“The radiotherapy market is projected to grow at a CAGR of 4.1% during the forecast period”
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%. Growth in this market is largely driven by factors such as the growing global prevalence of cancer, increasing adoption of radiotherapy in clinical trials, and the increasing number of radiotherapy centers worldwide. However, the underdeveloped public health infrastructure in emerging countries, shortage of trained and skilled radiation oncologists, and the limited access to and affordability of various radiotherapy treatment options are the major factors that are expected to restrain the growth of this market during the forecast period.
“The linear accelerators segment is expected to account for the largest market share during the forecast period”
Based on product type, the external beam radiotherapy products market is segmented into linear accelerators (LINAC), particle therapy systems, and conventional cobalt-60 teletherapy units. The linear accelerators segment is expected to account for the largest share of this market in 2018, driven by the development of advanced systems and their growing adoption across the globe.
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The seeds segment is expected to hold the largest share of the internal beam radiotherapy/brachytherapy products market during the forecast period”
Based on product type, the internal beam radiotherapy/brachytherapy products market is segmented into seeds, applicators, afterloaders, and electronic brachytherapy products. The seeds segment is expected to account for the largest share of this market in 2018. The large share of this segment can be attributed to the growing availability of seeds; advances in patient selection, treatment planning, technique, and technology; and growing applications in prostate cancer treatment.
“Europe to account for the second-largest share of the global market in 2018”
The radiotherapy market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. Europe is expected to account for the second-largest share of the global radiotherapy market in 2018. The growing incidence of cancer, supportive government initiatives, and the implementation of radiotherapy training programs & conferences/symposiums are the major factors propelling the demand for radiotherapy products in Europe. Furthermore, several key market players are focusing on enhancing their radiotherapy products to improve the quality of patient care across Europe.
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Key Market Players:
The major players operating in the radiotherapy
market are Varian Medical Systems, Inc. (US), Elekta (Sweden), Accuray
Incorporated (US), 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).
