The global medical linear accelerator market is growing at a CAGR of over 7% during the forecast period 2019-2025
NEW YORK, Dec. 17, 2019 /PRNewswire/ --
The global medical linear accelerator market is growing at a CAGR of over 7% during the forecast period 2019–2025.
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The growing prevalence of cancer worldwide, coupled with rapid technological advancements and increased healthcare expenditure, is expected to boost the market growth. Linear accelerators (LINAC) are considered as breakthrough devices, which have revolutionized treatment due to their cost-effectiveness. Further, the market has witnessed a significant shift in cancer treatment delivery with increasing preference from invasive to non-invasive treatment procedures. As non-invasive treatment includes radiation therapy, which is the most advanced and cost-effective treatment option for patients. It helps to treat a wide range of cancers and could be used alone or in conjunction with surgery, chemotherapy, and other treatment procedures. Therefore, this phenomenal shift in consumer expectation has increased the acceptance of medical LINAC equipment.
The emergence of artificial intelligence is revolutionizing the medical imaging devices market. Advances in machine learning (ML) and artificial intelligence (AI) are rapidly transforming cancer treatment using LINAC devices. Hence, vendors are focusing on developing AI and ML-enabled LINACs for oncology treatment, which is likely to become convenient treatment options in upcoming years.
The following factors are likely to contribute to the growth of the medical linear accelerator market during the forecast period:
• High Prevalence of Cancers
• Increasing Demand for Non-invasive Cancer Treatment
• Emergence of MRI-based Linear Accelerators
• High Popularity of Robotic-enabled Radiotherapy
The study considers the present scenario of the medical linear accelerator market and its market dynamics for the period 2019?2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply aspects of the market. The report profiles and examines leading companies and other prominent companies operating in the market.
Medical Linear Accelerator Market: Segmentation
This research report includes detailed segmentation by product, application, end-user, and geography. The rapid use of radiotherapy with medical linear accelerator equipment for the treatment of breast cancer, along with the growing incidence of these cases, is responsible for the segment growth. With the increasing prevalence of breast cancers, the demand for advanced treatment options such as radiotherapy devices is expected to grow as they are highly targeted and effective in destroying the malignant cells.
Lung cancer treatment is projected to achieve maximum revenue owing to the rapid rise across the globe. Hence, the application of radiation therapy with LINAC for these treatments is likely to gain a lucrative share in the market. The increasing application of external beam radiation therapy (EBRT) is driving prominent vendors to offer advanced LINAC systems for lung cancer treatments.
The medical linear accelerator equipment segment is growing due to the growing incidence of cancers globally, coupled with the increasing demand for digitally advanced radiotherapy devices. The use of innovative oncology informatics platforms has led to rapid progress in radiation treatment planning, thereby saving time and cost. The demand for integration of digital solutions with LINAC is increasing as oncology informatics helps in better planning for radiotherapy and improves the effectiveness and patient outcomes in cancer care. The integration of informatics/software with radiation oncology is changing the treatment dynamics by providing end-users with smart and efficient tools to help receive, transmit, and store electronic information flawlessly.
The hospitals segment is likely to dominate the global medical linear accelerator market; however, the cancer care center segment is projected to grow at the highest CAGR during the forecast period. The adoption of advanced radiotherapy devices such as LINAC is high, as majority of patients prefer to visit hospitals for cancer treatment because they offer advanced radiotherapy infrastructure facilities.
Market Segmentation by Products
• Equipment
• Oncology Informatics/Software
Market Segmentation by Application
• Breast Cancer
• Prostate Cancer
• Lung Cancer
• Head & Neck Cancer
• Colorectal Cancer
• Others
Market Segmentation by End-users
• Hospitals
• Cancer Care Centers
• Academic Institutes and Research Centers
Geographical Insights
North America is growing at a significant rate due to the growing preference for technologically advanced medical LINAC devices. The presence of a large pool of the patient population requiring radiotherapy, coupled with high acceptance of innovative devices and high awareness of non-invasive treatments, has collectively driven the North America market. Germany, France, the UK, Spain, and Italy are the major revenue contributors in Europe. The presence of highly sophisticated healthcare infrastructure, along with the high awareness of advanced oncology treatment, is increasing the demand for innovative radiotherapy devices. The APAC market is expected to witness the highest absolute growth during the forecast period.
Market Segmentation by Geography
• North America
o US
o Canada
• APAC
o Japan
o China
o South Korea
o Australia
o India
• Europe
o Germany
o France
o UK
o Spain
o Italy
• Latin America
o Brazil
o Mexico
o Argentina
• MEA
o Turkey
o Saudi Arabia
o UAE
Key Vendor Analysis
The global market has only six vendors that provide medical linear accelerator equipment at the global and regional levels. The market is highly consolidated as the leading two vendors account for around 89% of the market share.
The market is witnessing rapid technological advancements and product launches. Global players are focusing on developing innovative products and expanding their product portfolio to remain competitive in the market. They are investing extensively in R&D and product development activities to expand their product portfolio. Manufacturers are continuously focusing on product development and offering advanced technology-enabled medical linear accelerator devices.
Key Vendors
• Varian Medical Systems
• Elekta
• Accuray
Other Prominent Vendors
• SHINVA MEDICAL INSTRUMENT
• Panacea Medical Technologies
• ViewRay Technologies
Key Market Insights
The report provides the following insights into the medical linear accelerator market for the forecast period 2020–2025.
• Offers sizing and growth prospects of the medical linear accelerator market for the forecast period 2020–2025.
• Provides comprehensive insights on the latest industry trends, forecast, and growth drivers in the market.
• Includes a detailed analysis of growth drivers, challenges, and investment opportunities.
• Delivers a complete overview of segments and the regional outlook of the market.
• Offers an exhaustive summary of the vendor landscape, competitive analysis, and key strategies to gain competitive advantage.
Read the full report: https://www.reportlinker.com/p05833673/?utm_source=PRN
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