According to a new market research report “Radiotherapy Market by Type (External (IGRT, IMRT, 3D-CRT), Internal (LDR, HDR) & Systemic), Product (Proton Beam, Cyberknife, LINAC, Seed, Samarium), Application (Prostate, Breast, Cervical), End User, and Region – Global Forecasts to 2022” published by MarketsandMarkets™, the global Radiotherapy Market is projected to reach USD 9.47 Billion by 2022 from USD 6.81 Billion in 2017, at a CAGR of 6.8%.
The growth of this market is majorly driven by rapidly increasing geriatric population, growing incidence of cancer cases across the globe, increasing symposiums driving investments in radiotherapy, and rising demand for radiotherapy devices.
The report analyzes the global radiotherapy market by type, product type, application, end user, and region. Based on type, the external beam radiotherapy segment accounted for the largest share in 2016. The growing adoption of this therapy in emerging markets and the development of advanced external beam radiotherapy devices to localize tumorous cells while minimizing harm to surrounding healthy cells are some of the major factors contributing to the growth of this market segment.
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On the basis of product type, the electron-emitting high-energy linear accelerators segment is expected to account for the largest share of the external beam radiotherapy market in 2016. The development of advanced linear accelerators and growing adoption of these devices are some of the factors driving the growth of this market.
On the basis of application, the prostate cancer segment held the largest share in both the internal and external beam radiotherapy markets in 2016, owing to the non-invasive nature of radiotherapy, rising incidence of prostate cancer in the geriatric male population, and high success rates achieved with radiotherapy.
Based on end user, the hospitals segment accounted for the largest share of the global radiotherapy market in 2016. The large share of this segment can be attributed to factors such as increasing installations of advanced radiotherapy equipment in developed as well as developing regions, increasing government initiatives, and rising incidence of cancer.
Geographically, the radiotherapy market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest share of the market in 2016, followed by Europe. A number of factors such as technological advancements in radiotherapy equipment, growing number of cancer cases, and rising focus of key players on expanding their presence in North America are driving the growth of the radiotherapy market in this region.