August 20, 2021 — The global radiotherapy market is forecasted to reach $8.29 billion in the year 2021, according to the "Global Radiotherapy Market - Analysis By Procedure (External Radiation, Internal Radiation), Product, Application, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)" report from ResearchAndMarkets.com.
Increasing healthcare expenditure on the back of growing disposable income, rapid technological advancements along with high prevalence of cancer is expected to drive the radiotherapy market significantly across the globe.
Further, expanding healthcare infrastructure accompanied with rising R&D activities is expected to propel the radiotherapy market during the forecast period. Artificial Intelligence (AI) is a leading trend in the radiotherapy market and is gaining significant popularity in the market. Incorporation of AI innovation in disease care is expected to improve exactness and speed of analysis, help clinical dynamics, and lead to better results.
For instance, Varian Medical Systems, a US-based manufacturer of radiation oncology medical devices, launched Ethos artificial intelligence radiotherapy device. The traditional treatment arranging process takes days to make an improved radiation treatment conveyance plan; however, the new AI advancements are helping to speed up this procedure.
AI is also expected to include deep learning applications in treatment planning, clinical decision support, and automated image-guided adaptive radiation therapy and genomic/radio-biologic data mining, thus supporting the growth of the market. Virtual and remote care via video consultations, online patient portals, patient wellness apps and remote monitoring provide even more data and are being used to overcome shortages of oncologists and to meet patient demands for more access points. Several significant mergers have been taken place in the radiotherapy industry.
For instance, Siemens Healthineers AG has successfully completed the acquisition of Varian Medical Systems, Inc. With Varian, Siemens Healthineers has the most comprehensive portfolio in the MedTech sector, which offers the company considerable potential for value creation.
With a highly integrated approach, Siemens Healthineers will take the global fight against cancer to a new level. The combined company is creating a unique, highly integrated portfolio of imaging, laboratory diagnostics, artificial intelligence and treatment for the global fight against cancer with significant potential for increased value creation.
The North America region dominates the radiotherapy market. Key factors responsible for ample regional demand of radiotherapy equipment include growing incidence of cancer, especially amongst pediatric patients, favorable reimbursement policies and presence of large multinational companies. In addition, high focus on international sales, mergers and acquisitions by key players in the region, along with improving economic conditions, is anticipated to drive the market in the forecast period.
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