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The global radiotherapy market is valued at USD 6.3 billion in 2022 and is expected to reach USD 8.1 billion by 2027, at a CAGR of 5.1%
during the forecast period. Technological advancements in radiotherapy and the rising incidence of cancer are the major factors driving the growth of this market. Additionally, growing awareness of the benefits of radiotherapy and the increasing use of particle therapy for cancer treatment are other factors driving the growth of this market.
New York, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Radiotherapy Market by Type, Technology, Procedure, Application, End User - Global Forecasts to 2027" - https://www.reportlinker.com/p05226975/?utm_source=GNW
However, inadequate healthcare infrastructure, especially in emerging countries and shortage of skilled oncologists and radiologists hinders the growth of this market. In addition to this, high cost of radiotherapy devices, and high complexities associated with radiotherapy treatment are the factors expected to restrain the growth of this market during the forecast period.
Theservice segment, by type, is expected to register the highest growth rate in the global radiotherapy market during the forecast period 2022-2027
Based on type, the radiotherapy market is segmented into products and services. In 2021, the products segment accounted for the largest market share while the service segment is forecasted to grow with a higher growth rate during 2022-2027.The service segment includes post-contract customer support (warranty period services and post-warranty services), installation services, training, and other professional services. The service market segment is expected to register higher CAGR especially in matured markets like North America and Europe.
The Stereotactic Advanced Electron/Cobalt-60 Linear Accelerators subsegment ofLinear Accelerators, within the external beam radiotherapy, to register a significant growth rateduring the forecast period
On the basis oftechnology, the radiotherapy market is segmented into external beam radiotherapy, internal beam radiotherapy/brachytherapy, and systemic radiotherapy products.The external beam radiotherapy products segment is further divided into linear accelerators, particle therapy systems, and conventional cobalt-60 teletherapy units.
The internal beam radiotherapy/brachytherapy products segment includes seeds, applicators, afterloaders, and IORT systems.The linear accelerators or LINAC segment is further characterized by conventional LINAC systems and stereotactic advanced electron/cobalt-60 LINAC systems.
The Stereotactic advanced LINAC systems segment is expected to register the highest growth rate amongst linear accelerators segment.These systems provide precise 3D localization of the treatment target for various oncology procedures.
The major objective of advanced LINAC systems is to expose the tumor to a single high dose of radiation while minimizing exposure to healthy surrounding structures. These systems can provide high precision and reduced treatment time with real-time tracking features which further supports the adoption of these systems.
Continuous product development and launchesto drive the segment growthof particle therapy technology segment
Based on technology, the radiotherapy market has been segmented into external beam radiotherapy and internal beam radiotherapy.The particle therapy subsegment of external beam radiotherapy is expected to grow with the highest growth rate amongst other segments of external beam radiotherapy (including linear accelerators, and conventional cobalt-60 teletherapy units).
Continuous product development and R&D activities are also driving the growth of this market segment.Several particle therapy products have been launched in the market in the last three years.
For example, Varian Medical Systems, Inc. (US), now under Siemens Healthineers AG (Germany), launched the ProBeam 360° single-room proton therapy system in 2018 and introduced a multi-room configuration for the same product in 2019. In April 2020, P-Cure (Israel) received CE marking for the P-ARTIS System, enabling the company to market and sell the product in Europe.
The China market, by region, is expected to grow with the highest growth rate in the global rdaiotherpay market during the forecast period of 2022-2027
On the basis of region, the radiotherapy market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.The Asia Pacific held the third largest share of the global radiotherapy market in 2021.
Within Asia Pacific, China is expected to grow with the highest CAGR during the forecast period.The growth of this market is primarily driven by the favorable healthcare reforms and investments in the country.
Owing to the growth potential of the Chinese radiotherapy market, various players are undertaking strategic initiatives to strengthen their presence in the country. These players include Mevion Medical Systems, IBA, Accuray, and Varian, which entered into partnerships, licensing deals, agreements, and cooperation framework agreements with various end users and stakeholders in China, to increase market presence in the country..
A breakdown of the primary participants referred to for this report is provided below:
• By Company Type:Tier 1–30%, Tier 2–42%, and Tier 3– 28%
• By Designation: C-level–10%, Director-level–76%, and Others–14%
• By Region:North America–40%, Europe–30%, Asia Pacific–22%, Latin America–6%, and the Middle East & Africa–2%
The dominant players in the global radiotherapy market are Siemens Healthineers AG (Germany), Elekta (Sweden) Accuray Incorporated (US), IBA (Belgium), ViewRay Technologies, Inc. (US), Hitachi Ltd. (Japan), iCAD, Inc. (US), IsoRay, Inc. (US), Mevion Medical Systems, Inc. (US), Panacea Medical Technologies Pvt. Ltd. (India), P-cure Ltd. (Israel), and ZEISS Group (Germany), among others.
Research Coverage
This report studies the radiotherapymarket based ontype, technology, procedure, application, end user, and region.It also coversthe factors affecting market growth,analyzes the various opportunities and challenges in the market, and provides details of the competitive landscape for market leaders.
Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five main regions (and the respective countries in these regions).
Reasons to Buy the Report
The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies for strengthening their market presence.
This report provides insights on the following pointers:
• Market Penetration:Comprehensive information on the product portfolios offered by the top players in the radiotherapymarket
• Product Development/Innovation:Detailed insights on the upcoming trends, R&D activities, and product launches in the radiotherapymarket
• Market Development:Comprehensive information on lucrative emerging regions
• Market Diversification:Exhaustive information about new products, growing geographies, and recent developments in the radiotherapymarket
• Competitive Assessment:In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Read the full report: https://www.reportlinker.com/p05226975/?utm_source=GNW
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