Global Radiotherapy Market is Expected to Grow by 7.5% in the Forecast to 2024
Global Radiotherapy Market is expected to reach USD 9.3 billion by 2024 from USD 5.3 billion in 2016, at a CAGR of 7.5% in the forecast period 2017 to 2024.The new market report contains data for historic years 2014 & 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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Cancer is the major cause of death in the world and the number of new patients each year is steadily increasing. The most common form of cancer mortality is by metastasis, where the tumors and cancerous cells spread to organs causing failure. The world is focused upon developing solutions and cure to cancer by destroying primary and secondary tumors that cause metastasis. In current healthcare scenario localized treatment of tumors the only efficient treatment for tumors. Radiosurgery is used alongside surgery or separately to treat cancer for a long time. More than 75% of the cancer patient population is expected to take radiosurgery in some point of their disease prognosis.
There has been rapid development in the radiosurgery field in recent years, owing to increased threat of multiple cancers and mortality. This has allowed pulling in large government and healthcare manufacturers funding’s in research labs developing treatment and preventive techniques against cancer. The Elekta gamma knife has completed more than 1 million surgeries as announced by Elekta in May 2016. This shows the demand of radiotherapy products, and the requirement of disruptive technologies to change to modern day radiotherapy. According to Hospital Cost and Utilization Project (HCUP) the number of radiotherapy procedures is increasing in U.S. by 2.0% every year.
China is expected to continue its impressive growth in radiotherapy equipments along with high growth in India, Brazil, Russia and other emerging economies. The developed countries such as Germany, France, U.S., U.K., Japan among others is expected to be boosted owing to government funding and increasing awareness of systemic radiotherapy and other developed radiotherapy treatments.
The global radiotherapy market is segmented based on therapy, product, application and geography. Based on the therapy, the radiotherapy market is segmented into external beam radiotherapy, internal beam radiotherapy, and systemic radiation therapy. On the basis of radiations delivered, the external beam radiotherapy is sub segmented into intensity-modulated radiation therapy (IMRT), image guided radiotherapy (IGRT), tomotherapy, stereotactic technology, 3D conformal radiotherapy, proton beam therapy, and volumetric modulated arc therapy (VMAT). The IGRT segment is expected to account for the largest share of the external beam radiotherapy market, whereas the VMAT segment is poised to witness the highest growth. Based on the delivery of dose-rate, the internal beam therapy is divided into low (LDR) and high-dose rate (HDR). The LDR segment is expected to account for the largest share of the internal radiotherapy/brachytherapy market, whereas the HDR segment is poised to witness the highest growth.
Based on product type the global radiotherapy market is segmented into EBRT equipment’s, and IBRT equipment’s. The External Beam Radiotherapy (EBRT) products are further segmented into cyberknife, gammaknife, LINAC, Proton Beam (Cyclotron, Synclotron). The Internal Beam Radiotherapy (IBRT) is segmented into seeds, afterloaders and others.
The global radiotherapy market is also segmented based on indication into cancer of different organs such as brain tumor, spine cancer, lung cancer, liver cancer, breast cancer, prostate cancer and others.
Based on geography the market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and rest of the world.
North America is expected to dominate the market with 46.2% in 2017 in terms of market value. However the APAC region is expected to grow at the highest CAGR in the forecast period 2017 to 2024.The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others.
Global Radiotherapy Market globally Varian Medical Systems, Inc. dominated the radiotherapy market accounting for a market share in 2016. The market is highly fragmented based on technologies offered by different manufacturers are different. The major players are concentrating on product development and strategic mergers with healthcare payers and providers to penetrate the market.
The major players in the global radiotherapy market are :
- Elekta AB, Accuray, Inc.
- CIVCO Medical Solutions
- Brainlab AG
- C. R. Bard, Inc.
- IsoRay Medical, Inc.
- Nordion, Inc.
- RaySearch Laboratories AB
- PRECISIS AG
- Mevion Medical Systems, Inc.
- Technicas Radiofiscas S.L.
- Hitachi, Ltd.
- Sumitomo Heavy Industries, Ltd.
- Mitsubishi Electric Corporation
- ProNova Solutions LLC
- ProTom International
- Among others.