New York, July 21, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The global cyberknife market size is expected to reach USD 2,417 Million by 2032, exhibiting an impressive CAGR of 12.3% between 20223and 2032, from its current value of USD 780 Million in 2022.
Cyberknife is an advanced stereotactic radiosurgery system using a robotic arm to deliver high doses of targeted radiation for painless, non-invasive treatment of tumors or lesions. It is the most developed technology globally and is beneficial compared to proton radiation treatment. The market growth of Cyberknife is driven by increasing demand for minimally invasive procedures, rising cancer incidences, and product launches. Factors contributing to this growth include decreased physical activity, unhealthy diets, and high tobacco and alcohol consumption.
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Key Takeaway:
- By type, the cancer segment is anticipated to remain lucrative in the forecast period, with a market share of 37%.
- By product type, the cyber body knife segment is lucrative in the market in 2022 and is anticipated to dominate in the forecast period.
- By end-user type, the hospital's segment is most lucrative in the market in 2022, with a market share of 43%, and is anticipated to dominate in the forecast period.
- North America is the most lucrative market, with the largest revenue share of nearly 43% in 2022.
- Asia Pacific region is anticipated to grow at a lucrative rate in the market share from 2023 to 2032.
Cancer's presence is a significant reason for the boost in market growth. Reasons like reduced physical activity, rising unhealthy diet usage, large tobacco consumption, and high alcohol consumption are the key reason for the rising cancer presence. Growth factors such as several product launches and increasing demand for the less invasive procedure are key factors that help the market growth of the cyberknife market.
Factors affecting the growth of the cyberknife industry?
Several factors can affect the growth of the cyberknife industry. Some of these factors include:
- The increasing presence of several cancer types: Globally increasing cancer types include throat, prostate, pancreas, lung, spine, liver, and other types.
- Government initiatives: Several government initiatives are helping the market growth, which will help to propel the market in the forecast period.
- Mergers, acquisitions, and expansion strategies: Strategies such as mergers, acquisitions, and expansions are constantly aiding in raising the market.
- Advanced technology development: Heavy investment in research in advanced technology development will increase market growth.
Top Trends in Global Cyberknife Market
Strategies like acquisitions, mergers, and expansions are aiding in boosting the market constantly. This is aiding the market players to rise their revenue for total market growth. Moreover, new technology development for cyberknife will increase the market growth in the forecast period. Smoking popularity is rising all over the globe will increase the market of cyberknife. Acceptance of cyberknife in the market is high in the forecast period.
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Market Growth
Economic factors such as increasing cancer types, government initiatives, advanced technology development, mergers, acquisitions, & expansion strategies are anticipated to increase market growth during the forecast period. Hence, these factors will propel the market growth of the global cyberknife market.
Regional Analysis
In 2022, the North American market share had the highest market revenue of 43% globally. Due to the increasing market of chronic diseases presence, no-pain surgeries, minimally invasive surgeries, and decreasing surgery time. Asia Pacific region is anticipated to rise rapidly during the forecast period. The increasing geriatric population with chronic conditions, the rising cancer patients, and low-cost treatment are significant reasons for rising market growth in the APAC region during the forecast period.
Competitive Landscape
Companies operating in the cyberknife market focus on various strategic policies to grow their businesses in foreign markets. The high presence of main players in the market is accepting strategies such as collaborations, mergers, expansion, and acquisitions are expected to grow competitors' competition. These strategies are aiding in expanding the reach and quality of the product with advanced expertise.
The competitive landscape of the market has also been examined in this report. Some of the major players include,
- Accuray Incorporated
- Elekta AB
- GE Healthcare
- IBA Group
- Mitsubishi Electric
- Nordion Inc.
- Nucletron B.V.
- Philips Healthcare
- Sumitomo Heavy Industry Ltd
- Varian Medical Systems
- Koninklijke Philips N.V.
