Luton, Bedfordshire, United Kingdom, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Radiotherapy Market.
In the changed post COVID-19 business landscape, the Radiotherapy Market is expected to grow at USD 10.94 Billion from 2023 to 2029, accelerating at a CAGR of 5.6%
Market Overview:
The growth of the radiotherapy market is aided by significant potential from developing economies. According to the Organization for Economic Co-operation and Development (OECD), per capita, health spending in emerging countries is steadily increasing. This is due to the rising demand for a variety of healthcare services, which is fueling the market for medical devices, particularly radiotherapy equipment. Other factors increasing access to healthcare services in emerging economies include economic development and the resulting increase in disposable incomes, as well as the increased penetration of health insurance.
According to the World Health Organization (WHO), health spending in low- and middle-income nations is expanding at a rate of 6% per year on average, compared to 4% in high-income countries. Furthermore, according to data from the International Monetary Fund, Per capita, disposable income in China climbed by 43.3 percent in 2017 to $3,316 (RMB 22,408), up from $2,522 (RMB 15,632) in 2013. According to CEIC data, per capita, disposable income in China increased by 43.3 percent to $3,316 (RMB 22,408) in 2017. In India, disposable income climbed by 39.5 percent from $1,150 (Rs. 73,998) in 2015 to $1,550 (Rs. 103,219) in 2017. As a result of the aforementioned factors, the accessibility and affordability of healthcare services, including radiation, are progressively driving demand for healthcare services and related medical devices.
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Key Insights from Primary Research
As per the analysis, the Radiotherapy Market is likely to grow above a CAGR of around 5.6% between 2023 and 2029.
The Radiotherapy Market size was worth around US$ 8.12 Billion in 2022 and is estimated to hit approximately US$ 10.94 Billion by 2029. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
North America is the largest market for radiotherapy. North America is projected to dominate the global radiotherapy market in the coming years due to the significant increase in acceptance of radiotherapy for cancer treatment in this region.
Industry Growth Drivers
A major driving factor for the market has been technological advancements giving a boost to the market.
The radiation devices market has undergone substantial technological improvements over the previous decade. These breakthroughs have aided in the creation of more effective, low-cost, and simple-to-use radiotherapy products with enhanced and precise radiation dose delivery for increased tumor targeting efficiency. High conformity of radiation to the target (with little exposure to normal tissue) and dose escalation with enhanced tumor control have been possible by the advancement from 2D to 3D conformal radiotherapy with real-time imaging. Items that give these advantages are projected to have a very high growth potential in a short period of time, particularly in mature markets where technologically advanced products are widely adopted.
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Market Positioning of Key Vendors
Major companies active in the global Radiotherapy industry include Varian Medical Systems, Inc., Elekta, Accuray Incorporated, Ion Beam Applications SA, Eckert & Ziegler, BD, Hitachi Ltd., ICAD, Inc., IntraOp Medical, Inc., ViewRay, Inc., Panacea Medical Technologies Pvt. Ltd., P-cure Ltd., Mevion Medical Systems, Inc., IsoRay Medical, Inc., ZEISS Group. The market players have been on the way to adopting various kinds of organic and inorganic growth strategies, like new product developments and launches, acquisitions, and merger contracts.
Browse the full “Radiotherapy Market by Product (LINAC, CyberKnife, Gamma Knife, Tomotherapy, Particle Therapy, Cyclotron), Procedure (External (IMRT, IGRT, 3D-CRT) Internal (LDR, HDR)), Application (Prostate, Breast, Lung), End-User (Hospitals), and Region (North America, Europe, Asia Pacific, South America, Middle East, and Africa), Global trends and forecast from 2023 to 2029” Report at https://exactitudeconsultancy.com/reports/7059/radiotherapy-market/
Key Market Segments: Radiotherapy Market
Global Radiotherapy Market By Product
- External Beam Radiotherapy
- Electron-emitting High-energy Linear Accelerators
- Conventional Linear Accelerators
- Stereotactic Advanced Electron/Cobalt-60 Linear Accelerators
- Gamma Knife
- CyberKnife
- TomoTherapy
- Conventional Cobalt-60 Teletherapy Units
- Particle Therapy Systems
- Cyclotrons
- Synchrotrons
- Synchrocyclotron
- Internal Beam Radiotherapy/Brachytherapy
- Seeds
- Afterloaders
- Applicators
- IORT Systems
- Systemic Radiotherapy
- Iobenguane (I-131)
- Samarium-153
- Rhenium-186
- Other Systemic Radiotherapy Products
Global Radiotherapy Market by Procedure, 2020-2029, (USD Million)
- External Beam Radiotherapy
- Image-guided Radiotherapy
- Intensity-modulated Radiotherapy
- Stereotactic Therapy
- Particle Therapy
- 3D Conformal Radiotherapy
- Internal Beam Radiotherapy/Brachytherapy
- High-dose-rate Brachytherapy
- Low-dose-rate Brachytherapy
- Pulsed-dose-rate Brachytherapy
- Systemic Radiotherapy
- Intravenous Radiotherapy
- Oral Radiotherapy
- Installation Radiotherapy
Global Radiotherapy Market by Application
- External Beam Radiotherapy
- Prostate Cancer
- Breast Cancer
- Lung Cancer
- Head and Neck Cancer
- Colorectal Cancer
- Other Cancers
- Internal Beam Radiotherapy/Brachytherapy
- Prostate Cancer
- Gynecological Cancer
- Breast Cancer
- Cervical Cancer
- Penile Cancer
- Other Cancers
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Regional Insights:
In some emerging countries, such as China, India, Brazil, Canada, and Mexico, rapid economic expansion and rising healthcare spending are expected to enhance access to high-quality healthcare. This is viewed as a favorable sign for the radiation industry. As the incidence of cancer rises in these countries, so does the demand for various radiation devices and procedures. Furthermore, governments in these nations are concentrating their efforts on expanding access to modern and sophisticated healthcare services for a wider proportion of their populations, as well as improving reimbursement coverage.
Recent Industry Developments:
In June 2021, Elekta (Sweden) received US FDA 510(k) clearance for its Elekta Harmony radiation therapy system.
In June 2020, Accuray Incorporated (US) launched the CyberKnife S7 System, an innovative device combining speed, advanced precision, and real-time AI-driven motion tracking and synchronization treatment delivery for all stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments.
Report Scope:
| Report Attribute | Details |
| Market Size in 2022 | USD 7.60 Billion |
| Projected Market Size in 2029 | USD 10.94 Billion |
| CAGR Growth Rate | 5.6% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2029 |
| Key Market Players | Varian Medical Systems, Inc., Elekta, Accuray Incorporated, Ion Beam Applications SA, Eckert & Ziegler, BD, Hitachi Ltd., ICAD, Inc., IntraOp Medical, Inc., ViewRay, Inc., Panacea Medical Technologies Pvt. Ltd., P-cure Ltd., Mevion Medical Systems, Inc., IsoRay Medical, Inc., ZEISS Group., and others. |
| Key Segment | By Product, by Procedure, by Application, by End-User. |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Cold Storage market analysis.
- The competitive environment of current and potential participants in the Cold Storage market is covered in the report, as well as those companies' strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyses the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
To know an additional revised 2023 list of market players, With detailed TOC: https://exactitudeconsultancy.com/reports/7059/radiotherapy-market/#table-of-content
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