Radiotherapy Market growth is largely driven by factors such as technological advancements, the rising prevalence of cancer, the increasing number of conferences and symposia focusing on spreading awareness about the benefits of radiotherapy, and the growing use of particle therapy for cancer treatment. The emerging markets, growing government and private investments to meet the increasing demand for cancer treatment, and the improving reimbursement scenario are expected to present a wide range of growth opportunities for market players.

The radiotherapy market is projected to grow from an estimated $5.6 billion in 2018 to $6.8 billion by 2023, at a CAGR of 4.1%.

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Driver: Technological advancement

Over the last decade, the radiotherapy devices market has seen significant technological advancements. These advancements have helped in the development of more effective, low-cost, and easy-to-use radiotherapy products with improved and precise radiation dose delivery to offer increased efficiency in targeting tumors. The advancement from 2D to 3D conformal radiotherapy with real-time imaging has enabled high conformity of radiation to the target (with minimal exposure to normal tissue) and dose escalation with improved tumor control. Products that provide these benefits are expected to have a very high growth potential in a short time span, especially in mature markets where the adoption rate of technologically advanced products is high.

Such technological advancements focus on improving the functionality of radiotherapy delivery systems and expanding their application areas. Considering these benefits, the adoption of radiotherapy is increasing in various hospitals and independent radiotherapy centers.

Asia Pacific is expected to grow at the fastest rate in the radiotherapy market

The Asia Pacific is one of the major revenue-generating regions in the radiotherapy market. China, India, and Japan are the major countries responsible for the high growth of this regional market owing to factors such as the increasing per capita income, improving healthcare infrastructure, and supportive government activities in these emerging countries. Furthermore, the increasing geriatric population, the growing incidence of cancer, and the rising acceptance of radiotherapy procedures and devices are also driving the growth of this regional market.

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Key Players:

Varian Medical Systems, Inc. (US), Elekta AB (Sweden), and Accuray Incorporated (US) dominated the radiotherapy market. Other players in this market include Ion Beam Applications SA (Belgium), ViewRay, Inc. (US), IsoRay Medical, Inc. (US), Hitachi Ltd. (Japan), Panacea Medical Technologies Pvt. Ltd. (India), Provision Healthcare (US), and Mevion Medical Systems, Inc. (US)

Varian Medical Systems (US) is one of the leading players in the global radiotherapy market. Its broad portfolio of radiotherapy systems and brachytherapy products is the key factor accounting for its large share in this market. The company has adopted both organic and inorganic growth strategies such as agreements, partnerships, collaborations, product launches, and contracts to maintain its top position in the field of radiotherapy. The company is also focused on providing training and conducting workshops to increase the adoption of its products.

Radiotherapy Market Analysis

Radiotherapy or Radiation therapy refers to treating conditions, such as cancer and non-cancerous tumors, thyroid, and disorders related to the blood using high-energy rays. It is largely used in cancer treatment and less commonly in the procedures of thyroid disease, blood disorders, and non-cancerous growths. Owing to its proven efficacy in the cancer treatments, radiotherapy witnesses a massive uptake.

Subsequently, this helps to increase the size of its market. Further, technological advancements in medical science & biotechnology that have improved the outlook for cancer treatments are escalating the market on the global platform, controlling the spread of the disease sufficiently.

According to a leading research firm, Market Research Future (MRFR), the global Radiotherapy Industry growth is expected to register a CAGR of 4.7% during the forecast period of 2019 to 2025. In 2016, the market had valued at 4.5 MN, which indicates that the market is expected to achieve almost a double-fold growth over the next six years.

Cancer cases are increasing pervasively, becoming a paramount concern, globally. Improving economy that is increasing the access to quality care, is on the other hand, increasing the access to the modern life that is leading to the growing addictions, such as tobacco and alcoholism, a dominant risk factor developing cancer cells and tumors.

Additionally, increasing per capita healthcare expenditures, increasing population, exposures to harmful radiation, heredity reasons, and genetic mutations are some of the key factors driving the growth of the radiotherapy market. Increasing governmental initiatives are supporting the growth of the market, spreading awareness about cancer and its treatments.

