New York, USA, June 09, 2022 (GLOBE NEWSWIRE) -- Radiotherapy Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), "Radiotherapy Market Information by Type, Application, Equipment, and Region - Forecast till 2030”, the Radiotherapy market is set to capture a 5.49% CAGR between 2022 and 2030 to Reach USD 9641.89 Million.
Market Scope:
Radiotherapy, often known as radiation therapy, is commonly used to treat cancer. It has two sorts of dosages; the low dose of radiation is used to look within the body in the form of x-rays, similar to bone and tooth x-rays. On the other hand, the high dose of radiotherapy causes tumors to shrink and aids in the destruction of cancer cells.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 9641.89 Million |
| CAGR | 5.49% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, Equipment |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | High cases of cancer in the US and Canada |
| expected to drive the radiotherapy market growth |
Market Competitive Landscape:
The Radiotherapy Market has had a tremendous and nail-biting competitive landscape, with new competitors entering the market with ease and older players investing heavily in this area. The big names from this market are:
- R. Bard, Inc.
- Elekta
- Hitachi, Ltd.
- IBA (Ion Beam Applications) SA
- Isoray Medical, Inc.
- Mevion Medical Systems, Inc.
- Optivus Proton Therapy, Inc.
- Panacea Medical Technologies Pvt. Ltd.
- P-Cure Ltd.
- Provision Healthcare, LLC
- Elekta AB (pub)
- Varian Medical Systems, Inc.
These major key players use various strategies to maintain their market position in the radiotherapy market in the global market by pursuing mergers and acquisitions, collaborating, establishing a new joint venture, establishing a partnership, developing a new production process, developing a new product line, and innovation in the existing product, among others, to expand their customer base in the radiotherapy market's untapped markets around the world.
Market USPs Covered:
Market Drivers:
Since the number of patients is expanding worldwide, the radiation market will be enormous in the next years. In addition to technological advancements and increased usage of cancer treatment equipment, radiotherapy market growth is fueled by other factors.
The technological improvements of the past decade have facilitated the development of simple, inexpensive, and more effective tumor-targeting products. The global market for radiotherapy is propelled by rising per capita income and personal disposable income. In addition, the increase in cancer cases is a driving force behind the global expansion. The development of real-time imaging, which results in limited exposure to normal tissues, contributes to enhanced tumor control and, as a result, promotes global expansion.
The increasing demand for cancer treatment and the shrinking of tumors generates numerous global growth prospects in the medical business. In addition, the increased spending on healthcare by countries such as Mexico, Brazil, India, and China in an effort to improve the quality of life in these nations presents future growth potential for the medical business. Enhanced reimbursement coverage also affords expansion possibilities. Increasing the GDP of diverse nations creates worldwide market expansion chances.
Market Restrictions:
Despite the fact that the radiotherapy market is expanding quickly, a number of reasons limit its expansion. Larger radiotherapy machines necessitate enough space. One of the most significant restricting issues is the inadequacy of infrastructure in countries with inadequate healthcare spending. Radiation therapy's superior technology is too expensive in the majority of impoverished nations, hence impeding their economic growth. Lack of awareness is another element that inhibits its development.
Browse In-depth Market Research Report (80 Pages) on Radiotherapy: https://www.marketresearchfuture.com/reports/radiotherapy-market-1526
COVID-19 Analysis:
The global pandemic of COVID 19 has touched every section of the medical business, including this market, which experienced a significant decline in market share. As a result of a global pandemic, the number of cancer patients has increased by almost 20 percent due to the postponement of many surgeries, as the government has shifted its priority to ensuring the availability of resources for COVID patients. In addition, the directives to conserve the PPE (personal protective equipment) kit contributed to the fall in its global market share.
Moreover, it is anticipated that radiotherapy's market share will recover from this epidemic by the end of the third quarter of the following year.
Market Segmentation:
The radiotherapy market all across the globe has been divided based on the type, application, equipment, and end-user.
Based on the Type
The external beam radiation market holds the largest market share in the global market.
Based on the Application
The breast cancer segment accounted for the highest growth amongst the internal beam radiotherapy applications market in the forecast period.
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Based on the Equipment
During the period under review, linear accelerators are anticipated to have a large increase in demand. Typically, a linear accelerator generates beams that are targeted to eradicate cancer cells and restore normal tissues in the surrounding area.
Regional Evaluation
The market for radiotherapy has been segmented into the Asia-Pacific area, the North American region, the European region, and the Middle East and African region. North America holds the highest share of the global market due to the rising incidence of cancer in countries such as the United States and Canada. A rise in per capita income is another factor contributing to its expansion. Increasing investment in the healthcare industry is a further component in motion.
The European region holds the second-largest market share in the world due to the increase in cancer diseases among populations and the well-established healthcare systems in various parts of Europe, such as Western Europe, which includes Spain, the United Kingdom, Italy, Germany, and France, and Eastern Europe.
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The Asia-Pacific region holds the third-largest market share in the world, as it exhibits a stable growth rate due to the increasing number of patients in the region and the government's expanding attempts for healthcare reforms.
Due to inadequate medical infrastructure and low disposable money, the Middle East and African region has the smallest market share among all regions.
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