Radiation Therapy Equipment Market:
Growth Opportunities in the Radiation Therapy Equipment Market look promising over the next six years. This is mainly due to the growing preference for non-surgical cancer treatment by the patient, the wide spreading of cancer across the globe, and increasing research and development activities to develop cost-effective cancer treatment equipment.
Radiation Therapy Equipment Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The growing preference for non-surgical cancer treatment by the patient, the wide spreading of cancer across the globe, and increasing research and development activities for the development of cost-effective cancer treatment equipment are the key drivers responsible for the growth of the global radiation therapy equipment market size. The strong demand for radiation therapy by the patient as it safer procedure with reduced side effects is further surging the growth of the market. As per the WHO, cancer is one of the main reasons for death worldwide, which is promoted around 9.6 million death in 2018. The increasing research and development activities, followed by innovation in equipment like radiation equipment with advanced imaging abilities, will open doors for the growth of the market. For example, as per the Cancer Research UK, 17 million new cancer incidences at a global level like breast cancer, prostate cancer, lung cancer, and bowel cancer. The players are particularly designing radiation equipment with customizable spatial radiation beam dependent on tumor shape and size without compromising patients’ safety owing to the radiation. On the other hand, the factor hindering the growth of the market includes the high cost of radiation therapy equipment.
Therapy Type Segment Drivers
Based on therapy type, internal radiation therapy is projected to rise at a higher CAGR in the coming years due to the growing use of internal radiation therapy for several kinds of cancer, including breast cancer, prostate, lung cancer, among others by clinics, hospitals, among others. In Internal Radiation Therapy, doctors using a high dose of radiation directly to the focused tissue to treat a smaller area in less tie and prevent healthy tissues that are close.
Application Segment Drivers
Based on the application, the hospital is projected to increase at a higher CAGR during the coming years due to the strong presence of various aging radiation therapy equipment worldwide, which fuels the demand to replace this equipment with advanced radiation therapy equipment.
Based on the region, Asia-pacific is expected to increase at a faster CAGR in the coming years due to the growing spending in healthcare, rising development of healthcare infrastructure, and increasing medical tourism in economies like South Korea, India, among others owing to low-cost treatment.
Radiation Therapy Equipment Market’s leading Manufacturers:
- Accuray Incorporated
- BrainLab AG
- Elekta AB
- GE Healthcare
- Hitachi America Ltd.
- IBA Group
- Nordion Inc.
- Philips Healthcare
- RaySearch Laboratories AB
- Sumitomo Heavy Industries Ltd.
- Varian Medical Systems Inc.
Radiation Therapy Equipment Market Segmentation:
Segmentation by Therapy Type:
- External Beam Radiation Therapy
- Internal Radiation Therapy
- Systemic Radiation Therapy
Segmentation by Application:
Segmentation by Region:
- North America
- United States of America
- Asia Pacific
- Rest of APAC
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
- Rest of the world (remaining countries of the LAMEA region)
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