Radiotherapy Market Aims to Focus on Growth Strategy, Deep Insights, and Developing Opportunities 2020-2027
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) - Forecast till 2027
Radiotherapy Market to reach USD 7 million, at 7% CAGR By 2025, Global Radiotherapy Market Size, Share, Growth, Trends and Industry Analysis by Treatment Type, Application, Key Players
The global radiotherapy market is expected to exhibit a robust 7% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global radiotherapy market is mainly driven by the growing prevalence of cancer around the world and the growing demand for advanced radiotherapy facilities in emerging countries. The major drivers and restraints affecting the global radiotherapy market are assessed in the report to provide readers with a complete overview of the market’s current position and future growth prospects.
The growing prevalence of cancer around the world is likely to be the major driver of the global radiotherapy market over the forecast period. Cancer has become one of the major healthcare concerns in recent years due to its growing prevalence in emerging and developed economies alike, and has accounted for among the highest healthcare expenditures ever recorded in human history. Due to the absence of a clear cure for cancer, the demand for techniques such as radiotherapy and chemotherapy has increased rapidly. The growing research into the nuclear background behind radiotherapy as well as into the effective application of the technology in the healthcare sector is likely to drive the global radiotherapy market over the forecast period.
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Radiotherapy is preferred over chemotherapy mainly due to its benefit of presenting less pain than the latter as well as having more effect on the cancerous tissue while leaving healthy cells alone. However, the high risk of side effects such as nausea, hair loss, appetite loss, and fatigue could restrict the radiotherapy market over the forecast period.
Competitive Analysis:
Leading players in the global radiotherapy market include Hologic Inc., Shimadzu Corporation, Philips Healthcare, Fuji Holdings, ViewRay, Isoray, Nordion, Cardinal Health, Varian, Siemens, and GE Healthcare.
Leading players in the global radiotherapy market are likely to focus on regional expansion as well as developing a complete product catalog in the radiotherapy field in the coming years. Mergers and acquisitions in order to combine the technological capabilities of two companies are also likely to be a popular avenue for growth in the radiotherapy market over the forecast period.
Segmentation:
Segmentation of the radiotherapy market is done on the basis of the treatment type, application, and region.
On the basis of treatment, the global radiotherapy market includes X-ray, gamma ray, external beam radiotherapy, proton therapy, and internal radiation therapy. The external beam radiotherapy segment is further sub-segmented into 3D conformal radiation therapy, intensity modulated radiation therapy (IMRT), image guided radiation therapy (IGRT), tomotherapy, stereotactic radio surgery, and stereotactic body radiation therapy.
On the basis of application, the global radiotherapy market is segmented into prostate cancer, breast cancer and lung cancer, ovarian cancer, and thyroid cancer.
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Regional Analysis:
North America is likely to remain the leading regional market for radiotherapy techniques over the forecast period from 2017 to 2023 due to the strong position of the region as a medical technology innovator. The strong development of the nuclear energy sector in the U.S. has also fed a steady stream of innovations in the healthcare sector, including product advances in the radiotherapy market. The strong awareness about cancer and the most effective ways of treating it in North America is also likely to drive the radiotherapy market in the region over the forecast period.
Europe is also likely to retain a strong position in the global radiotherapy market over the forecast period due to the growing healthcare expenditure in the region.
Asia Pacific is likely to exhibit rapid growth over the forecast period due to the strong efforts being made by governments in the region to catch up with developed Western economies by achieving rapid growth of the healthcare sector in the next few decades. The increasing prevalence of cancer in the region is also likely to be a major driver for the radiotherapy market in the region over the forecast period.
The Middle East and Africa has the smallest share in the global radiotherapy market due to the low disposable income of consumers in the region and the reluctance of impoverished governments to spend excessive amounts on the healthcare sector. However, increasing government interest in the development of the healthcare sector could lead to steady funding over the forecast period, leading to steady growth of the radiotherapy market.
In June 2019, Niger opened its first radiotherapy center, called the Centre National de Lutte Contre de Cancer, in the country’s capital, Niamey.
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