- Varian Medical Systems International Ag
- Toshiba Medical Systems Corporation
- Shenzhen Genemdx Biotech
- Sensus Healthcare
- Mevion Medical Systems, Inc.
- Intraop Medical
- Other Key Players
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Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | USD 780 Million |
| Market Size in 2032 | USD 2,417 Million |
| CAGR (2023 to 2032) | 12.3% |
| North America Revenue Share | 43% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The global cyberknife market is growing rapidly, owing to the increasing number of cancer types: spine, throat, lung, prostate, liver, pancreas, and others. Furthermore, rising technology in the market, like non-invasive or less invasive surgery methods, is aiding market growth. The increasing geriatric population in the market will further boost the market growth. Moreover, fast recovery, less time hospital stay, and low cost compared to other surgery are rising the market growth and will grow during the forecast period. Hence, procedures have high efficiency in curing cancer, which aids market growth. Furthermore, this procedure aids in decreasing the market spread. Advanced precision is very high performing the tumor surgery with the cyberknife that does less tissue damage to the body and structure near the tumor region.
Market Restraints
Few people know about this type of technology present in the market of cyberknife. Moreover, fewer professional experts do such types of surgeries. A few individuals are not interested due to novel technology in fright of malfunction.
Market Opportunities
Advanced technology in the market is in high demand for the market to advance technology for market growth in the forecast period. Rapid technological advancement is due to various market players and the increase in market growth during the forecast period with much investment by key players. Technology development can aid in adjusting the less invasive or non-invasive surgery techniques in the cyberknife market that expected market growth. Various government initiatives are aiding the market growth that will aid to market growth during the forecast period. Rising drives for growth of awareness for various individuals in the market are rising at a high rate. Government agencies take government initiatives for further development.
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Report Segmentation of the Global Cyberknife Market
Product Insight
Based on the product, the body cyber knife segment is the most dominant in the global cyberknife market. The market for cyberknife is based on products segmented into the body cyberknife and head cyberknife due to the increased breast cancer incidence in the cyberknife market. Furthermore, head cyber knife usage in the market is rising fast during the forecast period.
Application Insight
Based on application, the cancer segment is anticipated to be the most dominant segment across the global cyberknife market and is anticipated to grow in the forecast period of 2023 to 2032. The market is based on applications segmented into cancer, vascular malformation, tumor, and other applications, due to the rise of cancer diseases that infected individuals worldwide. Moreover, bronchus, prostate, lung, and colorectal are significant cancer-infected patients in the US region. The rising incidence of cancer patient individual pools all across the world is mainly boosting the cyberknife market all over the globe. Vascular malformation showed the highest market growth during the forecast period due to its efficiency and many advantages over other segments. Furthermore, it has non-surgical and less invasive technology that specifically targets the part needed for treatment. This method is using most advanced technology compared to the various other segments.
End-User Insight
Based on end-user, the hospital segment is anticipated to be the most dominant segment across the global cyberknife market, with the highest revenue share of 43% and a forecast to rise with a high CAGR in the forecast period. The market is based on end-user segmented into radiotherapy centers, hospitals, clinics, and ambulatory surgical centers. Its rising number of patients and skilled professional in the cyberknife market is a significant reason for the rising market worldwide. Moreover, the ambulatory surgical center is anticipated to rise with large market growth during the forecast period due to its less waiting time and little cost for the cure.
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Market Segmentation
Based on Product
- Head CyberKnife
- Body CyberKnife
Based on Application
- Vascular Malformation
- Cancer
- Tumor
- Others Application
Based on End-User
- Radiotherapy Centers
- Hospitals
- Clinics
- Ambulatory Surgical Center
- Other End Users
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Global Cyberknife Market
- In 2022, Accuray with GE Healthcare created a commercial collaboration to boost access and develop precision practice radiation therapy.
- In 2020, Accuray launched the novel Cyber Knife S7 System product for all stereotactic body radiation therapy and stereotactic radiosurgery to cure cancer.
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