Market Definition:
The global radiotherapy market was valued at USD 7.3 billion in 2023, and it is anticipated to grow up to USD 12.5 billion by 2033, at a CAGR of 5.4% during the forecast period.
Radiotherapy, commonly known as radiation therapy, is used for cancer patients to cure cancer by destroying the cancer cells and reducing the size of tumors. X-rays, gamma rays, and charged particles are commonly used in the radiotherapy market. Modern radiotherapy makes use of highly precise collimating devices that positively impact market expansion.
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Market Outlook:
The rising number of cancer cases is expected to accelerate market growth. The surging number of cancer cases worldwide is expected to foster the market demand for radiotherapy over the analysis timeframe. According to the WHO, cancer is the leading cause of death globally, and around ten million deaths occurred in 2020. Breast, prostate, lung, colon, and rectum are among the most common cancers that further accelerate the market progress for radiotherapy. Similarly, according to the International Agency for Research on Cancer (IARC), over seventeen million new cancer cases across the globe were observed in 2018. And by 2040, it is projected to grow to 27.5 million new cases. Therefore, radiotherapy is the most common method used to treat cancer ease the symptoms of cancer and further slows or stops the growth of damaged cells. Hence, the aforementioned aspects will prove beneficial for the overall market progression.
Market Restraints and Challenges
Difficulties in visualizing tumors during radiotherapy procedures may impede the market growth. One of the major challenges faced during radiotherapy procedures is difficulties faced in the visualization of tumors and demarcations from normal healthy tissues. Advancements in ionizing radiation therapy for cancer treatment are expected to help overcome this challenge. However, since tumors can change their shape daily, it becomes difficult to only radiate the cancerous outgrowth without affecting the surrounding tissues. To limit this, radiologists include a safety margin around the tumor. Also, to minimize the damage to the surrounding healthy tissue, it becomes a compulsion to limit the radiotherapy dose range, increasing the number of treatment cycles needed to eradicate tumorous cells. This is one of the major factors responsible for increasing the cancer treatment costs for patients undergoing radiotherapy.
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Research Objectives:
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Global Radiotherapy Market Segmental Overview
The report analyses the global radiotherapy market based on type, application, end use, and region.
Major Players in the Global Radiotherapy Market
The key players in the market are Siemens Healthineers AG (Germany), Elekta (Sweden), Accuray Incorporated (US), IBA (Belgium), ViewRay Technologies, Inc. (US), Hitachi Ltd. (Japan), iCAD, Inc. (US), Mevion Medical Systems, Inc. (US), Panacea Medical Technologies Pvt. Ltd. (India), ZEISS Group (Germany), among others.
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Research Scope:
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2023 – $7.3 bn
• Market Size in 2031 – $12.5 bn
• CAGR % – 6.0%
• Historic Period – 2017-2022
• Forecast Period – 2023-2033
• Base Year – 2023
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