Radiation Therapy Equipment Market Size And Forecast
Radiation Therapy Equipment Market size was valued at USD 2.76 Billion in 2020 and is projected to reach USD 5.09 Billion by 2028, growing at a CAGR of 6.9% from 2021 to 2028.
With the increase in cancer patients worldwide, there is a high demand for this market. Global governments are now increasing their healthcare budget on grounds of cancer research and radioactive equipment. The Global Radiation Therapy Equipment Market report provides a holistic evaluation of the market. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market.
Global Radiation Therapy Equipment Market Definition
Radiation therapy is used for the treatment of deadly diseases such as cancer. There are two types of radiation therapies that include external radiation therapies and internal radiation therapies. For external radiation therapy, the body of the patient is directed with radiation from a distance source. The equipment used for external therapy includes proton beam machines, neutron beam machines, X-ray machines, linear accelerators, and cobalt 60 machines.
In the case of internal radiation therapy, the radiation is directed inside the body towards the tumor. The equipment required for internal radiation therapy includes radioactive isotopes in the form of wires, seeds, or rods. Technological advancements in treatment techniques provide a boost to this market. Rising preference towards non-surgical treatment and cost-effective treatment have been the drivers for growth over the years. Radiation equipment with image processing units is a relatively new trend that will create numerous opportunities for this market.
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Global Radiation Therapy Equipment Market Overview
Rising demand for the adoption of faster and non-surgical approaches, increasing demand from cancer hospitals, and a growing number of manufacturers are boosting the market growth. Moreover, the partnerships of equipment providers with the healthcare sector are likely to fuel the revenue of this market. The radiotherapy devices market has seen significant technological advancements. These advancements have helped in the development of low-cost, more effective, and easy-to-use radiotherapy products with improved and precise radiation dose delivery to offer increased efficiency in targeting tumors.
The advancement from 2D to 3D conformal radiotherapy with real-time imaging has enabled high conformity of radiation to the target and dose escalation with improved tumor control. Products that provide these benefits are projected to have a very high growth potential in a short time span, especially in mature markets where the adoption rate of technologically advanced products is high. However, the high cost of these equipment and stringent regulations laid by governments is likely to hamper this market. Furthermore, Radiotherapy devices are larger in size and require ample space for installation.
As a result, in emerging and underdeveloped economies, the lack of adequate healthcare infrastructure due to limited healthcare expenditure is one of the major factors restraining the adoption of radiotherapy systems. Currently, only a limited number of healthcare institutions in underdeveloped and developing countries are capable of using advanced radiotherapy systems for cancer treatment. This, in turn, is limiting the number of radiotherapy procedures in spite of their high demand.
Global Radiation Therapy Equipment Market Segmentation Analysis
The Global Radiation Therapy Equipment Market is segmented on the basis of Type, End-Use, and Geography.
Radiation Therapy Equipment Market, By Type
• Internal Beam Radiation Therapy
• External Beam Radiation Therapy
• Systemic Beam Radiation Therapy
Based on Type, the market is segmented into Internal Beam Radiation Therapy, External Beam Radiation Therapy, and Systemic Beam Radiation Therapy. The internal beam radiotherapy/brachytherapy applications market is segmented into prostate cancer, gynecological cancer, breast cancer, cervical cancer, penile cancer, and other cancers. The breast cancer segment accounted for the highest growth amongst the internal beam radiotherapy applications market in the forecast period.
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Radiation Therapy Equipment Market, By End-Use
Based on End-Use, the market is segmented into Hospitals, Clinics, and Others. Hospitals along with the Clinics segment are expected to occupy a significant sector, on account of its traditional and wider applications.
Radiation Therapy Equipment Market, By Geography
• North America
• Asia Pacific
• Rest of the world
On the basis of Geography, the Global Radiation Therapy Equipment Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is expected to occupy a major share Improving healthcare infrastructure in the region, the large patient population for target diseases, and expanding presence of key market players in the region to grab elevating opportunities offered by these countries are the key factors supporting the market growth in this region.
The “Global Radiation Therapy Equipment Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Accuray Inc., BrainLab AG, Elekta AB, GE Healthcare, Hitachi America Ltd., IBA Group, Nordion Inc., Philips Healthcare, RaySearch Laboratories AB, Sumitomo Heavy Industries Ltd., and among others. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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