The global cyberKnife market size was valued at USD 452.8 Billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 19.7% from 2023 to 2032.
Report Scope of the Cyberknife Market:
|Market Size in 2022||USD 452.8 Billion|
|Revenue Forecast by 2032||USD 2,734.31 Billion|
|Growth rate from 2023 to 2032||19.7%|
|Report coverage||Application, End-use|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Key companies profiled||Accuray Incorporated; Varian Medical Systems; Koninklijke Philips|
The increasing prevalence of cancer, recent product launches, and growing preference for non-invasive or minimally invasive procedures over surgery are the factors propelling the growth of the cyberKnife market. The increasing prevalence of cancer is the most prominent factor driving the growth of the market. Factors contributing to the rise of the prevalence of cancer include increasing tobacco use, rising alcohol consumption, lack of physical activity, and growing adoption of unhealthy diets by individuals.
According to an article, published by CDC in October 2022, cigarette smoking is linked to 80% to 90% of lung cancer deaths in the U.S. Thus, indicating that individuals consuming tobacco is at a higher risk of developing cancer. Therefore, an increasing number of the smoking population indicates a higher number of people at risk of developing cancer.
New product launches by the key players in the market are also contributing to the growth of the cyberKnife market. For instance, in June 2020, Accuray Incorporated launched the CyberKnife S7 system. It is next generation cyberKnife platform, which is a robotic, non-invasive radiation therapy device that treats cancerous and benign tumors throughout the body, as well as neurologic disorders. The product is built for the speed of clinicians’ need for operational efficiency.
Another factor that is boosting the growth of the cyberKnife market is the increasing preference for non-invasive and minimally invasive procedures. Various factors such as shorter hospital stays, less trauma, quick recovery time, and comparatively lower cost than surgical procedures are leading to a higher number of patients opting for non-invasive or minimally invasive procedures. Moreover, these procedures are also highly effective and reduce the spread of cancer by killing cancer cells and damaging their DNA. Thus, the rapid technological advancements that are continuously evolving the treatment roadmap for cancer patients and leading to higher adoption of minimally invasive or non-invasive procedures are expected to propel the market growth.
CyberKnife Market Report Segmentation:
Research and Manufacturing