News | Proton Therapy | February 10, 2020

Global Radiation Therapy Market to Reach $8.6B by 2026

Growing prevalence of cancer behind high demand for radiation therapy, but high costs to restraint market from reaching full potential

The radiation therapy market is projected to grow in through 2026

Image courtesy of Accuray

February 10, 2020 — Amid technological advancement, and notable research and development activities, the global radiation therapy market is set to chart a sturdy growth curve, owing to a steady growth rate of 5.2 percent from 2018 to 2026, according to a newly released report. As per Transparency Market Research (TMR), the growth is attributable to surge in product approvals, increase in expenditure on healthcare, high incidence of cancer, and a growing preference for non-invasive treatment procedures.

TMR states that, "From bench to clinic, there is a wave of therapeutic and diagnostic technologies, paving way for higher growth in oncology. And, this will aid radiation therapy witness better times to come. Over the forecast period external beam radiation therapy will dominate the market landscape."

Key Findings of the Radiation Therapy Market Study

Hospitals to dominate the end-user segment over the forecast period owing to robust infrastructure with state of the art-equipment and services usually available
External beam radiation therapy demand to account for a huge share owing to a stream of notable approvals and significant advancement in technology
Emerging economies to witness increase in need for radiation therapy owing to increase in incidence of cancer and growing awareness regarding the same; India and China to dominate regional demand curve

Radiation Therapy Market: Key Driving Factors

The market report, based on extensive research by Transparency Market Research, is leading to growth in the landscape. And, a wave of innovation is keeping the statistics buoyant over the period. Some of the factors that will sustain growth over the forecast period in the global radiation therapy market include the following:

Every year 439.2 people out of 100,000 add to the already huge pool of cancer patients worldwide and out of these 163.5 die each year
In United States alone, in 2018, 609,640 will die out of 1,735,350 people diagnosed with cancer
Approvals for products such as MRIdian Linac system, created by ViewRay, Inc., in 2017 is aiding the market chart high growth over the forecast period
Owing to high contribution from the United States of America, which is a large market of radiation therapy, North American region will dominate market landscape

Key Impediments for Radiation Therapy Market Players

While the overall outlook of the global radiation therapy market is positive, TMR speaks of certain restraints that will hamper growth to some extent. According to the study, the key restraints impeding market growth include,

High cost of treatment – unaffordable for a large chunk of people in the developing region, particularly in countries where healthcare cover is particularly low
Low awareness levels – Patients sometime are not aware of cancer cells wreaking havoc in the body till too late, this leads to late diagnosis
Radiation takes a toll on the body and the side effects make it difficult to tolerate for some patients

Radiation Therapy Market: Region-wise Analysis

One of the biggest revenue generators in the global radiation therapy market is the Asia Pacific region with Japan, China, and India, leading the way, credit rising levels of disposable income, and improving healthcare infrastructure
In countries such as India, expenses towards healthcare are increased and an effort to provide insurance cover to more and more people is set to contribute positively to regional growth
Large patient pool in the region and increasing awareness related to cancer symptoms and diagnosis is also a positive factor, promising to help the region chart significant growth

Competitive Landscape

Strategic alliances and a keen focus on technological advancement is the key to growth for players operating in the global radiation therapy market over the forecast period. One of the most notable agreement that took place in the recent past – November 2018 – is that between Chengdu Xingcheng and Mevion. The aim behind the move is to lead center for proton therapy in China's sub-provincial city – Chengdu.

Besides, players are focused on product development and launch. For instance, in the year 2018, ProBeam 360 – a system of single room proton therapy - was launched by Varian Medical Systems. In the same year Hitachi Ltd. received approval for commercialization of RGPT.

Key players include 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), and Mevion Medical Systems, Inc. (US)