WELLESLEY, Mass., Aug. 14, 2017 (GLOBE NEWSWIRE) --
A strong trend toward using adjunct radiotherapy in combination with other approaches, combined with its well-established use in cancer, is driving the global market for radiotherapy, which may reach $9.2 billion by 2022. In a recent report by BCC Research, the industry’s opportunities are studied by technologies, products, and applications.
The global radiation therapy market can be segmented by type into three submarkets: external beam radiation therapy, internal beam radiation therapy/brachytherapy, and systemic radiation therapy. From $6.8 billion in 2017 sales, the radiation therapy market is projected to grow at a compound annual growth rate of 6.4% due to growth in developing countries and equipment replacement sales in developed countries. Government funding via constant reimbursement, continuous R&D in different applications, and the efficiency of radiation therapy are among factors driving growth in this industry, according to the report Radiotherapy: Technologies and Global Markets.
At 45%, the United States commands the largest share of the radiation therapy market, followed by Europe at 25% and Asia at 17%. However, Asia is experiencing the highest growth rate.
Research Highlights
- The rising incidence of cancer due to aging populations, particularly in developing countries, is a major driver.
- Radiation therapy is a personalized treatment, which is preferred in cancer cases. Radiation therapy is administered to an estimated 60% of all patients with cancer.
- The highest growth rate (8.7%) is forecast for the systemic radiation therapy market due to new radiopharmaceuticals that are poised to hit the market.
Additional Facilities and Training Are Needed
“Major factors restricting growth of the radiation therapy market, particularly in developing countries, are the high cost of the devices, space restrictions, and the lack of trained professionals to administer it,” says Neha Maliwal, BCC Research report analyst. “External radiation therapy claims the major share of the global market, but the equipment is capital intensive and requires a large facility to accommodate it.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.