According to the new market research report “Radiotherapy Market by Type (External (IGRT, IMRT, 3D-CRT, Stereotactic), Brachytherapy (LDR, HDR)), Product (LINAC, CyberKnife, Gamma Knife, Tomotherapy, Particle Therapy, Cyclotron), Application (Prostate, Breast), End User (Hospital) – Forecasts to 2023“, published by MarketsandMarkets™, the global Radiotherapy Industry is projected to reach USD 6.8 billion by 2023 from USD 5.6 billion in 2018, at a CAGR of 4.1%
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Technological advancements in radiotherapy and the rising incidence of cancer are the major factors driving the growth of this radiation oncology market. Additionally, the growing adoption of radiotherapy procedures for cancer treatment, increasing use of particle therapy for cancer treatment, and the rising number of conferences and symposia focusing on the advancements in radiotherapy are some of the other major factors driving the growth of this market.
The prostate cancer segment is expected to account for the second-largest share of the external beam Radiotherapy Market, by application, in 2018
Based on application, the external beam Radiotherapy is segmented into prostate cancer, breast cancer, lung cancer, head & neck cancer, colorectal cancer, and other cancers. The prostate cancer segment is expected to account for the second-largest share of the Radiotherapy Industry in 2018. The growing incidence of prostate cancer and the high success rates and minimal long-term risks achieved with external beam radiotherapy are the major factors driving the growth of this radiation oncology market segment.
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Particle beam therapy to register the highest CAGR in the external beam Radiotherapy Market during the forecast period
Based on type, the external beam radiation oncology market is classified into IGRT, IMRT, stereotactic therapy, particle beam therapy, and 3D-CRT. The IMRT segment is further classified into VMAT and TomoTherapy. The particle beam therapy segment is expected to witness the highest CAGR during the forecast period. Advancements in the field of particle beam therapy (such as PBS) and increasing research activities in the field of radiation oncology using proton therapy systems are the key factors driving the growth of this segment.
North America to dominate the Radiotherapy Market during the forecast period
The Radiotherapy Market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. The North American region is expected to account for the largest share of the radiation oncology market in 2018. The rising incidence of cancer, easy accessibility and high adoption of advanced diagnostic technologies (owing to the significant per capita annual healthcare expenditure in the US and Canada), and favorable government initiatives that are creating awareness and promoting the adoption of radiotherapy among key end users are some of the major factors driving the growth of the Radiotherapy Industry in North America.
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The major players operating in the Radiotherapy Market are Varian Medical Systems, Inc. (US), Elekta (Sweden), Accuray Incorporated (US), Ion Beam Applications SA (Belgium), ViewRay, Inc. (US), IsoRay Medical, Inc. (US), Hitachi Ltd. (Japan), Panacea Medical Technologies Pvt. Ltd. (India), Provision Healthcare (US), Mevion Medical Systems, Inc. (US), Sumitomo Heavy Industries, Ltd. (Japan), Optivus Proton Therapy, Inc. (US), P-cure Ltd. (Israel), Theragenics Corporation (US), and C.R.Bard, Inc. (US).
Varian Medical Systems (US) is one of the leading players in the global radiation therapy market. Its broad portfolio of radiotherapy systems and brachytherapy products is the key factor accounting for its large share in this market. The company focused on organic strategies such as product launches and introduced a number of new and advanced radiotherapy systems in the past three years, such as the ProBeam 360 single-room proton therapy system and Halcyon. It also adopted inorganic strategies such as agreements, partnerships, collaborations, and contracts to enhance its radiation oncology market presence. The company is also focused on providing training and conducting workshops to increase the adoption of its products.