NEWARK, Del, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The radiotherapy device market is predicted to be valued at US$ 6805.43 million in 2023 and US$ 12895.19 million by 2033. Over the projection period, the radiotherapy device market is expected to surge at a CAGR of 6.6%.
Tailoring radiotherapy treatments to an individual genetic profile is gaining momentum. This approach maximizes treatment effectiveness while minimizing side effects. The integration of AI and machine learning in radiotherapy is enhancing image-guided precision. This can lead to more accurate targeting of cancer cells. Emerging as a preferred option for certain cancers due to its precise targeting and minimal damage to surrounding healthy tissues.
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Shortening treatment schedules with higher doses per session provides patient convenience and potentially reduces healthcare costs. Utilizing nanoparticles for drug delivery, enhancing the effectiveness of radiotherapy while minimizing collateral damage, and combining radiotherapy with immunotherapy to stimulate the immune system to fight cancer cells better. The COVID-19 pandemic accelerated the adoption of remote monitoring and teletherapy, making cancer treatment more accessible.
Radiotherapy device manufacturers focus on expanding in emerging markets, creating new growth opportunities. Patient experience and comfort are increasingly important, with innovations like adaptive radiotherapy and reduced treatment times. Environmentally friendly radiotherapy devices and practices are gaining traction, reflecting a broader trend in healthcare.
Key Takeaways from the Radiotherapy Device Market:
- The radiotherapy device market is led by the United States, with a market share of 31.9% in 2023.
- Germany is poised to grow significantly, with a market share of 6.8% in 2023.
- China is at the forefront, anticipating a 7.90% CAGR surge by 2033.
- The external beam radiation therapy device segment is set to dominate, holding a market share of 78% in 2023.
- FMI predicts the hospitals segment to hold a market share of 43% in 2023.
“In a promising development, the analyst noted robust growth in the radiotherapy device market, driven by technological advancements and rising cancer incidence, poised for sustained expansion,” says Sabyasachi Ghosh, (Associate Vice President at Future Market Insights, Inc.)
How are Key Players Revolutionizing the Radiotherapy Device Market?
Key players are ushering in a revolution within the radiotherapy device market, a transformation that promises to reshape cancer treatment. These industry leaders are driving advancements that improve patient outcomes and healthcare efficiency through groundbreaking innovations and innovative technology.
A notable trend is the growing adoption of precision radiotherapy, where companies like Varian Medical Systems and Elekta are developing highly sophisticated device. These systems offer more targeted and personalized treatment options, reducing collateral damage to healthy tissues while maximizing the impact on cancer cells.
Advancements in image-guided radiotherapy (IGRT) are enhancing treatment accuracy. Companies such as Accuray and Siemens Healthineers are at the forefront, providing integrated solutions that allow accurate time tracking and adjustment during treatment sessions.
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Top Key Companies Profiled in the Radiotherapy Device Market:
- Varian Medical Systems Inc.
- Koninklijke Philips N.V.
- Elekta
- Accuray Incorporated
- IBA
- Siemens AG
- Isoray Inc.
- BEBIG Medical GmbH
- RaySearch Laboratories
- Vision RT Ltd
- TOSHIBA CORPORATION
- Theragenics Corp.
- Mitsubishi Electric Corporation
- AngioDynamics
- SHINVA MEDICAL INSTRUMENT CO. LTD.
- Neusoft Corporation
Product Portfolio
- Varian Medical Systems Inc. offers a comprehensive product portfolio of innovative radiation therapy and oncology solutions. Their advanced linear accelerators, brachytherapy systems, and software empower healthcare providers to deliver precise and personalized cancer treatments, improving patient outcomes worldwide.
- Koninklijke Philips N.V. provides a diverse product portfolio encompassing healthcare technology, consumer electronics, and lighting solutions. Their innovative range includes state-of-the-art medical imaging systems, patient monitoring devices, and healthcare informatics, driving advancements in patient care, diagnostics, and overall well being.
- Elekta excels in delivering exceptional oncology solutions, boasting a product portfolio that includes advanced radiotherapy and radiosurgery systems. With a focus on precision and patient centric care, Elekta offerings enable healthcare professionals to provide effective cancer treatment with enhanced accuracy and minimized side effects.
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More Insights Available
Future Market Insights offers an unbiased analysis of the Radiotherapy Device market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the radiotherapy device market, the report is segmented on the basis of product (external beam radiation therapy device and internal beam radiation therapy device), and end user (hospitals, ambulatory surgical centers and oncological treatment centers), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and Middle East & Africa).
About the Healthcare Division at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Segmentation Analysis of the Radiotherapy Device Market:
By Product:
- External Beam Radiation Therapy Device
- Linear Accelerators Device
- Proton Therapy Device
- Internal Beam Radiation Therapy Device
- Brachytherapy Device
- Others
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Oncological Treatment Centers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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- Radiotherapy Motion Management Market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape.
- Single Dose Radiotherapy Services Market is expected to attain a valuation of US$ 7.88 billion in 2023 and is projected to reach US$ 16 billion by 2033, expanding at a CAGR of 7.3% during the forecast period.
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