healthcaretrends

Radiotherapy Market growth is largely driven by factors such as technological advancements, the rising prevalence of cancer, the increasing number of conferences and symposia focusing on spreading awareness about the benefits of radiotherapy, and the growing use of particle therapy for cancer treatment. 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.

The radiotherapy market is projected to grow from an estimated $5.6 billion in 2018 to $6.8 billion by 2023, at a CAGR of 4.1%.

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Driver: Technological advancement

Over the last decade, the radiotherapy devices market has seen significant technological advancements. These advancements have helped in the development of more effective, low-cost, and easy-to-use radiotherapy products with improved and precise radiation dose delivery to offer increased efficiency in targeting tumors. The advancement from 2D to 3D conformal radiotherapy with real-time imaging has enabled high conformity of radiation to the target (with minimal exposure to normal tissue) and dose escalation with improved tumor control. Products that provide these benefits are expected to have a very high growth potential in a short time span, especially in mature markets where the adoption rate of technologically advanced products is high.

Such technological advancements focus on improving the functionality of radiotherapy delivery systems and expanding their application areas. Considering these benefits, the adoption of radiotherapy is increasing in various hospitals and independent radiotherapy centers.

Asia Pacific is expected to grow at the fastest rate in the radiotherapy market

The Asia Pacific is one of the major revenue-generating regions in the radiotherapy market. China, India, and Japan are the major countries responsible for the high growth of this regional market owing to factors such as the increasing per capita income, improving healthcare infrastructure, and supportive government activities in these emerging countries. Furthermore, the increasing geriatric population, the growing incidence of cancer, and the rising acceptance of radiotherapy procedures and devices are also driving the growth of this regional market.

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Key Players:

Varian Medical Systems, Inc. (US), Elekta AB (Sweden), and Accuray Incorporated (US) dominated the radiotherapy market. Other players in this market include Ion Beam Applications SA (Belgium), ViewRay, Inc. (US), IsoRay Medical, Inc. (US), Hitachi Ltd. (Japan), Panacea Medical Technologies Pvt. Ltd. (India), Provision Healthcare (US), and Mevion Medical Systems, Inc. (US)

Varian Medical Systems (US) is one of the leading players in the global radiotherapy market. Its broad portfolio of radiotherapy systems and brachytherapy products is the key factor accounting for its large share in this market. The company has adopted both organic and inorganic growth strategies such as agreements, partnerships, collaborations, product launches, and contracts to maintain its top position in the field of radiotherapy. The company is also focused on providing training and conducting workshops to increase the adoption of its products.