Radiotherapy, also known as Radiation therapy is largely used in cancer treatment and less commonly in the treatments of thyroid disease, blood disorders, and noncancerous growths. Radiotherapy uses high-energy rays to treat the conditions.

Radiotherapy is a proven effective cancer treatment and hence, its market is growing rapidly and pervasively. Technological advancements in medical science & biotechnology have improved the outlook for cancer treatments further escalating the market on the global platform, controlling the spread of the disease sufficiently.

Acknowledging the exponential accruals, the market is garnering pervasively, Market Research Future (MRFR) in its recently published study report asserts that the global Radiotherapy market is poised to touch a valuation of USD 7 MN by 2023

registering a CAGR over 7% during the forecast period (2017 – 2023). In 2016, the market had valued at 4.5 MN. which indicates that the market is expected to achieve a slightly lesser than the double fold growth.

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Worldwide, cancer cases are increasing pervasively, creating a million dollar concern. On the other hand, Improving economy is proving to be a blessing in disguise that is in a way increasing the purchasing power of people, increasing the access to the modern life that is leading to the growing addictions such as tobacco and alcoholism which are the dominant risk factor developing cancer cells and tumors. And, on the other hand, these improving economic conditions are increasing access to the quality of healthcare, increasing the number of treatment centers.

Additionally, factors such as the increasing per capita healthcare expenditures, increasing population, exposures to harmful radiation, heredity reasons, and genetic mutations are driving the growth of the Radiotherapy market. Increasing governmental initiatives are supporting the market growth, spreading the awareness towards cancer and its treatments. Unavailability of comprehensive treatments especially in the developing regions presages the large scope for the market to evolve further, prompting substantial investments for R&D to bring more novelty and betterments in the radiology.

On the flip side, high costs associated with the radiotherapy, long approval time for the clinical trials along with the adverse effects associated with therapy are obstructing the market growth.

Global Radiotherapy Market – Segmentations

The MRFR analysis is segmented into three key dynamics for enhanced understanding.

By Treatment Type: Proton Therapy and X-rays, External Beam Radiotherapy (Intensity Modulated Radiation Therapy (IMRT), 3D Conformal Radiation Therapy, Image Guided Radiation Therapy (IGRT), Stereotactic Radio Surgery, Tomotherapy, and Stereotactic Body Radiation Therapy.), others.

By Application: Prostate Cancer, Breast Cancer, Lung Cancer, and others.

By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.

Global Radiotherapy Market – Regional Analysis

The North American region is estimated to continue dominating the global Radiotherapy market, slicing the largest market share. Majorly supported by the US, the growth in the market is fostered by the increasing prevalence of various types of cancer and thyroid as a result of the consequences of the wrong lifestyle, in the region. Moreover, technological advances coupled with the increasing healthcare expenditure support the growth of the regional market.

The Radiotherapy market in the European region is expected to account for the second-largest market, following the North American market closely. Factors boosting the growth of the regional market include technological advancement and the augmented adoption of Radiotherapy to treat the growing cases of cancer occurrences.

The Asia Pacific region, heading with the improving economic conditions that are rapidly increasing the access to the quality healthcare is rapidly emerging as a profitable market for Radiotherapy.

Moreover, the increasing number of cancer patients in the region alongside the advancements in medical technology drives the market growth in the region.

Global Radiotherapy Market – Competitive Analysis

The Radiotherapy market appears to be highly competitive characterized by the presence of several well-established as well as small players. Matured players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch in order to gain a competitive advantage and thus to maintain their positions in this market.

Well-established players are increasingly investing in R&D to develop a cost-effective product portfolio and are seeking expansion through various strategic initiatives. These players tap the growing markets for expansions and strive to address the critical needs of the market with a broad range of solutions and effective and complete workflow.

Key Players:

Key players leading the global Radiotherapy market include Siemens (Germany), Varian (India), GE Healthcare (UK), Cardinal Health (US), Nordion (CA), Isoray (US), View ray (US), Fuji Holdings (Japan), Philips Healthcare (US), Shimadzu Corporation (Japan), and Hologic (US).

Industry/ Innovation/Related News:

January 25, 2019 --- Apollo Hospitals Enterprise Limited (India), a leading hospital chain launched SE Asia's first proton cancer center - Apollo Proton Cancer Centre (APCC), which would offer Proton beam therapy considered as one of the most superior forms of radiation therapy in the treatment of cancers.

It is the first institution to offer advanced cancer treatment in Southeast Asia. Unlike the conventional radiotherapy, Proton Therapy uses high energy proton beam (sub-atomic particles) to achieve the same impact but without the collateral damage.

January 16, 2019 --- MIM Software Inc. (the US), a leading global provider of medical imaging software solutions in the fields of radiation brachytherapy, oncology, radiology, and clinical trials among others announced receiving of FDA 510(k) clearance for its molecular radiotherapy (MRT) dosimetry.

MRT, an effective form of therapy that using radiopharmaceuticals such as Azedra (I-131 iobenguane) and Lutathera (Lu-177 DOTATATE) targets tumors based on certain receptors that these tumors express.

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