Radiotherapy is a treatment used for cancer and, less commonly, thyroid disease, blood disorders, and noncancerous growths. Radiotherapy uses high-energy rays to treat the diseases. It can be given both externally and internally. External radiotherapy aims high-energy x-rays at the affected area using a giant machine. Internal radiotherapy involves having radioactive material placed inside the body.
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Worldwide, cancer cases are increasing rapidly, and the changing lifestyle is to be blamed. Improving economy is proving to be a blessing in disguise that is increasing the purchasing power of people increased access to the modern life and growing addictions tobacco and alcoholism are again some of the dominant risk factor developing cancer cells and tumors.
Acknowledging the traction, the market is garnering globally; Market Research Future (MRFR) in its recently published study report foretells that the global Radiotherapy market will register a 7% CAGR during 2017 – 2023, accruing pervasively to reach USD 7 Mn. by 2023. In 2016, the market had valued 4.5 Mn. Which means the market is expected to achieve a growth that is slightly lesser than the double fold.
Additional factors driving the market growth include increasing per capita healthcare expenditures, increasing population, exposures to harmful radiation, heredity reasons and genetic mutations (abnormal changes). Increasing governmental initiatives are supporting the market growth, spreading the awareness. Unavailability of comprehensive treatments especially in the developing regions presages the large scope for the market to evolve further, prompting substantial investments for R&D to bring more novelty and betterments in the radiology.
On the flip side, high costs associated with the radiotherapy, long approval time for the clinical trials along with the adverse effects associated with therapy are obstructing the market growth.
Global Radiotherapy Market – Competitive Landscape
The Radiotherapy Market is fiercely competitive due to the presence of numerous large & small players, having the international presence.
Some of the leaders driving the Global Radiotherapy Market are
- Siemens (Germany)
- GE Healthcare (UK)
- Varian (India)
- Nordion (CA)
- Cardinal Health (US)
- Isoray (US)
- Fuji Holdings (Japan)
- View ray (US)
- Philips Healthcare (US)
- Hologic (US)
- Shimadzu Corporation (Japan)
Industry/ Innovation/Related News:
August 14, 2018 – Clinical Trial published – Dr. Suneil Jain, a senior clinical lecturer at Queen’s University in Belfast, United Kingdom, alongside his fellow researcher, Ciaran Fairmichael, led a clinical trial for a radical form of radiotherapy for prostate cancer. The trial tested the effects of stereotactic ablative radiotherapy (SABR), a form of highly targeted radiotherapy that uses several beams of radiation at once. The results have shown that the new technique treats prostate cancer in just five radiotherapy sessions which otherwise would involve 37 sessions.
Global Radiotherapy Market – Segments
For the convenience of understanding, the report is segmented into three key dynamics;
By Treatment Types : X-rays, External Beam Radiotherapy (3D Conformal Radiation Therapy, Intensity Modulated Radiation Therapy (IMRT), Image Guided Radiation Therapy (IGRT), Tomotherapy, Stereotactic Radio Surgery, and Stereotactic Body Radiation Therapy.), and Proton Therapy among others.
By Applications : Breast Cancer, Prostate Cancer, and Lung Cancer among others.
By Regions : APAC, North America, Europe, and the Rest-of-the-World.
Global Radiotherapy Market – Geographical Analysis
North America dominates the Radiotherapy market globally; the growth is largely supported by the US. The market is fostered by the increasing prevalence of types of cancer and thyroid fuelled by the consequences of the wrong lifestyle. Factors such as technological advances coupled with the increasing healthcare expenditure support the market growth.
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The Europe region is another lucrative market for the Radiotherapy.
The Asia Pacific region is emerging as a promising market for the Radiotherapy owing to the increasing number of cancer patients in the region.
The Radiotherapy market in the Middle East and Africa region is expected to witness a slow growth due to the lack of awareness of the chronic diseases and the limited treatment facilities in these regions.
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