Radiotherapy Market Overview
Radiotherapy is highly utilized for cancer treatment. Due to the increased rate of cancer patients globally, the demand for proper treatment rises higher. The radiotherapy market will reach a CAGR of 5.49 % and a value of USD 9641.89 million between 2020 to 2030 during the forecast period.
The growth drivers of the radiotherapy market are chiefly driving it at the global level. The technological advancements since the last years are helping the healthcare sector to provide convenient, cost-effective, and effective products to target tumors. The increased rate of per capita income is accelerating the market’s growth across the globe. Even the rise in cancer cases is another major factor propelling the market’s growth rate. The advancement used for real-time imaging resulting in minimal exposure to normal tissues is helping to improve tumor control. These growth drivers are responsible for the radiotherapy market growth.
The rising opportunities fuel the market to reach its estimated value at the global level. The higher demand for cancer treatment leads to growth opportunities in the medical sector worldwide. Even the rise in healthcare investments in major for improving the living quality will propel the market’s value. An increase in the GDP will help the market achieve its estimated value.
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Radiotherapy Market Segmentation
The Radiotherapy Market is segregated into type, application, equipment and end-users.
The type segment of the market is classified into systematic radiation therapy, internal radiation therapy, and external beam radiation market. The external beam radiation market is further segmented into tomotherapy, proton therapy, image-guided radiation therapy, stereotactic body radiation therapy, stereotactic radiosurgery, and intensity-modulated radiation therapy. Among these, the external beam radiation market occupies the maximum market share at the global level.
The application fragment includes spine cancer, lung cancer, cervical cancer, prostate cancer, breast cancer, head and neck cancer, skin and lip cancer, etc. The equipment is segmented into treatment planning systems, radiation therapy simulators, and linear accelerators. The end-users of the market include independent radiotherapy centers and hospitals.
Radiotherapy Market Regional Analysis
According to the geographical analysis, the radiotherapy market is divided into Asia-Pacific, North America, Europe, and the Middle East and African regions.
Among the above regions, the North American region has the largest market share due to the rise in the number of cancer cases in countries like Canada and the US. The increased rate of per capita income is also driving the regional market.
The European region captures the second largest market share due to the rise of cancer diseases among habitats and a well-established healthcare system in prominent regions like Spain, the UK, Italy, Germany, France, and Eastern Europe.
Asia-Pacific holds the third-largest share of the global market because of the steady growth rate due to its increased number of patients and major initiatives taken by the government for healthcare reforms. The Middle East and Africa hold the least market share due to major regions like low disposable income and lower medical infrastructure.
Radiotherapy Market Competitive Outlook
Top key players of radiotherapy market are Panacea Medical Technologies Pvt. Ltd., Varian Medical Systems, Inc., P-Cure Ltd., Isoray Medical, Inc., Mevion Medical Systems, Inc., Hitachi, Ltd., IBA (Ion Beam Applications Sa), C. R. Bard, Inc., Elekta AB (pub), Optivus Proton Therapy, Inc., Provision Healthcare, LLC, to mention a few.
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Industry News
In November 2020, the CE mark was achieved by Elekta AB (Sweden) on its products like Elekta Harmony linear accelerator for clearing the commercial sales in the European region.
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