Radiotherapy Market: Continuous investments to develop advanced and compact radiotherapy platforms t

Published: Mon Sep 24 2018

The global radiotherapy market is segmented on the basis of type, product type, application, end user and region. Based on type, the radiotherapy market is segmented into external beam radiotherapy, internal beam radiotherapy/brachytherapy, and systemic radiotherapy. On the basis of type, the external beam radiotherapy segment is further divided into intensity-modulated radiotherapy, image-guided radiotherapy, tomotherapy, stereotactic technology, 3D conformal radiotherapy, proton beam therapy, and volumetric modulated arc therapy. The internal beam radiotherapy segment is divided into low-dose-rate brachytherapy and high-dose-rate brachytherapy. The systemic radiotherapy segment is divided into oral, intravenous, and instillation radiotherapy. The image-guided radiotherapy segment accounted for the largest share of the radiotherapy market. The large share of this segment can be attributed to the advantages offered by image-guided radiotherapy such as high precision, good quality image guidance, and the use of higher radiation dose.

The global radiotherapy market is projected to reach USD 9.47 billion by 2022 at a CAGR of 6.8% during forecast period. Technological advancements in the field of radiotherapy and rising incidence of cancer are the major factors driving the growth of the global radiotherapy market. Additionally, rapid growth in the aging population, growing adoption of radiotherapy for the treatment of cancer, and increasing number of conferences and symposia focusing on the advancements in radiotherapy are some of the other factors driving the growth of this market. In addition, emerging markets (such as China and India) are poised to offer new growth opportunities for key radiotherapy market players during the next decade.

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External beam radiation therapy involves the use of a high energy beam from an external source targeted at the tumor site.

In 2016, the External beam radiation therapy segment accounted for a share of 91.2% of the radiotherapy market. The growth in this segment is attributed to factors such as; rising adoption of linear accelerators for the treatment of cancer and development of advanced radiotherapy technologies; development of compact advanced radiotherapy systems such as CyberKnife, Gamma Knife; increasing R&D programs; the expanding applications of these devices; and Technological developments in terms of enhanced patient comfort, superior beam focusing, easy-of-use, and affordability to patients are driving growth.

As of 2015, Varian Medical Systems, Inc. (US) held the leadership position in the global radiotherapy market. Over the past three years, the company has adopted new product launches, product approvals, product enhancements; strategic acquisitions and agreements as its key business strategies to ensure its global dominance in this market.

The other key players in the market include Varian Medical Systems, Inc. (US), Elekta AB (Sweden), Accuray Incorporated (US), IBA (Belgium), Nordion, Inc. (Canada), C. R. Bard, Inc. (US), Isoray Medical, Inc. (US), RaySearch Laboratories AB (Sweden), Mevion Medical Systems, Inc. (US), Mitsubishi Electric Corporation (Japan), among others.
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