Dublin, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The "Radiotherapy Market by Type (Product, Service), Technology (LINAC, Stereotactic LINAC, Particle Therapy, Cobalt-60 Teletherapy), Procedure (IMRT, IGRT, 3D-CRT, LDR, HDR), Application (Prostate, Breast, Lung), End User (Hospital) - Global Forecasts to 2027" report has been added to ResearchAndMarkets.com's offering.
The global radiotherapy market is valued at USD 6.3 billion in 2022 and is expected to reach USD 8.1 billion by 2027, at a CAGR of 5.1% during the forecast period. Technological advancements in radiotherapy and the rising incidence of cancer are the major factors driving the growth of this market.
Additionally, growing awareness of the benefits of radiotherapy and the increasing use of particle therapy for cancer treatment are other factors driving the growth of this market. However, inadequate healthcare infrastructure, especially in emerging countries, and a shortage of skilled oncologists and radiologists hinder the growth of this market. In addition to this, the high cost of radiotherapy devices, and the high complexities associated with radiotherapy treatment are the factors expected to restrain the growth of this market during the forecast period.
The service segment, by type, is expected to register the highest growth rate in the global radiotherapy market during the forecast period 2022-2027.
Based on type, the radiotherapy market is segmented into products and services. In 2021, the products segment accounted for the largest market share while the service segment is forecasted to grow with a higher growth rate during 2022-2027. The service segment includes post-contract customer support (warranty period services and post-warranty services), installation services, training, and other professional services. The service market segment is expected to register a higher CAGR, especially in matured markets like North America and Europe.
The Stereotactic Advanced Electron/Cobalt-60 Linear Accelerators subsegment of Linear Accelerators, within the external beam radiotherapy, to register a significant growth rate during the forecast period.
The linear accelerators or LINAC segment is further characterized by conventional LINAC systems and stereotactic advanced electron/cobalt-60 LINAC systems. The Stereotactic advanced LINAC systems segment is expected to register the highest growth rate among the linear accelerators segment. These systems provide precise 3D localization of the treatment target for various oncology procedures. The major objective of advanced LINAC systems is to expose the tumor to a single high dose of radiation while minimizing exposure to healthy surrounding structures. These systems can provide high precision and reduced treatment time with real-time tracking features which further supports the adoption of these systems.
Continuous product development and launches to drive the segment growth of the particle therapy technology segment.
Based on technology, the radiotherapy market has been segmented into external beam radiotherapy and internal beam radiotherapy. The particle therapy subsegment of external beam radiotherapy is expected to grow with the highest growth rate among other segments of external beam radiotherapy (including linear accelerators, and conventional cobalt-60 teletherapy units). Continuous product development and R&D activities are also driving the growth of this market segment. Several particle therapy products have been launched in the market in the last three years.
For example, Varian Medical Systems, Inc. (US), now under Siemens Healthineers AG (Germany), launched the ProBeam 360 single-room proton therapy system in 2018 and introduced a multi-room configuration for the same product in 2019. In April 2020, P-Cure (Israel) received CE marking for the P-ARTIS System, enabling the company to market and sell the product in Europe.
Premium Insights
- Rising Cancer Prevalence Worldwide to Drive Growth
- Linear Accelerators Segment Accounted for the Largest Share of the Market
- China Registers Highest CAGR During the Forecast Period
Market Dynamics
Drivers
- Technological Advancements
- Increasing Incidence of Cancer Worldwide
- Awareness Initiatives on the Benefits of Radiotherapy
- Growing Use of Particle Therapy for Cancer Treatment
Restraints
- Inadequate Healthcare Infrastructure
- Shortage of Skilled Oncologists and Radiologists
- High Cost of Radiotherapy Devices
- High Complexities Associated with Radiotherapy
Opportunities
- Rising Healthcare Expenditure Across Developing Countries
- Increasing Public-Private Investments in Cancer Research
Challenges
- Difficulties in Visualizing Tumors During Radiotherapy Procedures
- Risk of Radiation Exposure
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Radiotherapy Market, by Type
7 Radiotherapy Market, by Technology
8 Radiotherapy Market, by Application
9 Radiotherapy Market, by Procedure
10 Radiotherapy Market, by End-user
11 Radiotherapy Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- Accuray Incorporated
- BD
- Bebig Medical
- Elekta
- Hitachi Ltd.
- IBA Worldwide
- Icad, Inc.
- Intraop Medical, Inc.
- Isoaid
- Isoray, Inc.
- Magnettx Oncology Solutions Ltd.
- Mevion Medical Systems
- Optivus Proton Therapy, Inc.
- P-Cure
- Panacea Medical Technologies Pvt. Ltd.
- Protom International
- Provision Healthcare
- Reflexion
- S.I.T. Sordina Iort Technologies S.P.A.
- Sensus Healthcare
- Siemens Healthineers AG (Varian Medical Systems, Inc.)
- Sumitomo Heavy Industry Ltd.
- Theragenics
- Viewray Technologies, Inc.
- Zeiss Group
For more information about this report visit https://www.researchandmarkets.com/r/h0juii
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