Global Radiotherapy Market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 5.7% in the forecast period of 2020 to 2027 and is expected to reach USD 8,654.95 million by 2027. Growing prevalence of cancer disease, novel technology in radiotherapy for cancer treatment, increasing adoption of radiotherapy devices and procedures and rising preference for non-surgical procedures are the major drivers which propelled the demand of the radiotherapy market in the forecast period.
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Global Radiotherapy Market, By Type (External-Beam Radiation Therapy, Internal Radiation Therapy, Systemic Radiotherapy/Radiopharmaceuticals and Others), Product (External Beam Radiotherapy, Internal Radiotherapy Products, Radiotherapy Software and Others), Application (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Lymphoma, Liver Cancer, Thyroid Cancer, Brain Cancer, Cervical Cancer, Spine Cancer and Others), End User (Hospitals, Radiation Therapy Centers, Specialty Clinics and Others), Distribution Channel (Direct Tender, Retail Sales and Others), Country (U.S., Canada & Mexico, Germany, U.K., France, Italy, Spain, Switzerland, Netherlands, Belgium, Russia, Turkey, Ukraine, Rest of Europe, Japan, China, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Chile, Rest of South America, South Africa, Saudi Arabia, UAE, Israel, Egypt and Rest of Middle East and Africa) Industry Trends and Forecast to 2027
The major factors driving the growth of this market are rising incidence of cancer, increasing acceptance of adaptive radiation therapy (ART), growing pool of geriatric population and increasing number of cancer treatment facilities. These factors increase the demand for radiotherapy devices. On the other hand, high cost of radiotherapy equipments and lack of skilled professionals may hinder the growth of the market.
Global Radiotherapy Market Key Drivers:
Some of the major factors driving the market for radiotherapy market are increasing patient pool for cancer, increasing ageing population, increase in out-patient cancer facilities and increasing demand for better radiotherapy equipments and replacement of out dated products. One of the major factors for growth of these devices is owing to unmet needs of radiotherapy infrastructure in emerging and developed economies.
- Regulatory scenario and the high cost of radiotherapy are the factors which may hinder the growth of this market.
- Many companies are increasingly focusing on radiotherapy devices in order to strengthen their product portfolios in the radiotherapy market.
- Increment in patient mindfulness levels with respect to early infection diagnostics will drive the market in future.
Competitive Landscape and Radiotherapy Market Share Analysis
Radiotherapy market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to radiotherapy market.
The major players covered in the radiotherapy market report are Varian Medical Systems, Inc., ProTom International, Mevion Medical Systems, VIEWRAY TECHNOLOGIES, INC. (a subsidiary of ViewRay), Siemens Healthcare GmbH, Elekta AB, Accuray Incorporated, IBA Worldwide, Eckert & Ziegler BEBIG, RaySearch Laboratories, Brainlab AG, Koninklijke Philips N.V., GE Healthcare, Hitachi, Ltd., Advanced Accelerator Applications (a subsidiary of Novartis AG), Provision Healthcare., Nordion (Canada) Inc., Sumitomo Heavy Industries, Ltd., CIVCO Radiotherapy (a subsidiary of Roper Technologies) and Isoray Inc among other domestic and global players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launches and agreements are also initiated by the companies’ worldwide which are also accelerating the radiotherapy market.
- In May 2020, Elekta AB have launched new product Leksell Gamma Knife, a next-generation treatment optimizer for intracranial stereotactic radiosurgery. With launching new product, the company enhanced their product portfolio and generates adequate revenue.
- In September 2019, Siemens Healthcare GmbH has introduced two dedicated CT systems Somatom go.Sim and Somatom go.Open Pro for the radiation therapy planning. The new system makes radiotherapy planning more accurate. With launching new products, the company has enhanced their product portfolio and generated adequate revenue into the market.
Collaboration, joint ventures and other strategies by the market player is enhancing the company market in the radiotherapy market which also provides the benefit for organisation to improve their offering for radiotherapy.
Global Radiotherapy Market Scope and Market Size
Global radiotherapy market is segmented into five notable segments which are based on type, product, application, end user and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the radiotherapy market is segmented into external-beam radiation therapy, internal radiation therapy, systemic radiotherapy/radiopharmaceuticals and others. In 2020, external-beam radiation therapy segment is expected to dominate in the radiotherapy market due to the high adoption of external-beam radiation therapy for the treatment of breast cancer, lung cancer, prostate cancer, colorectal cancer, lymphoma, liver cancer, thyroid cancer, brain cancer, cervical cancer, and spine cancer among others.
- On the basis of product, the radiotherapy market is segmented into external beam radiotherapy, internal radiotherapy products, radiotherapy software and others. In 2020, external beam radiotherapy segment is expected to dominate in the radiotherapy market due to increasing demand of external-beam radiation therapy devices such as linac, proton therapy, cyber knife, gamma knife for treatment of breast cancer, lung cancer, prostate cancer, colorectal cancer, lymphoma, liver cancer, thyroid cancer, brain cancer, cervical cancer, and spine cancer among others.
- On the basis of application, the radiotherapy market is segmented into breast cancer, lung cancer, prostate cancer, colorectal cancer, lymphoma, liver cancer, thyroid cancer, brain cancer, cervical cancer, spine cancer and others. In 2020, breast cancer segment is expected to dominate in the radiotherapy market due to the increasing prevalence of breast cancer across the world, also breast cancer is the most common cancer in women worldwide.
- On the basis of end user, the radiotherapy market is segmented into hospitals, radiation therapy centers, specialty clinics and others. In 2020, hospitals segment is expected to dominate in the radiotherapy market as the radiotherapy procedure is performed as an outpatient procedure in the hospitals that normally takes less than 60 minutes and hospitals are one of the first contact point and the most trustable option for the patients in various countries for the treatment of cancer disease.
- On the basis of distribution channel, the radiotherapy market is segmented into direct tender, retail sales and others. In 2020, direct tender segment is expected to dominate in the radiotherapy market as most of the hospitals, radiation therapy centers, specialty clinics, ambulatory surgical centers and academic and research organizations prefer direct tender for seeking the benefits of bulk buying, discounts and easily availability of products.
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Global Radiotherapy Market Landscape:
Varian Medical Systems, Inc. dominated the radiotherapy market followed by Elekta AB, and Accuray, Inc. along with others CIVCO Medical Solutions, Brainlab AG, C. R. Bard, Inc., IsoRay Medical, Inc., Nordion, Inc., RaySearch Laboratories AB, PRECISIS AG, Mevion Medical Systems, Inc., TechnicasRadiofiscas S.L., Hitachi, Ltd., Sumitomo Heavy Industries, Ltd., Mitsubishi Electric Corporation, ProNova Solutions, LLC, and ProTom International
- Beam radiotherapy market is growing with the highest CAGR.
- Globally external beam radiotherapy is having the highest market share. However, radiotherapy software’s are growing with highest CAGR.
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