The global radiotherapy market is predicted to grow at a 4.7% CAGR between forecast period, states the latest Market Research Future (MRFR) report. Radiation therapy, simply put, is a method used to treat cancer and also noncancerous growths, blood disorders, and thyroid disease. This therapy uses high-energy waves or particles such as protons, electron beams, gamma rays, and x-rays to damage or destroy cancer cells.
Various factors are propelling the radiotherapy market. Some of these factors, according to the Market Research Future report, include increasing use of particle therapy to treat cancer, a growing number of symposia and conferences to spread awareness about the perks of radiotherapy, growing incidence of cancer, and various technological advancements. Additional factors pushing market growth include the improving reimbursement scenario and growing private and government investments to cater to the burgeoning demand for cancer treatment.
On the flip side, the lack of the latest infrastructure facilities, dearth of skilled healthcare professionals, complexities related to radiotherapy procedures, and high cost are factors that may hamper the radiotherapy market growth over the forecast period. Leading players profiled in the radiotherapy market companies report include ProTom International (US), ProNova Solutions LLC (US), Sumitomo Heavy Industries Ltd. (Japan), Hitachi Ltd. (Japan), Technicas Radiofiscas S.L (Spain), PRECISIS AG (Germany), Brainlab AG (Germany), CIVCO Medical Solutions (US), Mitsubishi Electric Corporation (Japan), Mevion Medical Systems, Inc. (US), RaySearch Laboratories (Sweden), Isoray Medical, Inc. (US), C. R. Bard, Inc. (US), Nordion, Inc. (Canada), Ion Beam Applications (IBA) (Belgium), Accuray Incorporated (US), Elekta AB (Sweden), Varian Medical Systems, Inc. (US), Hologic (US), Shimadzu Corporation (Japan), Philips Healthcare (US), Fuji Holdings (Japan), View Ray (US), Nordion (CA), Cardinal Health (US), Siemens (Germany), and GE Healthcare (UK).
The global radiotherapy market has been segmented based on type, application, end user, and region.
- Based on type, has been segmented into external beam radiation therapy, internal radiation therapy, and systemic radiation therapy. External radiation therapy is further divided into stereotactic body radiation therapy, image guided radiation therapy, intensity modulated radiation therapy, Tomo therapy, stereotactic radio surgery, and proton therapy.
- Based on application, has been segmented into skin and lip cancer, head and neck cancer, breast cancer, prostate cancer, cervical cancer, lung cancer, spine cancer, and others.
- Based on equipment, has been segmented into linear accelerators, radiation therapy simulators, and treatment planning systems.
- Based on end use, has been segmented into hospitals and independent radiotherapy centers.
By region, the radiotherapy market report covers the latest trends and growth opportunities across the Europe, the Middle East and Africa, the Asia Pacific, and the Americas. Of these, the Americas will lead the market over the forecast period on account of growing technological advancements. The US is the leading contributor in this region owing to the adoption of the latest technology and increasing cancer patients.
The radiotherapy market in Europe is predicted to have the second-largest share in the market over the forecast period on account of increasing research and development. This region has its own medical regulations. Besides, government bodies are investing more in the healthcare sector, coupled with the adoption of sophisticated and new technologies are also adding to the market growth.
The radiotherapy market in the APAC region is predicted to grow at the fastest pace over the forecast period for the growing consumption of tobacco and governments focusing on improving the healthcare sector. In this region, research and development are also increasing owing to the presence of key players. Besides, the burgeoning number of patients suffering from thyroid, and oral and lung cancer are also adding to the market growth.
The radiotherapy market in the MEA is predicted to have a slow growth over the forecast period on account of a lack of awareness regarding chronic diseases as well as treatment facilities. This region has a slow growth owing to slow economic development, more illiteracy, and more unskilled labors.
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