Radiotherapy Market Value, Growth, application, competition and growth opportunities till 2023
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.
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The global radiotherapy market will grow very rapidly at a rate of 7% CAGR during the forecasted period 2017-2023.
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.
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 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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