Market Research Report
Global Radiation Therapy Equipment Market, Size, Share, Opportunities and Forecast, 2020-2027
|Global Radiation Therapy Equipment Market, Size, Share, Opportunities and Forecast, 2020-2027|
Published: April 3, 2021
Content info: 180 Pages
Delivery time: 2 business days
Global Radiation Therapy Equipment Market is segmented By Type (External Radiation Therapy Equipment, Internal Radiation Therapy Equipment), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Share, Size, Outlook, and Opportunity Analysis, 2020-2027
The global radiation therapy equipment market is forecasted to reach USD 10.3 million by 2027 growing at a CAGR of 6.80% during the forecast period.
Radiation therapy is used to cure cancer by destroying the cancer cells. It is one of the most common treatment options for cancer and typically used as a curative treatment, either alone or in conjunction with surgery or chemotherapy. Radiation therapy controls the growth of the tumor while minimizing exposure to the surrounding normal, healthy tissue. Radiation therapy uses high energy particles or waves such as X-rays, gamma rays, and charged particles to damage the cancerous cells in the breast, prostate, head and neck, lung and anywhere in the body and arrest the growth and division of the abnormal cells. As per a report by the National Cancer Institute, around 50% of cancer patients receive some kind of radiation therapy during their entire treatment. In radiation therapy, radiations are either produced from a small container of radioactive material or a machine. Radiation therapy aims to eradicate a patient's cancer.
The major factors driving the growth of the market are technological advancements, rising prevalence of cancer, increase in product launches and rising public awareness due to various conferences and symposia aiming to spread awareness about benefits associated with radiotherapy.
Increase in technologically advanced products plays an important role in the advancement of radiation therapy equipment market. Technologically upgraded medical devices are more precise and provide a higher success rate and increase the usability of the devices. For instance, X-ray therapy used cobalt radiation earlier that used low-energy X-rays, today, radiation oncologists utilize high-energy, megavoltage X-rays that can penetrate more deeply and minimize irradiation of the skin.
Presence of substitutes such as surgery, chemotherapy, immunotherapy, targeted therapy, hormone therapy, stem cell transplant, and precision medicine in the treatment of cancer and high costs of these equipment are going to hamper the growth of the market. All of these substitutes have many advantages over radiation therapy.
The global radiation therapy equipment market can be segmented by type as External Radiation Therapy Equipment and Internal Radiation Therapy Equipment.
The External Radiation Therapy Equipment segment is expected to account for the largest share of the market in the period of forecast. External radiation therapy equipment is safer and less invasive. External radiation involves the use of radiation machines to deliver X-ray, electron, or proton radiation to a tumor. Beams are usually generated by a linear accelerator and targeted to destroy cancer cells while sparing surrounding normal tissues. External Radiation Therapy is also used to relieve symptoms in patients with advanced cancer or cancer that has been metastasized.
Geographically, the global radiation therapy equipment market is divided into North America, Europe, South America, Asia-Pacific, and the Middle East and Africa.
The Asia Pacific is expected to dominate the global radiation therapy market over the period of forecast due to increasing per capita income, improving healthcare infrastructure, and favorable government policies in the developing countries such as China, India, and Japan. Moreover, the rise in geriatric population, and the growing incidence of cancer are also favoring the market. Japan holds the largest geriatric population in the world. Major companies in the market are also investing in the region such as Ion Beam Applications SA that installed Proton Therapy Centers in India and China in 2019. Furthermore, in January 2019, Accuray Incorporated, and China Isotope and Radiation Corporation, announced the formation of a joint venture to manufacture and sell radiation oncology systems in China.
Some of the major key players in the market are Ion Beam Applications SA (IBA), Varian Medical Systems, Accuray, Elekta, Philips, ViewRay, Inc., IsoRay Medical, Inc., Hitachi Ltd., Panacea Medical Technologies Pvt. Ltd., Provision Healthcare, Mevion Medical Systems, Inc., Brainlab AG, GE Healthcare, Nordion, Raysearch Laboratories AB, C.R. Bard, Mitsubishi Electric Corporation, Theragenics Corporation, P-Cure Ltd., and Pronova Solutions, LLC.
Companies are developing technologically advanced and superior equipment. They are majorly focusing on launching new innovative products to increase their portfolio and enhance their company's footprint.
In April 2019, Brainlab unveiled ExacTrac Dynamic® at ESTRO 38, the annual congress of the European Society for Radiation Oncology (ESTRO) in Milan, Italy. It is a universal concept for radiotherapy patient positioning and monitoring offers value on multiple fronts, including expanded clinical workflows, broad technological advancements, enhanced user and patient experience, and technology consolidation.
In February 2019, Accuray Incorporated announced that data from an international, randomized, 38-center trial (PACE - Prostate Advances in Comparative Evidence) showed that treatment with stereotactic body radiation therapy (SBRT) results in a similar safety profile to conventional radiation in men with low- or intermediate-risk prostate cancer.
In January 2019, Philips announced a collaboration with imaging solutions provider MIM Software Inc. to improve radiation therapy treatment planning.
In October 2018, Varian launched single-room proton therapy system, ProBeam® 360°. With a 30 percent smaller footprint than the previous system.
In October 2018, Philips unveiled a new radiation oncology portfolio in American Society for Radiation Oncology's (ASTRO) 60th Annual Meeting and Exhibition
In September 2018, Elekta obtained clearance for Elekta unity magnetic resonance radiation therapy system in Europe. It provides precision radiation therapy by using intelligent software and high-field 1.5T magnetic resonance imaging.
In June 2018, Accuray Incorporated received an Atomic Energy Regulatory Board (AERB) Type Approval for its Radixact® X9 System in India.
In April 2018, Brainlab announced the implementation of a software solution that can achieve better radiation dose conformity around brain tumors, resulting from a close strategic collaboration with Elekta.
In February 2018, Elekta entered into a research agreement with Memorial Sloan Kettering Cancer Center, US, to use magnetic resonance linear accelerator systems for various cancer indications.
Visualize the composition of the radiation therapy equipment market across each indication, in terms of type and by type highlighting the key commercial assets and players.
Identify commercial opportunities in radiation therapy equipment by analyzing trends and co-development deals.
Excel data sheets with thousands of data points of radiation therapy equipment market- level 4/5 segmentation.
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
Product mapping in excel for the key products of all major market players.
Hospitals and clinics
Research and consulting firms
Table of Contents