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(MoneyNewsWire.Net, May 01, 2018 ) The global radiotherapy market is expected to reach USD 9.47 Billion by 2022 from USD 6.81 Billion in 2017, at a CAGR of 6.8%. The growth of this market is majorly driven by rapidly increasing geriatric population, growing incidence of cancer cases across the globe, increasing symposiums driving investments in radiotherapy, and rising demand for radiotherapy devices.
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The report analyzes the global radiotherapy market by type, product type, application, end user, and region. Based on type, the external beam radiotherapy segment accounted for the largest share in 2016. The growing adoption of this therapy in emerging markets and the development of advanced external beam radiotherapy devices to localize tumorous cells while minimizing harm to surrounding healthy cells are some of the major factors contributing to the growth of this market segment.
On the basis of product type, the electron-emitting high-energy linear accelerators segment is expected to account for the largest share of the external beam radiotherapy market in 2016. The development of advanced linear accelerators and growing adoption of these devices are some of the factors driving the growth of this market.
On the basis of application, the prostate cancer segment held the largest share in both the internal and external beam radiotherapy markets in 2016, owing to the non-invasive nature of radiotherapy, rising incidence of prostate cancer in the geriatric male population, and high success rates achieved with radiotherapy.
Based on end user, the hospitals segment accounted for the largest share of the global radiotherapy market in 2016. The large share of this segment can be attributed to factors such as increasing installations of advanced radiotherapy equipment in developed as well as developing regions, increasing government initiatives, and rising incidence of cancer.
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This report covers the radiotherapy market across four major geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America accounted for the largest share of the global radiotherapy market in 2016, followed by Europe. The large share of the North American region is mainly attributed to the increasing healthcare expenditure in the region, technological advancements, and high adoption of radiotherapy products owing to the increasing incidence of cancer. The Asia-Pacific is expected to register the highest growth rate during the forecast period. Factors such as rapidly increasing aging population, growing focus of players on emerging markets, improvements in healthcare infrastructure, and rising number of new cancer cases in this region are driving the growth of the radiotherapy market in the Asia-Pacific.
However, the underdeveloped public health infrastructure in developing nations and the shortage of trained and skilled radiation oncologists are the major factors that are expected to restrain the growth of this market.
Varian Medical Systems (U.S.) dominates the market through its wide range of technologically advanced and innovative radiotherapy products. The company adopts the strategy of product launches and invests a significant amount of its revenue on R&D expenditure to maintain its leadership position in the market. For instance, in October 2015, the company introduced ProBeam, an upgradeable single-room proton therapy system that offers cost-effective treatment and full rotational pencil beam scanning. With its strong product portfolio and wide geographic presence, the company is expected to maintain its dominance in the market during the forecast period.
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