Emerging Trends in Radiotherapy Market | Revenue Growth Analysis
The global radiotherapy market is projected to reach USD 6.8 billion by 2023 from USD 5.6 billion in 2018, at a CAGR of 4.1%.
The Research report provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the Radiotherapy Market, along with revenue estimates & forecasts and market share analysis.
Moreover, the study showcases back-to-back parameters like application, improvement, product growth, and diverse structures & key processes. The report highlights the in-depth analysis of various critical parameters such as profit & loss statistics, product value, production capability, production process, and many more.
Growth in the radiotherapy therapy market can be attributed to factors such as the growing global prevalence of cancer, technological advancements, emerging markets, growing government and private investments to meet the increasing demand for cancer treatment, and the improving reimbursement scenario.
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Radiotherapy Market Segmentation:
- By Product
- By Type
- By Application
- By End Users
- By Regions
The Major Players Opearting in the Radiotherapy Market:
The major players operating in the radiotherapy therapy market include Varian Medical Systems, Inc. (US), Elekta (Sweden), and Accuray Incorporated (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 focused on organic strategies such as product launches and introduced a number of new and advanced radiotherapy systems in the past three years, such as the ProBeam 360 single-room proton therapy system and Halcyon.
It also adopted inorganic strategies such as agreements, partnerships, collaborations, and contracts to enhance its market presence. The company is also focused on providing training and conducting workshops to increase the adoption of its products.
Geographical Detailed Analysis of Radiotherapy Market:
The radiotherapy market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. The North American region is expected to account for the largest share of the radiotherapy market in 2018.
The rising incidence of cancer, easy accessibility and high adoption of advanced diagnostic technologies (owing to the significant per capita annual healthcare expenditure in the US and Canada), and favorable government initiatives that are creating awareness and promoting the adoption of radiotherapy among key end users are some of the major factors driving the growth of the radiotherapy market in North America.
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Recent Developments
- In 2017, Mitsubishi Electric signed an agreement to transfer its particle therapy systems business to Hitachi and integrate into one entity.
- In 2017, Varian Medical Systems opened its new facility in Jundiai, Brazil. This expansion is aimed to increase access to advanced radiotherapy treatment in the country.
- In 2016, Varian Medical Systems launched an innovative treatment platform-Halcyon Treatment System. The product simplifies treatment delivery with high-quality plans delivered at significantly increased speeds.
- What are the growth opportunities related to the adoption of radiotherapy across major regions in the future?
- Emerging countries have immense opportunities for the growth and adoption of radiotherapy. Will this scenario continue in the next five years?
- Where will all the advancements in products offered by various companies take the industry in the mid- to long-term?
- What are the various cancer types wherein radiotherapy finds a high adoption rate?
- What are the new trends and advancements in the radiotherapy market?