Technological advancements in radiotherapy and the rising incidence of cancer are the major factors driving the growth of radiotherapy 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 this market.
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%
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Radiotherapy Market Insights by Application:
Based on application, the external beam radiotherapy market is segmented into prostate cancer, breast cancer, lung cancer, head & neck cancer, colorectal cancer, and other cancers. The prostate cancer segment is expected to account for the second-largest share of the radiotherapy market in 2018. The growing incidence of prostate cancer and the high success rates and minimal long-term risks achieved with external beam radiotherapy are the major factors driving the growth of this market segment.
Radiotherapy Market Analysis by Type:
Based on type, the external beam radiotherapy market is classified into IGRT, IMRT, stereotactic therapy, particle beam therapy, and 3D-CRT. The IMRT segment is further classified into VMAT and TomoTherapy. The particle beam therapy segment is expected to witness the highest CAGR during the forecast period. Advancements in the field of particle beam therapy (such as PBS) and increasing research activities in the field of radiation oncology using proton therapy systems are the key factors driving the growth of this segment.
Key Players In Global Radiotherapy Devices Market:
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).
Regional Growth Analysis Of Radiotherapy Market:
The radiotherapy market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. The North American region is expected to account for the largest share of the radiotherapy market in 2018.
Recent Developments In Global Radiotherapy Market:
In 2017, Mitsubishi Electric signed an agreement to transfer its particle therapy systems business to Hitachi and integrate into one entity.
In 2017, Varian Medical Systems opened its new facility in Jundiai, Brazil. This expansion is aimed to increase access to advanced radiotherapy treatment in the country.
In 2016, Varian Medical Systems launched an innovative treatment platform-Halcyon Treatment System. The product simplifies treatment delivery with high-quality plans delivered at significantly increased speeds.