Radiotherapy Market growth is largely driven by factors such as technological advancements, the rising prevalence of cancer, the increasing number of conferences and symposia focusing on spreading awareness about the benefits of External Beam Radiotherapy, and the growing use of particle therapy for cancer treatment. The emerging markets, growing government and private investments to meet the increasing demand for cancer treatment, and the improving reimbursement scenario are expected to present a wide range of growth opportunities for market players.
The Radiotherapy Market is projected to grow from an estimated USD 5.6 billion in 2018 to USD 6.8 billion by 2023, at a CAGR of 4.1%.
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By end user, the hospitals segment is expected to be the largest contributor to the Radiotherapy Market
Based on end user, the Radiotherapy Market has been segmented into hospitals and independent External Beam Radiotherapy centers. The hospitals segment is expected to account for the largest share of the Radiotherapy Market in 2018 owing to the rising global prevalence of cancer, increasing installations of advanced External Beam Radiotherapy equipment in developed as well as developing regions, increasing government initiatives aimed at equipping (or upgrading) hospitals with newer and advanced External Beam Radiotherapy systems, and the increasing availability of funding for the adoption of advanced cancer treatment technologies.
Asia Pacific is expected to grow at the fastest rate in the Radiotherapy Market during the forecast period
The Asia Pacific is one of the major revenue-generating regions in the Radiotherapy Market. China, India, and Japan are the major countries responsible for the high growth of this regional market owing to factors such as the increasing per capita income, improving healthcare infrastructure, and supportive government activities in these emerging countries. Furthermore, the increasing geriatric population, the growing incidence of cancer, and the rising acceptance of External Beam Radiotherapy procedures and devices are also driving the growth of this regional market.
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Varian Medical Systems, Inc. (US), Elekta AB (Sweden), and Accuray Incorporated (US) dominated the Radiotherapy Market. Other players in this market include Ion Beam Applications SA (Belgium), ViewRay, Inc. (US), IsoRay Medical, Inc. (US), Hitachi Ltd. (Japan), Panacea Medical Technologies Pvt. Ltd. (India), Provision Healthcare (US), and Mevion Medical Systems, Inc. (US)