Global Radiation Therapy Market:
The global radiation therapy market is expected to be valued at US$ 5,216.8 million in 2019 and growing at a CAGR of 4.1% over the forecast period by 2026. It has been estimated with a significant growth with the help of key driver which include increasing public health spending as cancer is the second most deadly disease in the world. There restrain which may hamper the growth is shortage of trained personnel according to the Clinical Radiology UK Workforce Census 2016 Report, the UK has 7.5 radiologists/100,000 patients—the third lowest among European countries. Governments in different countries focusing on improving health facilities to lower cancer mortality rates increase opportunity in global radiation therapy market.
Increasing Technology Advancement
It is noticed that the global radiation therapy market has a significant market growth rate on the perspective of increasing technology advancement. The advancement from 2D to 3D conformal radiotherapy with real-time imaging has enabled high conformity of radiation to the target and dose escalation with improved tumor control. Environmental Health Services, contribute another US$ 2 Bn to cancer research and prevention efforts. It had made potential growth with more effective, low-cost, and easy-to-use radiotherapy products with improved and precise radiation dose delivery to offer increased efficiency in targeting tumors which in turn boosted the global market.
North America Dominates the Market Share in the Global Radiation Therapy Market
North America contributed major revenue followed by Europe and Asia Pacific. In 2019, North America region accounted huge growth rate and is anticipated to grow with a forecast year. United States holds the highest proportion of radiation therapy facilities per million patients. As globally United States alone, in 2018, 609,640 will die out of 1,735,350 people diagnosed with cancer. Europe led with increasing awareness related to cancer symptoms and diagnosis is also a positive factor. Developing economies of the world like India and China holds immense market potential for radiation therapy as there is an acute shortage of radiation therapy centers in the Asia Pacific region.
Key player’s profiles in the global radiation therapy market include:
- 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)
- Market players have witnessed the strategic collaboration and acquisition to expand product portfolio and strengthen their position in the market to enhance the revenue of the company.
- In Feb 2018, Varian Medical Systems (US) launched the ProBeam 360 single-room proton therapy system. This new particle accelerator has a 360-degree rotating gantry and high-definition pencil-beam scanning technology capable of providing efficient Intensity Modulated Proton Therapy (IMPT).
- In Jan 2018, Hitachi Ltd. (Japan) received FDA 510(k) approval for the commercialization of its Real Time Image Gating System for Proton Beam Therapy Systems (RGPT). This will allow patients to be treated with cutting-edge motion management along with the company’s advanced Spot Scanning irradiation technology.
Global Radiation Therapy Report Description:
Global radiation therapy market report gives comprehensive outlook on radiation therapy market across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global radiation therapy market gives historical, current, and future market sizes on the basis of product, type, application, end user and region. This report studies global radiation therapy market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global radiation therapy market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global radiation therapy market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global radiation therapy market
Key Findings of the Report:
- Global Radiation Therapy market expanding at significant CAGR over 2020 to 2026 owing due to increasing technology advancement
- Based on region, North America accounted for larger market revenue share in 2019 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global market.
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
- External Beam RT
- Internal Beam RT
- Image-guided Radiotherapy (IGRT)
- Intensity-modulated Radiotherapy (IMRT)
- Stereotactic Therapy
- 3D Conformal Radiotherapy (3D-CRT)
- Particle Beam Therapy
- Prostate Cancer
- Breast Cancer
- Lung Cancer
- Head & Neck Cancer
- Colorectal Cancer
- Other cancers
- Independent Radiotherapy Centers
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA