Radiotherapy Market: Analysis by Business Growth, Development Factors, Applications, and Future Prospects
Radiotherapy Market Research Report: Information by Type [External Beam Radiation Therapy (Intensity Modulated Radiation Therapy, Image Guided Radiation Therapy, Tomotherapy, Stereotactic Radio Surgery, Stereotactic Body Radiation Therapy, and Proton Therapy), Internal Radiation Therapy and Systemic Radiation Therapy], Application (Skin and Lip Cancer, Head and Neck Cancer, Breast Cancer, Prostate Cancer, Cervical Cancer, Lung Cancer, Spine Cancer, and others), Equipment (Linear Accelerators, Radiation Therapy Simulators and Treatment Planning Systems), End-User (Hospitals and Independent Radiotherapy Centers) and Region (Americas, Europe, Asia-Pacific, and Middle East & Africa) - Global Forecast till 2027
Radiotherapy Market Highlights
Radiotherapy or radiation therapy is a treatment designed to reduce the size of tumors, blood disorders, and thyroid disease. It is highly recommended by doctors due to being a part of targeted therapy. Targeted therapies can assist doctors in targeting specific areas of the human body while reducing the damage to other body organs. Theglobal radiotherapy market report by Market Research Future (MRFR) contains useful insights deemed to assist market players in their strategies for the period between 2019 to 2025 (forecast period).
The global radiotherapy market size is expected to showcase a CAGR of 4.7% during the forecast period due to high prevalence of cancer cases. As per the statistics by the American Cancer Society, nearly 1.9 million cases are expected to occur in 2019. The preference of radiotherapy as a line of treatment for reducing and eliminating malignant tumors can drive the market growth. Technological advances in radiation therapy as well as continuous clinical trials for testing new drugs to reduce the effects of the treatment can bode well for the market.
Adoption of radiotherapy for the treatment of various cancers as well as procurement of latest devices and drugs for palliative care of cancer patients can spur the market demand till 2025. Government investments in research of radiotherapy can facilitate market growth.
However, low access as well as unavailability of treatments at affordable prices can hamper market growth.
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The global radiotherapy market has been segmented based on type, application, end user, and region.
The global radiotherapy market, based on type, has been segmented into external beam radiation therapy, internal radiation therapy, and systemic radiation therapy. External radiation therapy is further divided into stereotactic body radiation therapy, image guided radiation therapy, intensity modulated radiation therapy, tomotherapy, stereotactic radio surgery, and proton therapy. On the basis of the type segment, the external beam radiation therapy segment is expected to hold a major share in the market due to the reduced risk of radiation exposure during the treatment and the increased precision and accuracy of tumor targeting.
The global radiotherapy market, based on application, has been segmented into skin and lip cancer, head and neck cancer, breast cancer, prostate cancer, cervical cancer, lung cancer, spine cancer, and others.
The global radiotherapy market, based on equipment, has been segmented into linear accelerators, radiation therapy simulators, and treatment planning systems.
The global radiotherapy market, based on end use, has been segmented into hospitals and independent radiotherapy centers.
Based on region, the radiotherapy market is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas is expected to dominate the global radiotherapy market due to novel treatment discovered in targeted therapy and the rise in per capita expenditure in healthcare. High number of cancer cases in the U.S. and Canada are likely to drive the regional market growth.
Elekta AB (pub), Mevion Medical Systems, Inc., Optivus Proton Therapy, Inc., IBA (Ion Beam Applications Sa), Hitachi, Ltd., P-Cure Ltd., Isoray Medical, Inc., Panacea Medical Technologies Pvt. Ltd., Elekta, Varian Medical Systems, Inc., Provision Healthcare, LLC, and C. R. Bard, Inc., are key players of the global radiotherapy market. Companies are focusing on mergers, acquisitions, and collaborations to gain leverage over the competition.
Galera Therapeutics recently published the results of a clinical trial for its latest drug, avasopasem manganese (GC4419). The added dose of GC4419 to the radiotherapy treatment has reduced the duration of severe oral mucositis (SOM) to 1.5 days from the original 19 days. This can revolutionize the global radiotherapy market and influence market solution providers to improve their treatment procedures.
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