Radiation Therapy & Diagnostic Imaging Equipment Market size is anticipated to reach $13,430 million by the end of 2026 growing at a CAGR of 6.0% during the forecast period 2021-2026. The radiation therapy & diagnostic imaging equipment industry growth rate is attributed to the rise in incidence of diseases, such as oncology and other chronic ailments requiring radiation therapy across the globe and is anticipated to bring new opportunities.
Radiation therapy uses high energy rays to kill dysfunctional cells, such as oncology cells, and arrest the growth and division of these cells. Radiations are created from a computer (external radiation) such as Linear Accelerators (LINAC) or from a small container of radioactive material. Diagnostic imaging equipment uses electromagnetic radiation to create images of the human body's internal structures for accurate diagnosis using computed tomography (CT) scanners, magnetic resonance imaging (MRI) systems. Apart from this, the industry is being driven by a rise in demand for oncology information systems (OIS) and a steady increase in healthcare spending.
However, the market's development is hampered by a scarcity of medical practitioners and systems. Nonetheless, advancements in technology, such as automation, and novel radiation therapies, such as plasma radiation therapy and diagnostic imaging equipment, is anticipated to open growth avenues for the radiation therapy & diagnostic imaging equipment market during the forecast period.
Radiation Therapy & Diagnostic Imaging Equipment Market Segment Analysis - By Application
In 2020, on the basis of application, oncology segment accounted for the largest segmental revenue of the radiation therapy & diagnostic imaging equipment market. The oncology segment held the largest market on account of the fact that diagnostic imaging plays a vital role in interventional oncology (with rising opportunities to diagnose and treat in a targeted and minimally or non-invasive manner) as well as in chemo and radiation therapy. This segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 6.80% as a result of vast range of applications in a variety of oncological fields coupled with advanced healthcare facilities and growing healthcare expenditure.
According to recent studies by the National oncology Institute in 2019, around 606,880 people died in United States only. In addition, one-third of deaths are owing to high body mass index, low fruit and vegetable intake, lack of physical activity use (includes approximately 22% of oncology deaths), and wine use. All these factors are anticipated to fuel market growth during the forecast period 2021-2026.
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Radiation Therapy & Diagnostic Imaging Equipment Market Segment Analysis - By End Users
On the basis of end use, hospitals segment accounted for the largest segmental revenue of the radiation therapy & diagnostic imaging equipment market in 2020. The large share can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, growing inclination of hospitals towards the automation and digitization of radiology patient workflow, increasing adoption of minimally invasive procedures in hospitals to improve the quality of patient care, and rising adoption of advanced imaging modalities to improve workflow efficiency in hospitals..
Furthermore, the ongoing development of healthcare infrastructure is anticipated to enhance the existing hospital facilities. On the other hand, radiation therapy & diagnostic imaging centers segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 6.50%. The radiation therapy & diagnostic imaging centers are to witness a healthy growth owing to the increasing global oncology prevalence, increasing advanced radiotherapy equipment installations in both developed and emerging areas, increasing government programs aimed at equipping radiation therapy & diagnostic imaging centers with newer and advanced systems, and the funding available for the implementation of advanced oncology treatment technologies. All these factors are to drive the segmental market growth.
Radiation Therapy & Diagnostic Imaging Equipment Market Segment Analysis - By Geography
North America is the major region dominating the radiation therapy & diagnostic imaging equipment market with a market share of 35.60% in the year 2020. This can be attributed to the presence of well-established healthcare facilities, an increasing demand for advanced healthcare systems among the aging population, and increasing prevalence of chronic diseases in North America have fueled the regional market. Moreover, with rising demand for advanced technologies such as 3D, 4D & mobile scanner and increasing need for early-stage diagnose of various types of oncology & cardiovascular diseases thereby, driving regional market growth.
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026. Asia Pacific consists of developing and developed economies. Expanding geriatric population, which has lower immunity levels, and reforming reimbursement strategies in the medical imaging industry, leads to an increase public and private hospital funding that is anticipated to fuel the market. Apart from these, the rising demand for advances diagnostic techniques and rising awareness regarding the need for early-stage diagnosis are few factors estimated to propel the market in the region.
Radiation Therapy & Diagnostic Imaging Equipment Market Drivers
Rising Prevalence Of oncology Coupled With Technological Advancement
The radiation therapy & diagnostic imaging equipment market is poised to receive upswing owing to the fact that the radiotherapy and diagnostic imaging equipment 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. The advancement from 2D to 3D conformal radiotherapy with real-time imaging has enabled high conformity of radiation to the target (with minimal exposure to normal tissue) and dose escalation with improved tumor control. Products that provide these benefits are to have a very high growth potential in a short time span, especially in mature markets where the adoption rate of technologically advanced products is high. augmenting factors that will affect the global market.
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Radiation Therapy & Diagnostic Imaging Equipment Market Challenges
Shortage Of Trained Personnel
Despite several drivers, one of the major factor hindering is the shortage of trained personnel which is restraining the population in opting such treatment facilities. Moreover, implementation of such advanced devices requires high standards that can only be achieved and maintained by full-time specialists thereby, challenging the regional market growth.
Radiation Therapy & Diagnostic Imaging Equipment Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Radiation Therapy & Diagnostic Imaging Equipment Market. In 2020, Radiation Therapy & Diagnostic Imaging Equipment market share is fragmented by the top ten players present in the market. Radiation Therapy & Diagnostic Imaging Equipment Market top 10 companies are Varian Medical Systems, Elekta AB, Accuray Incorporated, Nordion, Isoray Medical, Raysearch Laboratories AB, Mevion Medical Systems, C.R. Bard, Mitsubishi Electric Corporation, Theragenics Corporation, P-Cure Ltd., Viewray Inc., Panacea Medical Technologies Pvt. Ltd., Pronova Solutions, LLC and others.
Acquisitions/Product Launches
In May 2019, GE Healthcare and World Courier combined their expertise in manufacturing and logistics for providing of an efficient of cell and gene therapies. This collaboration would help in the commercialization of advanced therapies and to create end-to-end supply chain of the treatments so as to meet the increasing demands.
In February 2019, Philips announced that they have launched EPIQ Elite premium ultrasound system for general imaging and obstetrics & gynecology. This launch promises to deliver a new ultrasound solution as it comprises of specific medical specialties. With this launch, company aims in expanding its portfolio in the global market.
Key Takeaways
North America dominated the radiation therapy & diagnostic imaging equipment market with a share of 35.60% in the year 2020.
The factors such as growing aging population and rising number of diagnostic imaging are among the major factors projected to impel growth of radiation therapy & diagnostic imaging equipment market.
Additionally, factors such as development of automated diagnostic imaging systems for laboratories and hospitals to provide efficient, accurate, and error-free diagnosis and increasing government investments create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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