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Technological advancements in radiotherapy and the rising incidence of cancer are the major factors driving the growth of radiotherapy market. Additionally, the growing adoption of radiotherapy procedures for cancer treatment, increasing use of particle therapy for cancer treatment, and the rising number of conferences and symposia focusing on the advancements in radiotherapy are some of the other major factors driving the growth of this market.
What is the Expert Analysis about the Future Growth of Radiotherapy Market?
The radiotherapy market is projected to reach USD 7.0 billion by 2024 from USD 5.6 billion in 2018, at a CAGR of 4.1%
Global Radiotherapy Market Opportunities:
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.
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Global Market Segmentation:
Based on application, the external beam radiotherapy market is segmented into prostate cancer, breast cancer, lung cancer, head & neck cancer, colorectal cancer, and other cancers. The prostate cancer segment is expected to account for the second-largest share of the radiotherapy in 2018. The growing incidence of prostate cancer and the high success rates and minimal long-term risks achieved with external beam radiotherapy are the major factors driving the growth of this market segment.
Based on type, the external beam radiotherapy market is classified into IGRT, IMRT, stereotactic therapy, particle beam therapy, and 3D-CRT. The IMRT segment is further classified into VMAT and TomoTherapy. The particle beam therapy segment is expected to witness the highest CAGR during the forecast period. Advancements in the field of particle beam therapy (such as PBS) and increasing research activities in the field of radiation oncology using proton therapy systems are the key factors driving the growth of this segment.
Based on end user, the market has been segmented into hospitals and independent radiotherapy centers. The hospitals segment is expected to account for the largest share of the market in 2018 owing to the rising global prevalence of cancer, increasing installations of advanced radiotherapy equipment in developed as well as developing regions.
The radiotherapy market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. The North American region is expected to account for the largest share of the radiotherapy industry in 2018. The rising incidence of cancer, easy accessibility and high adoption of advanced diagnostic technologies (owing to the significant per capita annual healthcare expenditure in the US and Canada), and favorable government initiatives that are creating awareness and promoting the adoption of radiotherapy among key end users are some of the major factors driving the growth of the radiotherapy industry in North America.
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Key Market Players:
The major players operating in the radiotherapy market are Varian Medical Systems, Inc. (US), Elekta (Sweden), Accuray Incorporated (US), Ion Beam Applications SA (Belgium), ViewRay, Inc. (US), IsoRay Medical, Inc. (US), Hitachi Ltd. (Japan), Panacea Medical Technologies Pvt. Ltd. (India), Provision Healthcare (US), Mevion Medical Systems, Inc. (US), Sumitomo Heavy Industries, Ltd. (Japan), Optivus Proton Therapy, Inc. (US), P-cure Ltd. (Israel), Theragenics Corporation (US), and C.R.Bard, Inc. (US).