Image courtesy of Elekta
August 6, 2020 — Global radiotherapy market revenue is set to expand from $7,222.4 million in 2019 to $17,194.4 million by 2030, at an 8.4% CAGR between 2020 and 2030, the key factor driving the market growth is the increasing number of cancer cases, according to the report published by P&S Intelligence.
As per the World Health Organization (WHO), cancer is the second-leading cause of human deaths, killing 9.6 million people annually, at least. Additionally, the American Institute of Cancer Research says that by 2030, around 25 million cases will be diagnosed every year.
Due to the coronavirus pandemic, the radiotherapy market is witnessing subdued growth, as the focus of the healthcare fraternity has shifted from chronic diseases to mitigating the COVID-19 spread. This is why several cancer-specialty hospitals are either shut or have converted to COVID care centers. Moreover, with the uncertain supply chain, the import and export of radiotherapy systems have been hit hard. However, several hospitals are reopening their cancer wards in the present scenario, which is pushing up the number of radiotherapy treatments.
The external beam category, on the basis of type, held the largest share in the radiotherapy market in the past. This technique involves the use of a machine outside the body of the patient, which shoots high-energy X-ray beams at the tumor. With the rising cancer prevalence and research and development (R&D) activities, the usage of external-beam radiotherapy is set to increase further in the coming years.
During the next decade, the fastest growth in the radiotherapy market would be witnessed by the hospitals division, under the end-user segment. This is because of the complexity and critical nature of such treatments, which is why they are performed by trained professionals in hospitals. In addition, as hospitals offer the best possible healthcare services, patients prefer these facilities over others.
North America is the largest radiotherapy market currently, owing to its high incidence of cancer, existence of established radiotherapy system providers, and developed healthcare infrastructure. Further, the disposable income in Canada and the U.S. is quite high, which is why people here are more-easily able to afford the expensive radiotherapy treatments. In the years to come, Asia-Pacific (APAC) is predicted to observe the highest CAGR, on account of the rising number of cancer patients, growing public and private investments, and bettering healthcare infrastructure.
In order to make the most of the increasing radiotherapy market opportunities, companies providing such solutions are engaging in collaborations, partnerships, and other such co-working agreements, with the idea of:
- Gaining distribution partners for their equipment
- Offering clinicians a combined solution of image-guided radiotherapy systems and electronic medical record (EMR) platform
- Developing novel tracers for pre-clinical and clinical neurological and oncologic applications
- Providing hospitals with advanced proton therapy capabilities
- Upgrading the motion tracking and correction technologies of their radiotherapy systems
The major players in the global radiotherapy market include Accuray Incorporated, Elekta AB, Becton, Dickinson and Company, Hitachi Ltd., Isoray Inc., Ion Beam Applications SA, Sumitomo Heavy Industries Ltd., Provision Healthcare, ViewRay Inc., Varian Medical Systems Inc., Optivus Proton Therapy Inc., Mevion Medical Systems Inc., P-Cure Ltd., and Panacea Medical Technologies Pvt. Ltd.
For more information: www.psmarketresearch.com
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