Growing Awareness of the Benefits of Radiotherapy and the Increasing Use of Particle Therapy for Cancer Treatment is expected to Drive the Global Radiation Therapy Market | UnivDatos Market Insights

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NOIDA, India, Oct. 18, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Radiation Therapy Market was valued at more than USD 6 billion in 2020 and is expected to grow at a CAGR of around 6% from 2021-2027. The analysis has been segmented into Type (External Beam Radiotherapy, Proton Therapy, Internal Beam Radiotherapy, Systemic Radiotherapy); Technology (External Beam Radiation Therapy, Brachytherapy); Application (Prostate Cancer, Breast Cancer, Lung Cancer, Cervical Cancer, Spine Cancer, Head & Neck Cancer, Skin & Lip Cancer, Others); End-User (Hospitals, Cancer Research Institutes, Independent Radiotherapy Centers, Others); Region/Country.

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The Radiation Therapy market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Radiation Therapy market. The Radiation Therapy market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Radiation Therapy market at the global and regional levels.

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Market Overview

Cancer has been the leading cause of mortality across the world. For instance, worldwide, an estimated 19.3 million new cancer cases (18.1 million excluding nonmelanoma skin cancer) and almost 10 million cancer deaths (9.9 million excluding nonmelanoma skin cancer) occurred in 2020. In view of the aforementioned alarming facts, many researchers are focused on developing a treatment for cancer that can be used to cure cancer at an early stage. Furthermore, the growing adoption of radiotherapy procedures for cancer treatment and increasing usage of particle therapy for cancer treatment are some of the factors which are driving the demand for radiation therapy across the globe. 

Furthermore, the radiation therapy market is anticipated to grow on account of the growing adoption of radiation therapy, technological advancements, and expedited FDA approvals for radiation therapy. For example, the Elekta Harmony radiotherapy system gained FDA clearance in the summer of 2021 and was on display for the first time at the American Society of Radiation Oncology (ASTRO) 2021 meeting.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the medical device industry in every aspect, including radiotherapy devices as the global burden of cancer is expected to grow by 20% as a result of COVID-19. This growth in cancer prevalence can be attributed to the temporary postponement of different elective surgical procedures owing to the various government guidelines.

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https://univdatos.com/report/radiation-therapy-market/

The global Radiation Therapy market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on type, the market is segmented into external beam radiotherapy, proton therapy, internal beam radiotherapy and systemic radiotherapy. The external beam radiotherapy segment grabbed a significant share in 2020 owing to the capability of EBRT to deliver the radiation precisely and less damage to normal tissues even at high radiation doses are also some of the factors contributing to the growth of this segment.
• Based on the technology, the global radiation therapy market is segmented into external beam radiation therapy and brachytherapy. The external beam radiation therapy occupied a substantial share in 2020. This segment includes image-guided radiotherapy, intensity-modulated radiotherapy, stereotactic therapy, etc. the growth of this segment can be attributed to the high price of equipment and high installed base of external beam radiation therapy equipment. However, brachytherapy segment is also expected to gain a significant market share during the forecast period.
• Based on application, the market is fragmented into prostate cancer, breast cancer, lung cancer, cervical cancer, spine cancer, head & neck cancer, skin & lip cancer, and others. In 2020, the breast cancer segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to the rise in incidences of this type of cancer. For instance, according to the World Health Organization, in 2020, nearly 2.26 million cases of breast cancer alone.
• Based on end-user, the market is fragmented into hospitals, cancer research institutes, independent radiotherapy centers, and others. In 2020, the hospitals segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The growth of this segment is attributed to the growing number of private hospitals in various emerging economies and better accessibility healthcare services at hospitals.

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Radiation Therapy Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
• Rest of the World

Geographically, the North America region dominated the radiation therapy market with almost US$ XX billion revenue in 2020 owing to the well-established healthcare infrastructure in the region.

The major players targeting the market include

• GE Healthcare
• Siemens Healthineers
• Varian Medical Systems, Inc.
• Ion Beam Application
• Accuray Incorporated
• Panacea Medical Technologies Pvt. Ltd.
• ZEISS Group
• IntraOp Medical, Inc.
• ViewRay, Inc.
• Eckert & Ziegler.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Radiation Therapy market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Radiation Therapy market?
• Which factors are influencing the Radiation Therapy market over the forecast period?
• What are the global challenges, threats, and risks in the Radiation Therapy market?
• Which factors are propelling and restraining the Radiation Therapy market?
• What are the demanding global regions of the Radiation Therapy market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Radiation Therapy Market Report Coverage

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