With Market Size Valued at $7.3 Billion by 2026, it`s a Healthy Outlook for the Global Radiation Therapy Equipment Market

SAN FRANCISCO , June 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Radiation Therapy Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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• Global competitiveness and key competitor percentage market shares
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Edition: 19; Released: March 2022

Executive Pool: 2803
Companies: 57 - Players covered include Accuray Incorporated; BrainLab AG; Elekta AB; GE Healthcare; Hitachi America, Ltd.; Hitachi, Ltd.; IBA Group; Nordion (Canada) Inc.; Philips Healthcare; RaySearch Laboratories AB; Sumitomo Heavy Industries Ltd.; Varian Medical Systems, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (External Beam Radiation Therapy, Internal Radiation Therapy, Systemic Radiation Therapy); End-Use (Hospitals, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Amid the COVID-19 crisis, the global market for Radiation Therapy Equipment estimated at US$5.7 Billion in the year 2022, is projected to reach a revised size of US$7.3 Billion by 2026, growing at a CAGR of 5.9% over the analysis period. External Beam Radiation Therapy, one of the segments analyzed in the report, is projected to grow at a 6.1% CAGR, while growth in the Internal Radiation Therapy segment is readjusted to a revised 4.8%. Radiation therapy equipment market continues to be driven by the constant increase in the number of cancer patients across the world and the increasing adoption of radiation therapy for treatment of cancer. There is especially rapid increase in cancer patient population in the relatively underserved markets of emerging nations, thus presenting enormous growth potential for manufacturers of radiation therapy equipment. Advancing cancer treatment technologies and increasing availability of reimbursement coverage for radiotherapy treatments is expected to favor market growth. Since metastasis, where cancerous cells and tumors spread to organs resulting in their failure, is the most common cause of cancer-related mortality, focus is on the development of treatments that can destroy the primary and secondary tumors known to cause metastasis. In the coming years, growth in the radiation therapy market will continue to be driven by the rising incidence of cancer, increased focus on accurate diagnosis, and availability of precise treatment planning systems.

Also driving growth is the steadily expanding elderly population and rising incidence of cancer in this age group. The market is being favored by the steady pace of technological advancements being seen in radiotherapy devices and cancer research over the years, which is fueling their adoption among physicians worldwide. Reducing cost of treatment in several developed nations, and increasing government and private investments in research and development associated with cancer treatment are fostering growth in the global radiotherapy equipment market.

As the number of new cancer cases continue to rise, there is rise in patients receiving radiation treatment. The increasing focus on early detection, technology advancements, and personalized treatment strategies are enhancing need for improved equipment. Facilities are also expected to increase investments into radiation therapy equipment. The recent advancements and innovations in the radiation therapy space have led to the development of effective treatments, a good prognosis, and reduced side effects during the treatment. There are significant developments observed in the areas of stereotactic body radiation therapy (SBRT), intensity-modulated radiation therapy (IMRT), nanotechnology, 4D imaging, particle therapy, which are further improving the radiotherapy treatments. One vital development is the introduction of adaptive radiation therapy (ART) treatment, which is adjustable to improve patient prognosis. With the advances in the treatment protocols, there has been a surge in demand for automated products, which can be incorporated in the clinical practice systems. To make treatments effective and quicker. Further, there is increased attention to the patient's care. The availability of more forms of radiotherapy treatment, along with the availability of advanced, efficient, and automated clinical tools, has created a positive impact on the radiotherapy market globally.

Based on the category, the hospital category dominates the market and is projected to hold a major share in the global market, based on the end-user. The nature of the therapy is complex, requiring a hospital setting and trained experts. Hospitals serve as the first point of contact and aid in the diagnosis and treatment of cancers. Developed regions including the US, Canada, Japan and Europe represent the leading regional markets for radiotherapy equipment due largely to the presence of well-established and advanced healthcare infrastructure facilities and higher adoption of advanced radiation therapies for cancer treatment. The increased emphasis on R&D initiatives for identifying new methods of cancer treatment is also ensuring greater acceptance of novel and sophisticated radiation therapy equipment market. Favorable reimbursement policies and strict focus on safety regulations are also influencing growth of radiation therapy equipment market in developed regions. Developed economies also benefit immensely from the increase in government funding and growing awareness about radiotherapy treatments. Focus on R&D initiatives to improve existing radiation therapy techniques such as integration of intensity modulated and image guided radiotherapy along with hormone treatment for reducing remissions are contributing to the large share of the US in the radiation therapy equipment market.

The United States constitutes an important region in the global radiation therapy equipment market due to the rising incidence of cancer, particularly among the country's burgeoning elderly population, and availability and accessibility to advanced therapies. The US benefits from its substantial capacity for delivering high-quality cancer care to patients, whereby the proportion of patients undergoing radiation therapy is considerably high compared to other markets. The number of cancer patients opting for radiotherapy is expected to rise considerably with over 60% of cancer patients receiving radiation therapy in the US. The market also benefits from the growing need to replace older radiotherapy systems, as well as the availability of reimbursement coverage for radiotherapy treatments. Growing demand for faster treatment methods and non-invasive and painless surgeries is also fueling sales of radiotherapy devices. The high healthcare costs per capita, rapid adoption of new technologies, and greater access to healthcare are also leading to increased demand for radiation therapy devices.

Unlike the US where new techniques are rapidly adopted, other developed regions in Europe and Japan are relatively slow-moving markets with both new and old technologies finding use for cancer treatments. Healthcare industry in Western Europe is largely a public sector. Against the backdrop of aging population and rising cancer cases, the focus is on increasing the existing radiation therapy capacity in the region. The steady growth of private healthcare sector and the increased investment being made to acquire advanced and more effective cancer treatment technologies and systems are also positively impacting the market. In Japan, growth will largely be driven by the country's rapidly aging population. Meanwhile in Eastern Europe, Middle East and Africa, cancer treatment resources are less advanced compared to developed regions. Africa is among the most under-served regions of the world in terms of cancer treatment, with a very minor proportion of the population having access to radiation therapy. More

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