On the flip side, high costs associated with the radiotherapy, long approval time for the clinical trials along with the adverse effects associated with therapy are obstructing the market growth. Nevertheless, unavailability of comprehensive procedures, especially in the developing regions, are expected to support the growth of the market, offering plenty of growth opportunities to the market players. Also, substantial investments in the R&D to bring more novelty and betterments in the radiology presage the broad scope for the market to evolve further over the review period. 

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Global Radiotherapy Market – Segmentations

The report is segmented into three key market dynamics to widen the scope of understanding, 

By Treatment Type : Proton Therapy & X-rays and External Beam Radiotherapy (Intensity Modulated Radiation Therapy (IMRT), Image Guided Radiation Therapy (IGRT), Stereotactic Radio Surgery, 3D Conformal Radiation Therapy, Tomotherapy, and Stereotactic Body Radiation Therapy.), others.

By Application: Breast Cancer, Prostate Cancer, Lung Cancer, and others.

By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World. 

Global Radiotherapy Market – Regional Analysis

North America would continue with its leading position in the global Radiotherapy market, slicing the largest market share. Majorly supported by the US, the growth in the market is fostered by the increasing prevalence of various types of cancer and thyroid as a result of the consequences of the wrong lifestyle, in the region. Moreover, technological advances, coupled with the increasing healthcare expenditure, support the growth of the regional market.

Radiotherapy market analysis in the European region is expected to account for the second-largest market, following the North American market closely. Factors boosting the regional market growth include technological advancement and the augmented adoption of radiotherapy to treat the growing cases of cancer occurrences.

The Asia Pacific region, heading with the improving economic conditions that are rapidly increasing the access to the quality of healthcare, is rapidly emerging as a profitable market for radiotherapy. Moreover, the increasing number of cancer patients in the region, alongside the advancements in medical technology, drives the market growth in the region.

Global Radiotherapy Market – Competitive Analysis

Highly competitive, the radiotherapy market appears to be fragmented, characterized by the presence of a number of well-established players. These players incorporate strategic initiatives, such as acquisition, collaboration, expansion, and technology launch, to gain a competitive advantage in the market. 

Players increasingly invest in R&D to develop a cost-effective product portfolio. They seek expansion through various strategic initiatives. They tap the growing markets for expansions and strive to address the critical needs of the market with a broad range of effective solutions and comprehensive workflow.

Major Players:

Players leading the global Radiotherapy market include Siemens (Germany), Varian (India), GE Healthcare (UK), Cardinal Health (US), Nordion (CA), Isoray (US), View ray (US), Fuji Holdings (Japan), Philips Healthcare (US), Shimadzu Corporation (Japan), and Hologic (US) among others.

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Industry/ Innovation/Related News:

January 14, 2019 --- MIM Software Inc. (the US), a leading global provider of medical imaging software solutions in the fields of radiation brachytherapy, announced the receiving of FDA 510(k) clearance for its molecular radiotherapy (MRT) dosimetry. This effective form of therapy uses radiopharmaceuticals such as Lutathera (Lu-177 DOTATATE) and Azedra (I-131 iobenguane) to target tumors based on specific receptors.

Market research future has a half cooked research report on Radiotherapy Market Research Report - Global Forecast till 2025. The global radiotherapy market is growing at very significant rate and is expected show the similar trend during forecast period.

Radiotherapy Market Insight

The global radiotherapy market is expected to exhibit a strong 7% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global radiotherapy market is profiled in the report with the help of historical statistics revealing the historical growth trajectory of the market. The trajectory exhibited by the market in reaching its current position is analyzed in detail in the report in order to reveal major trends influencing the market’s growth. These trends, including the major drivers and restraints for the market as well as economic factors playing a role in the development of the market, are profiled in detail in the report.

Radiotherapy is a nuclear medicine technique used for various purposes, including X-rays and cancer treatment. The growing demand for radiotherapy in cancer treatment is the major driver for the global radiotherapy market. Radiotherapy eliminates cancer cells by dosing them with radiation. This is one of the most effective ways to treat cancer, along with surgery and chemotherapy. The high efficacy of radiotherapy in treating cancer and eliminating tumors has resulted in a growing demand from the radiotherapy market. About 4 in 10 people undergoing cancer treatment are treated with radiotherapy. The growing prevalence of cancer and the rising awareness about the same is likely to be a major driver for the global radiotherapy market over the forecast period. 

