Radiotherapy or Radiation therapy refers to treating conditions, such as cancer and non-cancerous tumors, thyroid, and disorders related to the blood using high-energy rays. It is largely used in cancer treatment and less commonly in the procedures of thyroid disease, blood disorders, and non-cancerous growths. Owing to its proven efficacy in the cancer treatments, radiotherapy witnesses a massive uptake. —
Subsequently, this helps to increase the size of its market. Further, technological advancements in medical science & biotechnology that have improved the outlook for cancer treatments are escalating the market on the global platform, controlling the spread of the disease sufficiently.
According to a leading research firm, Market Research Future (MRFR), the global radiotherapy market is poised to touch a valuation of USD 7 MN by 2023. In its recently published research report, MRFR also asserts that the market would register over 7% CAGR throughout the estimated period (2017 – 2023). In 2016, the market had valued at 4.5 MN, which indicates that the market is expected to achieve almost a double-fold growth over the next six years.
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Cancer cases are increasing pervasively, becoming a paramount concern, globally. Improving economy that is increasing the access to quality care, is on the other hand, increasing the access to the modern life that is leading to the growing addictions, such as tobacco and alcoholism, a dominant risk factor developing cancer cells and tumors.
Additionally, increasing per capita healthcare expenditures, increasing population, exposures to harmful radiation, heredity reasons, and genetic mutations are some of the key factors driving the growth of the radiotherapy market. Increasing governmental initiatives are supporting the growth of the market, spreading awareness about cancer and its treatments.
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. Nevertheless, unavailability of comprehensive procedures, especially in the developing regions, are expected to support the growth of the market, offering plenty of growth opportunities to the market players. Also, substantial investments in the R&D to bring more novelty and betterments in the radiology presage the broad scope for the market to evolve further over the review period.
Global Radiotherapy Market – Segmentations
The report is segmented into three key market dynamics to widen the scope of understanding,
By Treatment Type : Proton Therapy & X-rays and External Beam Radiotherapy (Intensity Modulated Radiation Therapy (IMRT), Image Guided Radiation Therapy (IGRT), Stereotactic Radio Surgery, 3D Conformal Radiation Therapy, Tomotherapy, and Stereotactic Body Radiation Therapy.), others.
By Application: Breast Cancer, Prostate Cancer, Lung Cancer, and others.
By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World.
Global Radiotherapy Market – Regional Analysis
North America would continue with its leading position in 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 regional market growth 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 of 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
Highly competitive, the radiotherapy market appears to be fragmented, characterized by the presence of a number of well-established players. These players incorporate strategic initiatives, such as acquisition, collaboration, expansion, and technology launch, to gain a competitive advantage in the market.
Players increasingly invest in R&D to develop a cost-effective product portfolio. They seek expansion through various strategic initiatives. They tap the growing markets for expansions and strive to address the critical needs of the market with a broad range of effective solutions and comprehensive workflow.
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) among others.
Industry/ Innovation/Related News:
January 14, 2019 --- MIM Software Inc. (the US), a leading global provider of medical imaging software solutions in the fields of radiation brachytherapy, announced the receiving of FDA 510(k) clearance for its molecular radiotherapy (MRT) dosimetry. This effective form of therapy uses radiopharmaceuticals such as Lutathera (Lu-177 DOTATATE) and Azedra (I-131 iobenguane) to target tumors based on specific receptors.
TABLE OF CONTENTS
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.2.2 ASSUMPTIONS & LIMITATIONS
1.3 MARKET STRUCTURE:
2 RESEARCH METHODOLOGY
2.1 RESEARCH PROCESS:
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH:
3 MARKET DYNAMICS
3.4 MACROECONOMIC INDICATORS
4 MARKET FACTOR ANALYSIS
4.1 PORTERS FIVE FORCES MODEL
4.2 BARGAINING POWER OF SUPPLIERS
4.3 BARGAINING POWER OF BUYERS
4.4 THREAT OF NEW ENTRANTS
4.5 THREAT OF SUBSTITUTES
4.6 INTENSITY OF RIVALRY
5. GLOBAL RADIOTHERAPY MARKET MARKET, BY TYPE
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