The radiotherapy market is projected to grow from an estimated USD 5.6 billion in 2018 to USD 6.8 billion by 2023, at a CAGR of 4.1% during the forecast period. 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.
Opportunities:
1 Emerging Markets
2 Growing Government and Private Investments to Meet the Increasing Demand for Cancer Treatment
3 Improving Reimbursement Scenario
Industry Trends
1 Growing Adoption of Pencil-Beam Scanning
2 Growing Number of Collaborations and Acquisitions
The external beam radiotherapy segment is expected to grow at the highest CAGR during the forecast period. Growth in this segment can primarily be attributed to the reduced risk of radiation exposure in external beam radiotherapy and the increased precision and accuracy of tumor targeting in this therapy.
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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.
Know more in detail analysis of Radiotherapy Market by Type (External (IGRT, IMRT, 3D-CRT, Stereotactic), Brachytherapy (LDR, HDR)), Product (LINAC, CyberKnife, Gamma Knife, Tomotherapy, Particle Therapy, Cyclotron), Application (Prostate, Breast), End User (Hospital) – Forecasts to 2023.
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