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The growing demand for X-ray imaging in the healthcare sector is also likely to be a major driver for the global radiotherapy market over the forecast period. X-ray imaging is widely used in diagnosing fractures and various other medical conditions, leading to widespread usage in the healthcare sector. The growing healthcare sector in developing regions such as China is likely to be a major driver for the radiotherapy market over the forecast period.

Competitive Analysis:

Leading players in the global radiotherapy market include Hologic, Shimadzu Corporation, Philips Healthcare, Fuji Holdings, ViewRay, Isoray, Nordion, Cardinal Health, Varian, Siemens, and GE Healthcare. Leading players in the global radiotherapy market are likely to focus on inorganic expansion in the coming years by acquiring promising startups and small companies in the healthcare sector that specialize in the development of tools and technologies that can complement radiotherapy. Developing more effective radiotherapy devices while minimizing the negative side effects of radiotherapy, such as nausea and hair loss, is likely to be a promising development avenue for players in the global radiotherapy market. Increasing the precision of radiotherapy devices so that they act on tumor cells without hurting any of the healthy cells in the vicinity is likely to be a major development target for players in the radiotherapy market.

In September 2019, Varian won an exclusion for its Chinese radiotherapy components from the latest tariffs announced by the U.S. The escalating tariff war between the U.S. and China could become a key factor for the global radiotherapy market in the coming years, as medical devices and components comprise a key part of the trade between the two countries.

Segmentation:

The global radiotherapy market is segmented on the basis of treatment type, application, and region.

By treatment type, the global radiotherapy market is segmented into X-ray, gamma ray, external beam radiotherapy, proton therapy, and internal radiation therapy.

By application, the global radiotherapy market is segmented into prostate cancer, breast cancer, lung cancer, ovarian cancer, and thyroid cancer.

Browse the market data and information spread across 80 pages with 43 data tables and 47 figures of the report “Radiotherapy Market Research Report: Information by Type [External Beam Radiation Therapy (Intensity Modulated Radiation Therapy, Image Guided Radiation Therapy, Tomotherapy, Stereotactic Radio Surgery, Stereotactic Body Radiation Therapy, and Proton Therapy), Internal Radiation Therapy, and Systemic Radiation Therapy], Application (Skin and Lip Cancer, Head and Neck Cancer, Breast Cancer, Prostate Cancer, Cervical Cancer, Lung Cancer, Spine Cancer), Equipment (Linear Accelerators, Radiation Therapy Simulators, and Treatment Planning Systems)-Global Forecast till 2025 at: https://www.marketresearchfuture.com/reports/radiotherapy-market-1526

Regional Analysis:

The Americas hold the largest share in the global radiotherapy market. The well-developed healthcare sector in the region is the major driver for the radiotherapy market in the Americas, as a large number of hospital and medical facilities have radiotherapy capabilities. The strong presence of leading radiotherapy device and technology developers in the U.S. is also a major driver for the Americas market for radiotherapy.

Europe holds the second largest share in the global radiotherapy market, followed by Asia Pacific.

Radiotherapy, also known as Radiation therapy is largely used in cancer treatment and less commonly in the treatments of thyroid disease, blood disorders, and noncancerous growths. Radiotherapy uses high-energy rays to treat the conditions.

Radiotherapy is a proven effective cancer treatment and hence, its market is growing rapidly and pervasively. Technological advancements in medical science & biotechnology have improved the outlook for cancer treatments further escalating the market on the global platform, controlling the spread of the disease sufficiently.

Acknowledging the exponential accruals, the market is garnering pervasively, Market Research Future (MRFR) in its recently published study report asserts that the global Radiotherapy market is poised to touch a valuation of USD 7 MN by 2023

registering a CAGR over 7% during the forecast period (2017 – 2023).  In 2016, the market had valued at 4.5 MN. which indicates that the market is expected to achieve a slightly lesser than the double fold growth.

