Global Radiotherapy Market Showcase Growth Forecast at CAGR of 6.8% During 2016-2023: Occams Business Research & Consulting Pvt. Ltd.

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INDORE, India, September 18, 2017 /PRNewswire/ --

Cancer is amongst the leading cause of death in the world. According to Lancet journal, in 2015, cancer led to deaths of more than 8million across the globe. American Cancer Society anticipates the number of cancer deaths across Asia Pacific and Europe is anticipated to reach 13million by 2030. WHO estimates one in six deaths across the globe is due to cancer. International Agency for Research on Cancer anticipates per annum death due to cancer across the globe to reach over 21.7 million by 2030, increasing from 14million in 2012. Majority of the new cancer cases are expected to be from high density population regions like Asia Pacific, Latin America and Africa, according to The Journal of American Medical Association (JAMA). By 2025, according to World Health Organization (WHO), developing countries like India and China would have more than 30% of the world's total population. With current prevalence rate of cancer (one in seven individual) increasing population would increase the prevalence rate of cancer, according to British Medical Journal. The rising prevalence rate of cancer has led researchers and physicians across the globe to find new efficient ways of cancer treatment therapies. Cancer therapy circumvents around treatment of cancer in patient via surgery, chemotherapy or radiotherapy. Radiotherapy is looked over as a frontline cancer treatment. According to OBRC studies, only 40-60% cancer patients around the world have access to radiation therapy; the main reason being lack of funds, shortage of equipment and trained staff. By 2025, total number of radiotherapy patients across the globe is anticipated to increase by 16% across according to Journal of Radiotherapy Oncology. Moreover, 90% people in low income countries lack access to radiation therapy treatment. Global radiotherapy market is projected to rise at CAGR of 6.8% during forecasted period 2016-2023. High prevalence rate of cancer, increasing R&D investment, increasing healthcare expenditure, falling cost of cancer treatment in developed countries, rising demand for non-invasive cancer therapies, are some of the factors driving global radiotherapy market for the forecasted period. However, lack of skilled professionals to perform therapy, demand for alternative therapies, side effects of radiation, stringent regulatory rules, would restrain the growth of the market for the forecast period 2016-2023.

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Large scale R&D investment: Growth driver  

Increasing prevalence of diseases (both chronic & infectious) has led life science research institutions and pharmaceutical companies to invest significantly on researching new drugs & treatment regime. According to International Federation of Pharmaceutical Manufacturers & Association (IFPMA) report, worldwide pharmaceutical R&D expenditure is anticipated to reach $176.8 billion by 2022, from $149.8 billion in 2016, increasing year on year by 2.8%. Moreover, oncology remains largest therapy of interest for pharmaceutical & biopharmaceutical companies according to IFPMA. Majority of the pharmaceutical R&D activity occurs in Organization for Economic Cooperation & Development (OECD) countries. R&D spending per GDP share is highest amongst countries like Switzerland, Denmark, USA and Japan according to OECD. Besides pharmaceutical company's research institutions across the globe has increased investment in life science research. Federal research funding for National Cancer Institute, USA has increased from $4.9billion in 2015 to $5.09billion in 2016. Of these, more than 23% of the total research funding is focused on developing effective and efficient treatment devices and regimes. Increasing R&D investments will translate into new treatment radiotherapy devices for cancer in the long term, supplementing global radiotherapy market for the forecasted period.

External beam therapy: Largest market share 

External beam therapy holds largest market share according to OBRC analysis. External beam therapy accounts for over 80% of the total radiotherapy devices under technologies segment, according to OBRC analysis. External beam therapy method in cancer, involves focusing high energy x-ray or electron beam on to patient's tumour. Some of the common external beam radiation therapies in the market include, Intensity Modulated Radiotherapy (IMRT), electron beam radiotherapy, 3D conformal radiation therapy, RapidArc radiotherapy, image guided radiotherapy and so on. External beam therapy is amongst the widely adopted cancer radiotherapies in Europe and North America according to American Society of Clinical Oncology.

North America and Europe: Dominant markets 

Regionally, North America and Europe together dominates internal & external radiotherapy device market in terms of revenue and treatment adoption. Favourable regulatory environment, increasing prevalence of cancer, increasing healthcare expenditure, high income disposable population, presence of large pool of radiotherapy device manufacturing companies are the factors driving the market growth in North America and Europe for the forecasted period. North America accounts for 33% of global radiotherapy market in 2016, followed by Europe and Asia Pacific.

About Occams Business Research & Consulting (OBRC): 

Occams Business Research & Consulting has been in the business (Market Research) for the past three years. OBRC, based in India, is formed by two women analysts, Shyamal Moghe and Sathya Durga, who started the company after years of working as analysts and project managers for companies such as Frost & Sullivan, Smart Analyst, etc. and have an excellent track record for the best customer satisfaction. You can see their professional profile on LinkedIn:

Shyamal Moghe
Sathya Durga

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