Radiotherapy Market Scope
The global market for radiotherapy 2020 can note solid growth at a rate of 4.7% over the forecast timeline, which is from 2019 to 2025. The market value in 2018 was estimated at USD 5200 Million and is anticipated to expand further in size backed by a number of growth-boosting factors.
Radiotherapy Market Growth Boosters and Top Restraints
Surge in technological advancements, increasing prevalence of cancer, and surging healthcare expenditure are some of the chief growth-inducing factors in the radiotherapy market. More and more hospitals are setting up radiotherapy clinics that offer treatments as well as services to patients. Citing a reference, in May 2018, HSHS St. Elizabeth managed to get approval from Illinois Health Facilities and Services Review Board or HFSRB, to set up a radiotherapy clinic. The clinic offers medical radiotherapy services such as stereotactic body radiotherapy (SBRT), image-guided radiotherapy (IGRT) and intensity-modulated radiotherapy (IMRT).
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Technological innovations aimed at developing advanced treatment options can benefit the radiotherapy market in the coming years. To illustrate, in December 2019, Elekta AB entered a collaboration with ViewRay Inc. to boost the impact of MR-guided therapy in radiotherapy. The collaboration aimed to enhance the MR-Linac technology in an attempt to benefit the clinicians as well as patients and provide them with expansive treatment options.
The progression from 2D to 3D conformal radiotherapy featuring real-time imaging has led to high conformity of radiation to the target, with reduced exposure to normal tissue as well as dose escalation with better tumor control. Products offering these benefits are anticipated have extremely high growth potential, particularly in mature markets where the technologically advanced products are in high demand.
Radiotherapy Market Segmentation
Radiotherapy Market Analysis conducted by MRFR in its latest report identifies the main segments as type, application, equipment, and end-user. Out of these, the application segment can attain the fastest growth rate, given the increasing use of particle therapy for cancer treatment.
The types of radiotherapy treatment are External Beam Radiation Therapy (Image Guided Radiation Therapy, Intensity Modulated Radiation Therapy, Stereotactic Radio Surgery, Tomotherapy, Proton Therapy, as well as Stereotactic Body Radiation Therapy) along with Internal Radiation Therapy and Systemic Radiation Therapy. External beam radiation therapy can be the leading segment in the market owing to the lesser chances of radiation exposure while using external beam radiotherapy along with the high precision as well as the accuracy of tumor targeting in the therapy.
External beam radiation therapy is the most common type of radiotherapy to treat cancer. In this type of treatment, a machine sends high-energy rays into the tumor from outside the body. On the other hand, internal radiation therapy provides an elevated dose of radiation directly into the tumor, while sparing the nearby tissues. Systemic radiation therapy is a type of radiation therapy wherein a radioactive substance like radioactive iodine is injected into the body, following which it travels via the blood, identifies, and kills the tumor cells.
The radiotherapy market, in terms of application, comprises head and neck cancer, spine cancer, skin and lip cancer, prostate cancer, breast cancer, lung cancer, cervical cancer, and others.
The radiotherapy market segments, by equipment, include radiation therapy simulators, treatment planning systems, and linear accelerators.
The end-users in the market for radiotherapy are hospitals as well as independent radiotherapy centers.
Radiotherapy Market Regional Outlook
The radiotherapy market is spread across the regions of Europe, the Americas, Asia Pacific (APAC), as well as the Middle East & Africa (MEA).
The radiotherapy market in the Americas is in full bloom and is projected to be the largest in the coming years. The market stands to benefit from the high healthcare expenditure combined with the rising adoption of the latest technologies. With the high prevalence of cancer in the region, mostly in the United States (US) and Canada, the need for radiotherapy is expected to rise further in the following years. Also, massive investments in the healthcare sector in research and development (R&D) to improve the current radiation therapy techniques, like the integration of image-guided as well as intensity-modulated radiotherapy, are some other important factors boosting the growth of the radiotherapy market in the region.
The European radiotherapy market has exhibited substantial growth in recent years and holds a lot of growth potential. The reason for this is the existence of a highly-established healthcare system, increasing cases of cancer, and the continued participation of the leading companies in effective marketing strategies.
The radiotherapy market in APAC can note a steady growth in the years to come, on account of the expanding pool of patient population as well as the rising number of government initiatives attempting to reform the healthcare industry. The MEA radiotherapy market can perform poorly, owing to the low disposable income and the low developed healthcare industry, especially in Africa.
Browse the market data and information spread across 80 pages with 43 data tables and 47 figures of the report “ Radiotherapy Market Research Report: Information by Type [External Beam Radiation Therapy (Intensity Modulated Radiation Therapy, Image Guided Radiation Therapy, Tomotherapy, Stereotactic Radio Surgery, Stereotactic Body Radiation Therapy, and Proton Therapy), Internal Radiation Therapy and Systemic Radiation Therapy], Application (Skin and Lip Cancer, Head and Neck Cancer, Breast Cancer, Prostate Cancer, Cervical Cancer, Lung Cancer, Spine Cancer, and others), Equipment (Linear Accelerators, Radiation Therapy Simulators and Treatment Planning Systems)” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/radiotherapy-market-1526
Radiotherapy Market Top Players
Top players in the worldwide market for radiotherapy include
- Provision Healthcare LLC
- Varian Medical Systems Inc.
- Mevion Medical Systems Inc.
- C. R. Bard Inc.
- Panacea Medical Technologies Pvt. Ltd.
- P-Cure Ltd.
- Isoray Medical Inc.
- Elekta AB (pub)
- Optivus Proton Therapy Inc.
- Hitachi Ltd.
- IBA (Ion Beam Applications Sa)
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