New York, July 21, 2023 (GLOBE NEWSWIRE) -- The global market for high-dose radiotherapy systems is set to grow steadily over the coming years due to several factors, including rising incidence of cancer, technological developments in radiotherapy systems, growing public awareness of the advantages of radiotherapy for cancer treatment, and increasing expenditure on healthcare across regions. The market was valued at US$ 2.7 billion in 2022, and from 2023 to 2033, it is predicted to expand at a CAGR of 3.9%.
Radiation therapy uses high doses of radiation to treat cancer by shrinking tumors eventually killing cancer cells. Treatment using radiotherapy may be provided using external beam radiotherapy or internal radiation therapy. However, treatment using either procedure depends on various factors like cancer type, tumor size, tumor location, and medical history.
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Technological advancements in radiotherapy, such as improved imaging techniques and precision delivery systems, are creating opportunities for the development of more effective and targeted treatments. The growing adoption of radiotherapy in cancer treatment and the increasing awareness of the benefits of radiotherapy are also driving market growth.
The global market is highly competitive. The rising cancer incidence rate and the increasing use of particle therapy for cancer treatment in both developed and emerging economies present lucrative potential for market expansion. Demand for high-dose radiotherapy systems is poised to rise driven by the surging incidence of cancer, implementation of new technologies and functionalities across healthcare facilities, and increasing installations of radiotherapy systems in low- and middle-income countries.
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Key Takeaways from Market Study
- The global high-dose radiotherapy systems market is forecasted to reach US$ 4 billion by 2033.
- By product, LINAC devices held 81.3% share of the global market in 2022.
- By end user, cancer treatment centers & clinics led the market with 47.5% market share in 2022.
- North America dominated the global market with the United States accounting for US$ 846.1 million in 2022.
- The South Asia market is forecasted to expand at a CAGR of 5.2% throughout the forecast period (2023 to 2033).
“Growing awareness about the benefits of radiotherapy for cancer treatment and increasing healthcare expenditure are driving the growth of the radiotherapy systems market,” says an analyst at Persistence Market Research.
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Market Competition
To establish a solid presence in the market, manufacturers are employing a variety of growth tactics. To develop novel products, manufacturers are increasingly investing in research and development through partnerships and collaborations.
Important Companies Included: Varian Medical Systems, Elekta AB, Accuray Incorporated, Mevion Medical Systems, ViewRay, Inc., Isoray, Inc., Hitachi Ltd., C.R. Bard, Panacea Medical Technologies, Johari Digital Healthcare Ltd., Diapulse Corporation of America, Neutron Products, Inc., Agile MV, TomoTherapy Incorporated, P-Cure, Ltd., Provison Healthcare, LLC, Ion Beam Applications S.A.
Recent Developmets
- Elekta and GE Healthcare announced a collaboration in radiation oncology in April 2022, aiming to provide hospitals with a comprehensive range of imaging and treatment options for patients requiring radiotherapy.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the high-dose radiotherapy systems market in its latest study, presenting a historical demand assessment for 2017 to 2022 and projections for 2023 to 2033.
The research study is based on product (LINAC devices, proton therapy devices, brachytherapy) and end user (hospitals, cancer treatment centers & clinics, research centers), across seven key regions of the world.
For additional insights on how the growth of the high-dose radiotherapy systems market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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