Market Scope
Market Research Future (MRFR) confirms that the radiotherapy market will record a moderate CAGR of 4.7% between 2020 and 2027.
Primary Boosters and Restraints
In the past decade, radiotherapy equipment and devices have undergone a series of technical advances, helping them being more effective while also being easy to use and cost effective. The latest radiotherapy tools today deliver precise and enhanced radiation dose that fosters the efficiency when it comes to targeting the tumors. The shift from 2D to 3D conformal radiotherapy that enables real-time imaging allows significant radiation conformity to the target as well as dose escalation with higher tumor control. As a result, the market demand has been escalating across the world, as technological innovations continue to trend and medical facilities like hospitals and clinics emerge as prominent end-users.
Alarming spike in cancer cases among children has raised the demand for radiotherapy, since this type of therapy is associated with lower side effects compared to chemotherapy. In view of this factor, MRFR experts assume that the market growth is expected to grow at a fantastic rate in the years to come. The International Union against Cancer revealed that in 2017, nearly 160,000 children had cancer while the deadly disease claimed close to 90,000 lives that year. This continuous growth in cancer cases among children is leading to higher demand for radiotherapy and will translate into robust market expansion in subsequent years.
Market Segmentation
Radiotherapy industry has been considered for type, application, and end-user.
Different radiotherapy types in the market are external beam radiation therapy, systemic radiation therapy and internal radiation therapy.
Major applications of radiotherapy include spine cancer, head and neck cancer, skin and lip cancer, prostate cancer, breast cancer, lung cancer, cervical cancer, and others.
The equipment used during radiotherapy are radiation therapy simulators, treatment planning systems and linear accelerators.
Prominent end-users in the radiotherapy industry are independent radiotherapy centers as well as hospitals.
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Regional Status
Europe, APAC or Asia Pacific, MEA or Middle East & Africa and Americas are the top markets for radiotherapy worldwide.
The American market for has been making tremendous progress and has secured the lead backed by the high per capita healthcare spending along with the tendency to adopt the latest technologies in the healthcare sector. Dramatic increase in the cases of cancer across Canada and the US also favors the regional market. Additionally, the rising spending on research activities to improve the effectiveness of radiation therapy techniques including the development of the intensity-modulated and image-guided radiotherapy has landed America at the top of the global market.
Flourishing healthcare system and the rising number of radiotherapy centers and hospitals adopting modern technologies has helped Europe secure the second lead in the global market. Significant level of awareness as well as spending on healthcare, rising cases of various types of cancer, and availability of health insurances also fortify the market value in the region. Technological innovations in radiotherapy, like IGRT, 3-DCRT and IMRT in the region have also been favorable. Meanwhile, emergence of new techniques, including stereotactic body radiation therapy has resulted in higher possibility of successful clinical results, thereby fostering the market growth in the region.
The APAC market for radiotherapy will note the fastest advancement in the next couple of years, as the government is actively working on fostering the awareness level among people about the available treatment options. Rampant demand for more effective therapies, paired with the mounting burden of cancer in the region raises the need for radiotherapy. Companies in the region are focused on making strategic movies like distribution agreements, product launches and partnerships to elevate their market rankings.
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Affluent Contenders
Some of the most affluent companies in the global market for radiotherapy include Mevion Medical Systems, Inc., Hitachi, Ltd., IBA (Ion Beam Applications Sa), C. R. Bard, Inc., Panacea Medical Technologies Pvt. Ltd., Varian Medical Systems, Inc., P-Cure Ltd., Isoray Medical, Inc., Elekta AB (pub), Optivus Proton Therapy, Inc., Provision Healthcare, LLC, to mention a few.
Latest Updates
March 2021
Science and Technology Facilities Council’s Daresbury Laboratory has boosted its capacity to now include testing of a higher number of new radiotherapy technologies. The facility will now be used for a higher number of testing and production of the linear accelerator technology, which enables delivery of extensively targeted radiation doses for the treatment of a variety of cancers such as prostate, lung, brain, breast, liver, spine, bone, pancreas, and more.
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