Key Factors Driving Market Growth:
Technological advancements in radiotherapy and the rising incidence of cancer are the major factors driving the growth of this radiation oncology market. Additionally, the growing adoption of radiotherapy procedures for cancer treatment, increasing use of particle therapy for cancer treatment, and the rising number of conferences and symposia focusing on the advancements in radiotherapy are some of the other major factors driving the growth of radiotherapy market .
Expected Revenue Growth:
[259 Pages Report] The radiotherapy market is valued at USD 5.9 billion in 2021 and is expected to reach USD 7.3 billion by 2026, at a CAGR of 4.2%
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This report aims to provide detailed insights into the global radiotherapy market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
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Over the last decade, the radiotherapy devices market has seen significant technological advancements. These advancements have helped in the development of more effective, low-cost, and easy-to-use radiotherapy products with improved and precise radiation dose delivery to offer increased efficiency in targeting tumors. The advancement from 2D to 3D conformal radiotherapy with real-time imaging has enabled high conformity of radiation to the target (with minimal exposure to normal tissue) and dose escalation with improved tumor control. Products that provide these benefits are expected to have a very high growth potential in a short time span, especially in mature markets where the adoption rate of technologically advanced products is high.
Opportunity: Raising Healthcare Expenditure in Developing Countries:
The rapid economic development and increasing healthcare expenditure in several emerging countries, such as China, India, Brazil, and Mexico, are expected to improve access to quality healthcare in these countries. This is considered a positive indicator for the radiotherapy market. The rising incidence of cancer in these countries is resulting in a growth in the demand for various radiotherapy devices and techniques. Moreover, governments across these countries are focused on providing modern and advanced healthcare services to larger proportions of their population, as well as the improvement of reimbursement coverage.
Rapid growth in per-capita healthcare expenditure and the growing public demand for affordable healthcare services are driving the growth of healthcare products (including oncology devices) across these countries. This can be evidenced by the overall increase in healthcare expenditure. For example, the healthcare expenditure of India increased from 1.2% to 2.5% of the total GDP from 2019 to 2020. Whereas, in China, healthcare expenditure has increased to 12.6% to ~USD 930 billion, as the government has raised spending in the healthcare sector amidst the COVID-19 pandemic (Source: Healthcare Asia).
Regional Growth Analysis:
The radiotherapy industry is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Improving healthcare infrastructure in the region, the large patient population for target diseases, and expanding presence of key market players in the region to grab elevating opportunities offered by these countries are the key factors supporting the market growth in this region.
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The dominant players in the global radiotherapy market are Varian Medical Systems, Inc. (US), Elekta (Sweden) Accuray Incorporated (US), Ion Beam Applications SA (Belgium), BD (US), Eckert & Ziegler (Germany), Hitachi Ltd. (Japan), ICAD, Inc. (US), IntraOp Medical, Inc. (US), IsoRay Medical, Inc. (US), Mevion Medical Systems, Inc. (US), Panacea Medical Technologies Pvt. Ltd. (India), P-cure Ltd. (Israel), ViewRay, Inc. (US), and ZEISS Group (Germany), among others.
Key Factors Driving Market Growth: