ALBANY, New York, Feb. 4, 2020 /PRNewswire/ -- Amid technological advancement, and notable research and development activities, the global radiation therapy market is set to chart a sturdy growth curve, owing to a steady growth rate of 5.2% from 2018 to 2026. As per Transparency Market Research (TMR), the growth is attributable to surge in product approvals, increase in expenditure on healthcare, high incidence of cancer, and a growing preference for non-invasive treatment procedures.
TMR states that, "From bench to clinic, there is a wave of therapeutic and diagnostic technologies, paving way for higher growth in oncology. And, this will aid radiation therapy witness better times to come. Over the forecast period external beam radiation therapy will dominate the market landscape."
Key Findings of the Radiation Therapy Market Study
- Hospitals to dominate the end-user segment over the forecast period owing to robust infrastructure with state of the art-equipment and services usually available
- External beam radiation therapy demand to account for a huge share owing to a stream of notable approvals and significant advancement in technology
- Emerging economies to witness increase in need for radiation therapy owing to increase in incidence of cancer and growing awareness regarding the same; India and China to dominate regional demand curve
Explore 183 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on radiation therapy market by Type - External Beam Radiation Therapy (Conformal Radiation Therapy, Proton Beam Therapy, Image Guided Radiation Therapy, Stereotactic Radiation Therapy), Internal Radiation Therapy (Brachytherapy, Systemic Radiation Therapy); End user - Hospitals, Specialty Clinics. https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=36080
Radiation Therapy Market: Key Driving Factors
The market report, based on extensive research, by Transparency Market Research, is leading to growth in the landscape. And, a wave of innovation is keeping the statistics buoyant over the period. Some of the factors that will sustain growth over the forecast period in the global radiation therapy market include the following:
- Every year 439.2 people out of 100,000 add to the already huge pool of cancer patients worldwide and out of these 163.5 die each year
- In United States alone, in 2018, 609,640 will die out of 1,735,350 people diagnosed with cancer
- Approvals for products such as MRIdian Linac system, created by ViewRay, Inc., in 2017 is aiding the market chart high growth over the forecast period
- Owing to high contribution from the United States of America, which is a large market of radiation therapy, North American region will dominate market landscape
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/36080
Key Impediments for Radiation Therapy Market Players
While the overall outlook of the global radiation therapy market is positive, TMR speaks of certain restraints that will hamper growth to some extent. According to the study, the key restraints impeding market growth include,
- High cost of treatment – unaffordable for a large chunk of people in the developing region, particularly in countries where healthcare cover is particularly low
- Low awareness levels – Patients sometime are not aware of cancer cells wreaking havoc in the body till too late, this leads to late diagnosis
- Radiation takes a toll on the body and the side effects make it difficult to tolerate for some patients
Radiation Therapy Market: Region-wise Analysis
- One of the biggest revenue generators in the global radiation therapy market is the Asia Pacific region with Japan, China, and India, leading the way, credit rising levels of disposable income, and improving healthcare infrastructure
- In countries such as India, expenses towards healthcare are increased and an effort to provide insurance cover to more and more people is set to contribute positively to regional growth
- Large patient pool in the region and increasing awareness related to cancer symptoms and diagnosis is also a positive factor, promising to help the region chart significant growth
Analyze radiation therapy market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study,
Strategic alliances and a keen focus on technological advancement is the key to growth for players operating in the global radiation therapy market over the forecast period. One of the most notable agreement that took place in the recent past – November 2018 – is that between Chengdu Xingcheng and Mevion. The aim behind the move is to lead center for proton therapy in China's sub-provincial city – Chengdu.
Besides, players are focused on product development and launch. For instance, in the year 2018, ProBeam 360 – a system of single room proton therapy - was launched by Varian Medical Systems. In the same year Hitachi Ltd. received approval for commercialization of RGPT.
Key players 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), and Mevion Medical Systems, Inc. (US)
Transparency Market Research has segmented the radiation therapy market report based on type, end-use and region.
External beam Radiation Therapy
- Conformal Radiation Therapy
- Proton Beam Therapy
- Image Guided Radiation Therapy
- Stereotactic Radiation Therapy
Internal Radiation Therapy
- Systemic Radiation Therapy
By End user:
- Specialty Clinics
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External Beam Radiation Therapy Market - External beam radiation therapy is the most common type of radiation therapy used in cancer treatments around the world. During the therapy, high-intensity radiation beams form a linear accelerator are focused on the tumor. Major drivers of the global external beam radiation therapy market are increase in patient population, new product approvals, technological advancements, favorable reimbursement policies, and rise in health care expenditure in developing economies such as India and others.
Proton Therapy Market - Rise in prevalence of cancer patients, growing awareness among people, improvement in insurance coverage for proton therapy, increase in consumption of tobacco, and surge in demand for proton therapy are factors driving the global proton therapy market. Tobacco use is associated with increased risk of several cancers including lung, oral cavity, pharynx, bladder, esophagus, kidney, liver, stomach, larynx, pancreas, bowel, cervix, leukemia, and ovarian.
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