Radiotherapy Market Size 2020 SWOT Analysis, Competitive Landscape and Significant Growth
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
The global radiotherapy market is expected to exhibit a strong 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 profiled in the report with the help of historical statistics revealing the historical growth trajectory of the market. The trajectory exhibited by the market in reaching its current position is analyzed in detail in the report in order to reveal major trends influencing the market’s growth. These trends, including the major drivers and restraints for the market as well as economic factors playing a role in the development of the market, are profiled in detail in the report.
Radiotherapy is a nuclear medicine technique used for various purposes, including X-rays and cancer treatment. The growing demand for radiotherapy in cancer treatment is the major driver for the global radiotherapy market. Radiotherapy eliminates cancer cells by dosing them with radiation. This is one of the most effective ways to treat cancer, along with surgery and chemotherapy. The high efficacy of radiotherapy in treating cancer and eliminating tumors has resulted in a growing demand from the radiotherapy market. About 4 in 10 people undergoing cancer treatment are treated with radiotherapy. The growing prevalence of cancer and the rising awareness about the same is likely to be a major driver for the global radiotherapy market over the forecast period.
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The growing demand for X-ray imaging in the healthcare sector is also likely to be a major driver for the global radiotherapy market over the forecast period. X-ray imaging is widely used in diagnosing fractures and various other medical conditions, leading to widespread usage in the healthcare sector. The growing healthcare sector in developing regions such as China is likely to be a major driver for the radiotherapy market over the forecast period.
Competitive Analysis:
Leading players in the global radiotherapy market include Hologic, 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 inorganic expansion in the coming years by acquiring promising startups and small companies in the healthcare sector that specialize in the development of tools and technologies that can complement radiotherapy. Developing more effective radiotherapy devices while minimizing the negative side effects of radiotherapy, such as nausea and hair loss, is likely to be a promising development avenue for players in the global radiotherapy market. Increasing the precision of radiotherapy devices so that they act on tumor cells without hurting any of the healthy cells in the vicinity is likely to be a major development target for players in the radiotherapy market.
In September 2019, Varian won an exclusion for its Chinese radiotherapy components from the latest tariffs announced by the U.S. The escalating tariff war between the U.S. and China could become a key factor for the global radiotherapy market in the coming years, as medical devices and components comprise a key part of the trade between the two countries.
Segmentation:
The global radiotherapy market is segmented on the basis of treatment type, application, and region.
By treatment type, the global radiotherapy market is segmented into X-ray, gamma ray, external beam radiotherapy, proton therapy, and internal radiation therapy.
By application, the global radiotherapy market is segmented into prostate cancer, breast cancer, lung cancer, ovarian cancer, and thyroid cancer.
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Regional Analysis:
The Americas hold the largest share in the global radiotherapy market. The well-developed healthcare sector in the region is the major driver for the radiotherapy market in the Americas, as a large number of hospital and medical facilities have radiotherapy capabilities. The strong presence of leading radiotherapy device and technology developers in the U.S. is also a major driver for the Americas market for radiotherapy.
Europe holds the second largest share in the global radiotherapy market, followed by Asia Pacific.
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