the growth of the market.

Key Companies & Market Share Insights

Key manufacturers of the stereotactic surgery devices industry are focusing on carrying out various strategic initiatives such as partnerships, acquisitions, and expansion that will help them to capture a larger market share. Key players are also focused on enhancing their product and service offerings through partnerships and collaborations. For instance, in June 2021, Elekta extended its partnership with Philips to streamline the path from cancer diagnosis to survivorship for better outcomes. Key players are also trying to retain their strong position in the market through the launch of technologically advanced products. In November 2022, Elekta received a CE mark for its new radiosurgery system, Elekta Esprit. Some prominent players in the global stereotactic surgery devices market include:

• Koninklijke Philips N.V.

• Hitachi Medical Systems

• Huiheng Group

• Siemens Ag

• Elekta AB

• Varian Medical Systems

• IBA

• Accuray Incorporated

Stereotactic Surgery Devices Market Report Scope

Global Stereotactic Surgery Devices Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global stereotactic surgery devices market report based on type, application, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Gamma Knife

  • LINAC

  • PBRT

  • CyberKnife 

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Liver

  • Breast

  • Prostate

  • Lung

  • Colon

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

  • U.S.

  • Canada

  • Europe

  • Germany

  • U.K.

  • France

  • Italy

  • Spain

  • Norway

  • Sweden

  • Denmark

  • Asia Pacific

  • Japan

  • India

  • China

  • South Korea

  • Australia

  • Thailand

  • Latin America

  • Brazil

  • Mexico

  • Argentina

  • Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait