Market Research Report
Radiation Therapy Market: Current Analysis and Forecast (2021-2027)
|Radiation Therapy Market: Current Analysis and Forecast (2021-2027)|
Published: January 1, 2022
UnivDatos Market Insights Pvt Ltd
Content info: 289 Pages
Delivery time: 1-2 business days
Global Radiation Therapy Market is anticipated to grow with an elevated CAGR of around 6% over the forecast period (2021-2027). Radiation therapy is a type of treatment used for cancer that uses high doses of radiation for killing various cancer cells and shrinking tumors. Radiotherapy mostly uses X-rays, but protons or other types of energy also can be used.
Cancer is one of the leading life-threatening diseases across the world. The surge in the number of people suffering from cancer has always been the major driving factor for the radiation therapy market. For instance, as per the world health organization, cancer is the second leading cause of death all over the globe and was responsible for an estimated 9.6 million deaths in 2018. Globally, about one in six deaths are due to cancer. Approximately 70% of deaths from cancer occur in low and middle-income countries.
Furthermore, the radiation therapy market is anticipated to grow on account of the growing adoption of radiation therapy, technological advancements, and expedited FDA approvals for radiation therapy. For example, the Elekta Harmony radiotherapy system gained FDA clearance in the summer of 2021 and was on display for the first time at the American Society of Radiation Oncology (ASTRO) 2021 meeting. This system offers fast treatments and the ability to track and treat multiple metastases at the same time. In addition to this, advances in radiopharmaceutical therapy and the growing trend towards personalized radiotherapy are also propelling the radiation therapy market globally.
GE Healthcare, Siemens Healthineers, Varian Medical Systems, Inc., Ion Beam Application, Accuray Incorporated, Panacea Medical Technologies Pvt. Ltd., ZEISS Group, IntraOp Medical, Inc., ViewRay, Inc., Eckert & Ziegler, are some of the prominent players operating in the radiation therapy market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with radiation therapy.
Based on type, the radiation therapy market is segmented into external beam radiotherapy, proton therapy, internal beam radiotherapy, and systemic radiotherapy. The external beam radiotherapy (EBRT) segment accounted for the largest market share in 2020 and it is estimated that it will exhibit a significant CAGR during the forecast period as it is one of the most widely used forms of radiotherapy. Also, the capability of EBRT to deliver the radiation precisely and less damage to normal tissues even at high radiation doses are some of the factors contributing to the growth of this segment.
Based on technology, the radiation therapy market is segmented into external beam radiation therapy and brachytherapy. The external beam radiation therapy segment occupied the major share of the radiation therapy market in 2020 and it is expected to grow steadily in the upcoming years. This segment includes image-guided radiotherapy, intensity-modulated radiotherapy, stereotactic therapy, etc. the growth of this segment can be attributed to the high price of equipment and high installed base of external beam radiation therapy equipment. However, the brachytherapy segment is also expected to gain a significant market share during the forecast period.
Based on application, the market is fragmented into prostate cancer, breast cancer, lung cancer, cervical cancer, spine cancer, head & neck cancer, skin & lip cancer, and others. In 2020, the breast cancer segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to the rise in incidences of this type of cancer. For instance, according to the World Health Organization, in 2020, nearly 2.26 million cases of breast cancer alone.
Based on end-user, the market is fragmented into hospitals, cancer research institutes, independent radiotherapy centers, and others. In 2020, the hospitals segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The growth of this segment is attributed to the growing number of private hospitals in various emerging economies and better accessibility healthcare services at hospitals.
For a better understanding of the market dynamics of the radiation therapy market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the radiation therapy market industry and generated revenue of USD XX Million in 2020 owing to strong healthcare infrastructure and growing adoption of radiotherapy as a potential treatment for cancer in the region.
The global radiation therapy market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.