The global radiotherapy therapy market is projected to reach USD 6.8 billion by 2023 from USD 5.6 billion in 2018, at a CAGR of 4.1%. 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.
On the other hand, lack of adequate healthcare infrastructures, shortage of trained personnel, affordability and accessibility of treatment, and the complex nature of radiotherapy are expected to limit market growth to a certain extent. Difficulties in visualizing tumors during radiotherapy procedures and the risk of radiation exposure may also pose challenges to market growth in the coming years.
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The major players operating in the radiotherapy therapy market include Varian Medical Systems, Inc. (US), Elekta (Sweden), and Accuray Incorporated (US). 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), Mevion Medical Systems, Inc. (US), Sumitomo Heavy Industries, Ltd. (Japan), Optivus Proton Therapy, Inc. (US), P-cure Ltd. (Israel), Theragenics Corporation (US), and C.R.Bard, Inc. (US).
The analysis of the market developments between 2015 and 2018 revealed that several growth strategies such as product launches and enhancements and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the radiotherapy market. Among these business strategies, product launches and approvals were the most widely adopted growth strategies by market players.
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. For example, in 2018, the company participated in the American Brachytherapy Society Annual Meeting held in San Francisco, CA, US, to demonstrate its comprehensive portfolio of advanced brachytherapy solutions. With its strong product portfolio and wide geographic presence, the company is expected to grow at a high rate in the radiotherapy market during the forecast period.
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