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Description
Radiotherapy Market size valued USD 5.44 billion in 2020 and expected to reach USD 7.96 billion by 2027, at a CAGR of 8.5% during the forecast period 2021-2027. Radiotherapy is also called as radiation therapy. Radiotherapy refers to using radiation such as electronic beams, protons, X-rays and others to treat the diseases. Radiation therapy used to kill the cancer cells. When body tissue exposed to radiation, cancer cells and normal cells both are affected but normal cells usually repair themselves whereas cancer cells cannot. Radiotherapy used in many ways such as curative radiotherapy (to cure cancer completely), chemo radiation (make other treatment more effective, for instance, radiotherapy often used along with chemotherapy), Adjuvant therapy (reduce risk of cancer after surgery) and palliative therapy (relieving symptoms of cancer). Radiotherapy can be given by using external devices, implants or radiotherapy injections based on the condition. Market players are focus on product innovations and product launches to increase their market share and to sustain their positions in the radiotherapy market. In June 2017, Varian medical System received clearance from U.S. FDA to launch its new device, Halyon System to treat cancer. Furthermore, companies adopting strategies such as mergers and acquisitions to strengthen their market in radiotherapy segment. For instance in 2011, Elekta AB acquired Nucletron- a leader in brachytherapy treatment planning and delivery- to strengthen their radiotherapy product portfolio. Academic and research institutions are also contributing to radiation therapy development by collaborating with market players. For instance, in March 2016, Weill Cornell Medicine, a biomedical research unit and medical school formed a strategic alliance with the Janssen Biotech, Inc. (Johnson & Johnson Services Inc.,) to study the preclinical efficiency of combining external radiotherapy with Janssen’s immune oncology drugs.
