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.
Northrook, IL -- (SBWIRE) -- 01/15/2020 -- 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.
What the Market Looks Like?
Predicted to grow at a CAGR of 4.1% during the forecast period, the global Radiotherapy Market is estimated to reach USD 6.8 Billion by the end of 2023. In 2018, North America to dominate the radiotherapy market during the forecast period.The Asia Pacific is one of the major revenue-generating regions in the 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.
Based on application, the external beam radiotherapy market is segmented into prostate cancer, breast cancer, lung cancer, head & neck cancer, colorectal cancer, and other cancers. The prostate cancer segment is expected to account for the second-largest share of the radiotherapy market in 2018. The growing incidence of prostate cancer and the high success rates and minimal long-term risks achieved with external beam radiotherapy are the major factors driving the growth of this market segment.
Based on type, the external beam radiotherapy market is classified into IGRT, IMRT, stereotactic therapy, particle beam therapy, and 3D-CRT. The IMRT segment is further classified into VMAT and TomoTherapy. The particle beam therapy segment is expected to witness the highest CAGR during the forecast period. Advancements in the field of particle beam therapy (such as PBS) and increasing research activities in the field of radiation oncology using proton therapy systems are the key factors driving the growth of this segment.
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What Drives the Market?
The growth of the global market for Radiotherapy is primarily influenced by the following factors:
- Technological Advancements
- Rising Prevalence of Cancer
- Increasing Number of Conferences and Symposia Focusing on Spreading Awareness About the Benefits of Radiotherapy
- Growing Use of Particle Therapy for Cancer Treatment
Geographical growth scenario of Radiotherapy Market:
Geographically, the Radiotherapy market has been studied for North America, Europe, Asia Pacific, and the Rest of the World. The North American region is expected to account for the largest share of the radiotherapy market in 2018. The rising incidence of cancer, easy accessibility and high adoption of advanced diagnostic technologies (owing to the significant per capita annual healthcare expenditure in the US and Canada), and favorable government initiatives that are creating awareness and promoting the adoption of radiotherapy among key end users are some of the major factors driving the growth of the radiotherapy market in North America.The Asia Pacific is one of the major revenue-generating regions in the 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.
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Leading market players and strategies adopted
Varian Medical Systems, Inc. (US), Elekta (Sweden), Accuray Incorporated (US), Ion Beam Applications SA (Belgium), ViewRay, Inc. (US), IsoRay Medical, Inc. (US), Hitachi Ltd. (Japan), Panacea Medical Technologies Pvt. Ltd. (India), Provision Healthcare (US), Mevion Medical Systems, Inc. (US), Sumitomo Heavy Industries, Ltd. (Japan), Optivus Proton Therapy, Inc. (US), P-cure Ltd. (Israel), Theragenics Corporation (US), and C.R.Bard, Inc. (US).
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