Radiotherapy Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3539
Radiotherapy Market size is expected to grow significantly from 2019 to 2025.
Increasing prevalence of cancer in developed as well as developing economies will surge the demand for radiation therapies. According to National Cancer Institute, in 2018, around 1.7 million new cases of cancer were diagnosed in the U.S. alone. As quoted by WHO, cancer is one of the leading causes of death in developing and underdeveloped countries. Annually, majority of the healthcare expenditures are associated with costs incurred from cancer treatments. People have started relying on radiotherapy for effective treatment and complete eradication of diseases that should boost the industry growth.
Technological advancements in radiotherapy systems has positively impacted business growth. Recently developed radiotherapy devices are technologically advanced that enables accurate diagnosis increasing the success rate of treatment. Key industry players focus on developing advanced radiology technologies that helps to control the growth of cancer. Integration of technologies in these devices have reduced the mortality rates to a greater extent since past few years. Thus, above mentioned factors prove beneficial for the industry growth. However, radiotherapy also destroys healthy cells along with cancer tumors that may impede its adoption restraining radiology therapy market growth to some extent.
External radiotherapy segment is forecasted to witness immense growth during the analysis timeframe. Considerable segmental growth can be attributed to the benefits offered by external radiotherapy. It is the most common type of therapy utilized in treatment of cancer. External radiotherapy allows precise delivery of radiations killing majority of cancer cells. Since the therapy is provided externally, less harm is caused to the normal tissues. Moreover, this type of therapy can be carried out on an out-patient basis. Above mentioned factors should escalate the segmental growth.
Breast cancer segment will experience substantial growth in the coming years owing to increasing breast cancer cases globally. Furthermore, currently available radiology technologies are sufficiently capable of destroying localized cancerous cells in the breast. Industry players such as Siemens AG and others develop effective and efficient radiology systems and software for treating breast cancer cases. Therefore, majority of the women suffering from breast cancer opt for radiology therapy as it ensures faster recovery.
Hospitals segment is projected to have significant revenue share during the estimated timeframe. Multispecialty hospitals are well-equipped with advanced medical devices and systems. Moreover, hospitals have skilled professionals for operating the advanced radiology as well as other systems. Hence, as the patients are assured of speedy recovery and better treatment, they prefer hospitals for cancer treatments rather than ambulatory surgical centers.
North America radiology therapy market held considerable revenue share in 2018 and is expected to follow similar trends over coming years. Significant regional growth can be attributed to the favorable demographic trends. Huge geriatric pool that suffers from diseases such as cancer elevates the demand for radiology therapies. Additionally, radiology industry experiences positive regulatory scenario in North America that further drives the regional market growth.
Some of the major players operating in radiotherapy industry include GE Healthcare, Siemens AG, Canon Medical System Corporation, Varian Medical Systems, Nordion, CR Bard, Accuray Incorporated, IntraOp Medical, Inc., Elekta AB and Isoray Medical. These key industry players implement several strategic initiatives to maintain their market position. For instance, in October 2015, Siemens introduced new radiotherapy systems. Introduction of new products will boost company’s growth.
Radiotherapy Market By Type, 2014-2025 (USD Million)
- Internal radiotherapy
- External radiotherapy
Radiotherapy Market By Application, 2014-2025 (USD Million)
- Skin cancer
- Breast cancer
- Prostate cancer
- Cervical cancer
- Lung cancer
Radiotherapy Market By End-use, 2014-2025 (USD Million)
- Hospitals & clinics
- Ambulatory surgical centers (ASCs)
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- GE Healthcare
- Siemens AG
- Canon Medical System Corporation
- Varian Medical Systems
- CR Bard
- Accuray Incorporated
- IntraOp Medical, Inc.
- Elekta AB
- Isoray Medical
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