Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global radiotherapy market was valued at US$ 5,253.7 million in 2016 and is projected to exhibit a CAGR of 6.8% over the estimated period (2017-2025).
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The global radiotherapy market is expected to rampant growth, owing to the introduction of highly effective and affordable therapies for cancer worldwide. Recent technological advancements in radiotherapy techniques to enhance treatment accuracy is one of the greatest factors augmenting the growth of the global radiotherapy market. For instance, in 2017, Hitachi Ltd. received U.S. FDA clearance for the launch and commercialization of Real-Time Image Gating System for Proton Beam Therapy Systems (RGPT), enabling patients the access to advanced spot scanning irradiation technology. The system was developed with collaborative efforts of Hokkaido University Hospital and the Clinical Research and Medical Innovation Center.
Currently, increasing research groups are collaborating to explore targeted systemic therapies for the advancement of radiotherapy technology, creating potential impact on the market growth. For instance, the National Collaborative Research Infrastructure Strategy (NCRI) launched the Clinical and Translational Radiotherapy Research Working Group (CTRad), to work towards the national radiotherapy research agenda by developing high-quality radiotherapies. With this, they are optimizing tumor control and minimizing toxicity for patients receiving radiotherapy.
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The leading market players have been implementing strategic collaborations and acquisitions for the development of radiotherapy techniques to accelerate innovation and to expand their geographical presence, thereby augmenting market growth. For instance, in 2017, Ion Beam Applications collaborated with Royal Philips to offer unique integrated solutions for proton therapy and molecular imaging centers, with an objective to enable effective and personalized cancer care.
Moreover, high-quality tools are being introduced worldwide for accurate and efficient radiotherapy treatments in the field of oncology. For instance, in 2017, Toshiba Medical introduced Galan RT Solutions suite of radiation therapy tools, which include the advanced Universal Couchtop MR Overlay from Civco Radiotherapy to help improve patient safety by sparing healthy tissue from unnecessary radiation.
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Key Takeaways:
- Increasing recommendations by oncologists, as radiotherapy is potential enough to eliminate cancer, and the rising prevalence of cancer in Europe, Asia Pacific, and Latin America act as major growth propellers for the global market.
- The external beam radiation segment dominates the global radiotherapy market, owing to the rising adoption of linear accelerators, product enhancements, and increasing adoption of external beam radiotherapy devices, particularly in the emerging economies of India, Brazil, and China.
- The lung segment leads the global radiotherapy market, owing to the larger number of patient pool diagnosed with the condition and the increasing availability of innovative external and internal beam radiotherapies to treat the condition.
- Among end-users, the hospitals segment emerged as the leading segment, owing to the higher adoption and availability of the advanced radiotherapy systems offering enhanced care.
- The well-established players operating in the global radiotherapy market are Accuray Incorporated, Varian Medical Systems, Inc., Elekta AB, Ion Beam Applications S.A., C.R. Bard, Inc., Isoray Medical, Inc., CIVCO Radiotherapy, Hitachi Ltd., Mevion Medical Systems, Inc., and ProTom International, Inc.
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