Increasing investments by various public and private sectors, increasing adoption of advanced treatment procedures, and rising demand for non-invasive treatment are key factors fueling global market growth
The global radiotherapy market is expected to reach USD 11.08 Billion in 2028 and register a revenue CAGR of 6.9% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are rising prevalence of cancer types such as breast cancer, prostate cancer, lung cancer, skin and lip cancer, and colorectal cancer across the globe, rising awareness about early detection of cancer and radiation therapy, and ongoing research on developing enhanced radiation therapy equipment.
Radiotherapy, also called radiation therapy, is an efficient treatment approach for destroying malignant cells and reducing growth of the tumor. Radiation therapy includes use of high radiation doses to kill cancer cells by damaging DNA. Malignant cells with damaged genetic material lose the ability to multiply and die eventually. Radiation therapy does not destroy cells right away, it can take few weeks to months of treatment. Type of radiation therapy mainly depends on type of cancer, tumor size, exact location in the body, overall health, age, and medical conditions. However, healthy cells are also destroyed during the treatment leading to some short-term and long-term side effects. Factors driving global market revenue growth are increasing adoption of latest radiation therapy equipment in hospitals and ambulatory care services, growing use of particle therapy for treating cancer, improving healthcare infrastructure, and rising disposable income. Increasing awareness programs about importance of radiation therapy by various organizations to reduce fear and stigma among people and high focus on developing advanced systems are expected to fuel global market revenue growth going ahead.
Key companies profiled in the report include
Varian Medical Systems, Inc., Elekta, Accuray Incorporated, Ion Beam Applications SA, Eckert & Ziegler, Hitachi Ltd., ICAD, Inc., IntraOp Medical, Inc., IsoRay Medical, Inc., Mevion Medical Systems, Inc., Panacea Medical Technologies Pvt. Ltd., P-cure Ltd., ViewRay, Inc., ZEISS Group, C4 Imaging LLC, Optic Proton Therapy Inc., GE Healthcare Inc., and Siemens Healthineers AG
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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Radiotherapy market.
The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.
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The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.
The key geographical regions analyzed in the market report are:
- North America (U.S.A., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Radiotherapy Market Segmentation based on Types:
Type Outlook (Revenue, USD Billion, 2018-2028)
- External Beam Radiotherapy
- 3D Conformal Radiation Therapy
- Intensity-Modulated Radiation Therapy (IMRT)
- Image-Guided Radiation Therapy (IGRT)
- Chemotherapy
- Stereotactic Radiosurgery
- Others
- Internal Beam Radiotherapy/Brachytherapy
- High dose Rate Brachytherapy
- Low doss Rate Brachytherapy
- Pulse dose Rate Brachytherapy
- Systematic Radiotherapy
Application Outlook (Revenue, USD Billion, 2018-2028)
- Breast Cancer
- Head and Neck Cancer
- Prostate Cancer
- Lung Cancer
- Colorectal Cancer
- Skin and Lip Cancer
- Cervical Cancer
- Others
End Use Outlook (Revenue, USD Billion, 2018-2028)
- Hospitals
- Ambulatory & Radiotherapy Centers
- Academic & Research Institutes
- Others
Some key highlights of the report:
- Based on cancer type, the lung cancer segment is expected to register fastest revenue CAGR over the forecast period, owing to increasing prevalence of lung cancer, growing risk of lung cancer due to excessive smoking and tobacco consumption, increasing awareness about ill effects of cigarette smoking, and importance of early diagnosis and radiotherapy. In addition, high usage of external beam radiation therapy and increasing investment for developing advanced devices for treating lung cancer are driving revenue growth of the segment.
- Among the end use segment, the hospital segment is expected to account for significantly large revenue share during 2021-2028, owing to factors such as improving healthcare infrastructure and facilities, increasing prevalence of cancer across the globe, and growing adoption of advanced radiation therapy equipment in many hospitals.
- North America is expected to account for largest revenue share in the global market over the forecast period, owing to factors such as increasing prevalence of cancer across the region, high demand for minimally invasive procedures, growing technological developments in radiation therapy, and notable presence of leading companies. In addition, factors such as presence of well-established healthcare facilities and trained radiologists to operate latest products, rising investments in research & development activities, and ongoing research on FLASH radiation therapy in cancer treatment are boosting revenue growth of the North America market.
- Asia Pacific market is expected to register fastest revenue CAGR during the forecast period, due to high cancer patient pool, rising awareness about importance of early screening and treatment, increasing investments by government and private organizations, and growing focus on developing novel and enhanced products and improving existing systems. Moreover, increasing healthcare spending, improving healthcare infrastructure and facilities, and rising disposable income are other factors fueling Asia Pacific market revenue growth.
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