The global radiotherapy market is expected to reach USD 11.08 Billion in 2028 and register a revenue CAGR of 6.9% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are rising prevalence of cancer types such as breast cancer, prostate cancer, lung cancer, skin and lip cancer, and colorectal cancer across the globe, rising awareness about early detection of cancer and radiation therapy, and ongoing research on developing enhanced radiation therapy equipment.
Radiotherapy, also called radiation therapy, is an efficient treatment approach for destroying malignant cells and reducing growth of the tumor. Radiation therapy includes use of high radiation doses to kill cancer cells by damaging DNA. Malignant cells with damaged genetic material lose the ability to multiply and die eventually. Radiation therapy does not destroy cells right away, it can take few weeks to months of treatment. Type of radiation therapy mainly depends on type of cancer, tumor size, exact location in the body, overall health, age, and medical conditions. However, healthy cells are also destroyed during the treatment leading to some short-term and long-term side effects. Factors driving global market revenue growth are increasing adoption of latest radiation therapy equipment in hospitals and ambulatory care services, growing use of particle therapy for treating cancer, improving healthcare infrastructure, and rising disposable income. Increasing awareness programs about importance of radiation therapy by various organizations to reduce fear and stigma among people and high focus on developing advanced systems are expected to fuel global market revenue growth going ahead.
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However, factors such as lack of well-trained healthcare professionals to operate advanced radiation therapy systems, high capital investment and high maintenance cost, and after effects of radiation therapy such as fatigue, nausea, skin problems, loss of appetite, and diarrhea, among others are factors that could hamper market revenue growth during the forecast period.
Some key highlights of the report:
- Based on cancer type, the lung cancer segment is expected to register fastest revenue CAGR over the forecast period, owing to increasing prevalence of lung cancer, growing risk of lung cancer due to excessive smoking and tobacco consumption, increasing awareness about ill effects of cigarette smoking, and importance of early diagnosis and radiotherapy. In addition, high usage of external beam radiation therapy and increasing investment for developing advanced devices for treating lung cancer are driving revenue growth of the segment.
- Among the end use segment, the hospital segment is expected to account for significantly large revenue share during 2021-2028, owing to factors such as improving healthcare infrastructure and facilities, increasing prevalence of cancer across the globe, and growing adoption of advanced radiation therapy equipment in many hospitals.
- North America is expected to account for largest revenue share in the global market over the forecast period, owing to factors such as increasing prevalence of cancer across the region, high demand for minimally invasive procedures, growing technological developments in radiation therapy, and notable presence of leading companies. In addition, factors such as presence of well-established healthcare facilities and trained radiologists to operate latest products, rising investments in research & development activities, and ongoing research on FLASH radiation therapy in cancer treatment are boosting revenue growth of the North America market.
- Asia Pacific market is expected to register fastest revenue CAGR during the forecast period, due to high cancer patient pool, rising awareness about importance of early screening and treatment, increasing investments by government and private organizations, and growing focus on developing novel and enhanced products and improving existing systems. Moreover, increasing healthcare spending, improving healthcare infrastructure and facilities, and rising disposable income are other factors fueling Asia Pacific market revenue growth.
Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, and product & service portfolio. The Radiotherapy market is extremely competitive and consists of several key players at the regional and global levels. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures, and collaborations to strengthen their market position and enhance their product portfolio.
Leading companies operating in the market are:
Varian Medical Systems, Inc., Elekta, Accuray Incorporated, Ion Beam Applications SA, Eckert & Ziegler, Hitachi Ltd., ICAD, Inc., IntraOp Medical, Inc., IsoRay Medical, Inc., Mevion Medical Systems, Inc., Panacea Medical Technologies Pvt. Ltd., P-cure Ltd., ViewRay, Inc., ZEISS Group, C4 Imaging LLC, Optic Proton Therapy Inc., GE Healthcare Inc., and Siemens Healthineers AG
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Radiotherapy Market Segmentation:
Type Outlook (Revenue, USD Billion, 2018-2028)
- External Beam Radiotherapy
- Internal Beam Radiotherapy/Brachytherapy
- Systematic Radiotherapy
Application Outlook (Revenue, USD Billion, 2018-2028)
- Breast Cancer
- Head and Neck Cancer
- Prostate Cancer
- Lung Cancer
- Colorectal Cancer
- Skin and Lip Cancer
- Cervical Cancer
- Others
End Use Outlook (Revenue, USD Billion, 2018-2028)
- Hospitals
- Ambulatory & Radiotherapy Centers
- Academic & Research Institutes
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Some essential purposes of the Radiotherapy market research report:
- Vital Developments: Custom investigation provides critical improvements to the Radiotherapy market, including R&D, new item shipment, coordinated efforts, development rate, partnerships, joint efforts, and local development of rivals working in the market on a global scale and regional.
- Market Characteristics: The report contains Radiotherapy market highlights, income, limit, limit utilization rate, value, net, creation rate, generation, utilization, import, trade, supply, demand, cost, part of the industry in general, CAGR, and gross margin. Likewise, the market report offers an exhaustive investigation of the elements and their most recent patterns, along with Service market fragments and subsections.
- Investigative Tools: This market report incorporates the accurately considered and evaluated information of the major established players and their extension into the Radiotherapy market by methods. Systematic tools and methodologies, for example, Porter’s Five Powers Investigation, Possibilities Study, and numerous other statistical investigation methods have been used to analyze the development of the key players working in the Radiotherapy market.
- Convincingly, the Radiotherapy report will give you an unmistakable perspective on every single market reality without the need to allude to some other research report or source of information. This report will provide all of you with the realities about the past, present, and eventual fate of the Radiotherapy market.
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