Radiotherapy Market Trends 2020 | Driven by Rising Cancer Prevalence
Posted by Dheeraj Shaha on March 11th, 2020
Radiotherapy Market growth is largely driven by factors such as technological advancements, the rising prevalence of cancer, the increasing number of conferences and symposia focusing on spreading awareness about the benefits of radiotherapy, and the growing use of particle therapy for cancer treatment. The emerging markets, growing government and private investments to meet the increasing demand for cancer treatment, and the improving reimbursement scenario are expected to present a wide range of growth opportunities for market players.
Over the last decade, the radiotherapy devices market has seen significant technological advancements. These advancements have helped in the development of more effective, low-cost, and easy-to-use radiotherapy products with improved and precise radiation dose delivery to offer increased efficiency in targeting tumors.
Such technological advancements focus on improving the functionality of radiotherapy delivery systems and expanding their application areas. Considering these benefits, the adoption of radiotherapy is increasing in various hospitals and independent radiotherapy centers.
The radiotherapy market is projected to grow from an estimated USD 5.6 billion in 2018 to USD 6.8 billion by 2023, at a CAGR of 4.1%.
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Technological advancements in radiotherapy and the rising incidence of cancer are the major factors driving the growth of this market. Additionally, the growing adoption of radiotherapy procedures for cancer treatment, increasing use of particle therapy for cancer treatment, and the rising number of conferences and symposia focusing on the advancements in radiotherapy are some of the other major factors driving the growth of this market.
Segmentation of Radiotherapy Market:
1. Type
2. Product
3. Application
4. End User
5. Region
Regional Analysis of Radiotherapy Market:
The Asia Pacific is one of the major revenue-generating regions in the radiotherapy market. China, India, and Japan are the major countries responsible for the high growth of this regional market owing to factors such as the increasing per capita income, improving healthcare infrastructure, and supportive government activities in these emerging countries. Furthermore, the increasing geriatric population, the growing incidence of cancer, and the rising acceptance of radiotherapy procedures and devices are also driving the growth of this regional market.
Leading Players in Global Radiotherapy Devices Market:
Varian Medical Systems, Inc. (US), Elekta AB (Sweden), and Accuray Incorporated (US) dominated the radiotherapy market. Other players in this market include Ion Beam Applications SA (Belgium), ViewRay, Inc. (US), IsoRay Medical, Inc. (US), Hitachi Ltd. (Japan), Panacea Medical Technologies Pvt. Ltd. (India), Provision Healthcare (US), and Mevion Medical Systems, Inc. (US).