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Worldwide, cancer cases are increasing pervasively, creating a million dollar concern. On the other hand, Improving economy is proving to be a blessing in disguise that is in a way increasing the purchasing power of people, increasing the access to the modern life that is leading to the growing addictions such as tobacco and alcoholism which are the dominant risk factor developing cancer cells and tumors. And, on the other hand, these improving economic conditions are increasing access to the quality of healthcare, increasing the number of treatment centers.

Additionally, factors such as the increasing per capita healthcare expenditures, increasing population, exposures to harmful radiation, heredity reasons, and genetic mutations are driving the growth of the Radiotherapy market. Increasing governmental initiatives are supporting the market growth, spreading the awareness towards cancer and its treatments. Unavailability of comprehensive treatments especially in the developing regions presages the large scope for the market to evolve further, prompting substantial investments for R&D to bring more novelty and betterments in the radiology.

On the flip side, high costs associated with the radiotherapy, long approval time for the clinical trials along with the adverse effects associated with therapy are obstructing the market growth.  

Global Radiotherapy Market – Segmentations

The MRFR analysis is segmented into three key dynamics for enhanced understanding. 

By Treatment Type: Proton Therapy and X-rays, External Beam Radiotherapy (Intensity Modulated Radiation Therapy (IMRT), 3D Conformal Radiation Therapy, Image Guided Radiation Therapy (IGRT), Stereotactic Radio Surgery, Tomotherapy, and Stereotactic Body Radiation Therapy.), others.

By Application: Prostate Cancer, Breast Cancer, Lung Cancer, and others.

By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.

Global Radiotherapy Market – Regional Analysis

The North American region is estimated to continue dominating the global Radiotherapy market, slicing the largest market share.  Majorly supported by the US, the growth in the market is fostered by the increasing prevalence of various types of cancer and thyroid as a result of the consequences of the wrong lifestyle, in the region.  Moreover, technological advances coupled with the increasing healthcare expenditure support the growth of the regional market.

The Radiotherapy market in the European region is expected to account for the second-largest market, following the North American market closely. Factors boosting the growth of the regional market include technological advancement and the augmented adoption of Radiotherapy to treat the growing cases of cancer occurrences.

The Asia Pacific region, heading with the improving economic conditions that are rapidly increasing the access to the quality healthcare is rapidly emerging as a profitable market for Radiotherapy.

Moreover, the increasing number of cancer patients in the region alongside the advancements in medical technology drives the market growth in the region. 

Global Radiotherapy Market – Competitive Analysis

The Radiotherapy market appears to be highly competitive characterized by the presence of several well-established as well as small players. Matured players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch in order to gain a competitive advantage and thus to maintain their positions in this market. 

Well-established players are increasingly investing in R&D to develop a cost-effective product portfolio and are seeking expansion through various strategic initiatives. These players tap the growing markets for expansions and strive to address the critical needs of the market with a broad range of solutions and effective and complete workflow.

Key Players:

Key players leading the global Radiotherapy market include Siemens (Germany), Varian (India), GE Healthcare (UK), Cardinal Health (US), Nordion (CA), Isoray (US), View ray (US), Fuji Holdings (Japan), Philips Healthcare (US), Shimadzu Corporation (Japan), and Hologic (US).

Industry/ Innovation/Related News:

January 25, 2019 --- Apollo Hospitals Enterprise Limited (India), a leading hospital chain launched SE Asia's first proton cancer center - Apollo Proton Cancer Centre (APCC), which would offer Proton beam therapy considered as one of the most superior forms of radiation therapy in the treatment of cancers.

It is the first institution to offer advanced cancer treatment in Southeast Asia.  Unlike the conventional radiotherapy, Proton Therapy uses high energy proton beam (sub-atomic particles) to achieve the same impact but without the collateral damage.

January 16, 2019 --- MIM Software Inc. (the US), a leading global provider of medical imaging software solutions in the fields of radiation brachytherapy, oncology, radiology, and clinical trials among others announced receiving of FDA 510(k) clearance for its molecular radiotherapy (MRT) dosimetry.

MRT, an effective form of therapy that using radiopharmaceuticals such as Azedra (I-131 iobenguane) and Lutathera (Lu-177 DOTATATE) targets tumors based on certain receptors that these tumors express. 

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact:

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Global Radiotherapy Market - Overview

Radiotherapy is used for the treatment of various types of cancer. The therapy uses high power X-rays to destroy cancerous cells. According to the National Cancer Institute, about 50% of cancer patients receive some type of radiation therapy during their treatment. The radiotherapy treatment are less painful than the chemotherapy and surgeries. The damaged cells are broken down by the natural process of body.

The cancerous cells get destroyed totally and does not show its presence in future. The time required is much less in contrast to the chemotherapy. The side effects of the radiotherapy is also nominal as compared to the chemotherapy. Around 4 out of every 10 people are treated for cancer undergo radiotherapy. Normally together with other types of treatment including chemotherapy and surgery. The market for the radiotherapy is increasing as the treatment is quick and easy. The treatment is more effective than chemotherapy and surgery. Though treatment has some side effects but the therapy is widely preferred by doctors.

The global radiotherapy market will grow very rapidly at a rate of 7% CAGR during the forecasted period 2017-2023.

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Radiotherapy Market Key Players

GE Healthcare (UK), Siemens (Germany), Cardinal Health (U.S.), Nordion (CA), View ray (U.S.), Fuji Holdings (Japan), Philips Healthcare (U.S.), Shimadzu Corporation (Japan), Hologic (U.S.), Varian Medical Systems, Inc. (U.S.), Elekta AB (Sweden), Accuray Incorporated (U.S.), Ion Beam Applications (IBA) (Belgium), Nordion, Inc. (Canada), C. R. Bard, Inc. (U.S.), Isoray Medical, Inc. (U.S.), RaySearch Laboratories (Sweden), Mevion Medical Systems, Inc. (U.S.),  Mitsubishi Electric Corporation (Japan), CIVCO Medical Solutions (U.S.),  Brainlab AG (Germany), PRECISIS AG (Germany),  Technicas Radiofiscas S.L (Spain), Hitachi Ltd. (Japan), Sumitomo Heavy Industries Ltd. (Japan),  ProNova Solutions LLC (U.S.), ProTom International (U.S.),  and others are some of the prominent players at the forefront of competition in the global radiotherapy market and are profiled in MRFR Analysis. 

Radiotherapy Industry Updates

Jan, 2018 Varian Medical Systems signed an agreement to acquire Sirtex Medical Limited. This acquisition expands Varian's addressable market into interventional oncology to emerge as a global leader in radio embolization.

October, 2017 Varian has launched its radiotherapy device ProBeam Compact single-room proton therapy system.

July, 2017 View Ray has recently announced the launch of MRI-guided radiation therapy solution, MRIdian Linac.

Global Radiotherapy Market – Regional:

Geographically, the regional market is segmented into America, Europe, Asia Pacific, and the Middle East & Africa.

America holds the larger market in the radiotherapy the market increasing due to the increasing advancement in the technology. The US is the largest market for the radiotherapy due to the technological advancement. The adoption of new technology is more in this region as the research and development is also more and developing day by day. There are many companies who have already captured the market and developed new technologies for the imaging. The number of cancer patients are more in this region.

Europe is the second largest market owing to the advanced technologies due to increasing R&D. The European region is having its own set of regulations for the medical regulations. The expenditures are also more by the government bodies for the healthcare and adoption for the new and sophisticated technologies.

Asia pacific region is growing at a rapid pace owing to the increasing number of patients in the region. The increasing consumptions of tobacco is seen in this region. The growth is increasing as the economies are increasing governments in this regions are showing more interest in improving the healthcare sectors. The R&D in this region is also increasing with the big players operating in this sector. The number of cancer patients in this region are more. The number are maximum for the oral and lung cancer. The cases of thyroid are also more in this region.

Middle East and Africa is slow growing segment because of the lack of awareness of the chronic diseases and the treatment facilities are also limited in this region. The regions have slow growth due to the factors like unskilled labors are more, illiteracy is more, and economic development is slow. The lack of awareness among the people is very less. The technological advancement is very less. The distribution network for the companies is very less. The poverty in this region is very high. Treatment are not reached to the needy. The cases of cancer is also increasing in this region but the diagnosis is also less in this region. The treatment for cancer is far behind as compared to developed and developing region.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact:

Akash Anand

Market Research Future

+1 646 845 9312

Email: sales@marketresearchfuture.com