LONDON, April 02, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Image-Guided Radiation Therapy Global Market Report 2024, the global image-guided radiation therapy market has experienced robust growth in recent years, with significant advancements and increasing healthcare spending driving market expansion. According to the latest market analysis, the image-guided radiation therapy market size is expected to grow from $1.78 billion in 2023 to $1.89 billion in 2024, representing a compound annual growth rate (CAGR) of 6.2%. Furthermore, steady growth is anticipated, with the image-guided radiation therapy market projected to reach $2.3 billion by 2028, at a CAGR of 5.0%.
Factors Driving Growth
The historic growth of the image-guided radiation therapy market can be attributed to factors such as growing industrialization, quality assurance requirements, regulatory compliance, and expanding infrastructure projects. Additionally, globalization of supply chains has played a significant role in driving market expansion.
Looking ahead, continued infrastructure development, an evolving regulatory landscape, and the expansion of renewable energy initiatives are expected to fuel market growth. Moreover, increased focus on sustainable practices and the rise in aerospace and automotive production will contribute to the market's steady expansion.
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Impact of Healthcare Spending
Rising healthcare spending globally is a key driver of growth in the image-guided radiation therapy market. Healthcare spending for image-guided radiation therapy is essential for optimizing cancer treatment by enhancing precision and accuracy in radiation delivery, resulting in improved patient outcomes and long-term cost savings through targeted and effective cancer care.
For example, the United Kingdom witnessed a significant increase in total healthcare expenditure in 2021, with substantial investments in pharmaceuticals and preventive care. This surge in healthcare spending underscores the importance of investing in advanced image-guided radiation therapy systems to meet the growing demand for cancer treatment.
Technological Advancements
Major companies operating in the image-guided radiation therapy market are focusing on technological advancements to meet evolving customer needs and stay competitive. One notable advancement is the development of Cenos, an online adaptive therapy option for radiotherapy treatments. Cenos offers healthcare professionals the ability to promptly and effectively modify a radiation therapy treatment plan if needed while the patient is still undergoing treatment.
In October 2023, Accuray Incorporated, in partnership with Limbus AI, launched the Cenos platform for its Radixact System. This state-of-the-art treatment delivery system offers compromise-free capabilities to treat a wide range of cancer cases, providing healthcare providers with the flexibility to adjust treatment plans online as needed.
Strategic Partnerships Driving Innovation
To further drive innovation and gain a competitive edge, major players in the image-guided radiation therapy market are forming strategic partnerships. These collaborations enable companies to leverage each other's expertise and technologies to develop advanced solutions that address market needs effectively.
For instance, Brainlab AG acquired medPhoton GmbH in May 2022, strengthening its capabilities in intraoperative imaging and enhancing its innovative potential. This acquisition aims to broaden Brainlab AG's market position for the Loop-X imaging robot and expand access to cutting-edge surgery technology.
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The image-guided radiation therapy market is poised for strong growth, driven by technological advancements, infrastructure development, and increasing healthcare spending. With steady expansion projected in the coming years, the image-guided radiation therapy market presents significant opportunities for stakeholders across the healthcare and technology sectors.
Healthcare providers, technology companies, investors, and policymakers can leverage this report to gain insights into market trends, growth drivers, and competitive dynamics. By understanding key image-guided radiation therapy market developments and emerging opportunities, stakeholders can make informed decisions regarding investment, product development, strategic partnerships, and policy formulation.
Image-Guided Radiation Therapy Global Market Report 2024 by The Business Research Company provides insights on the image-guided radiation therapy market size, image-guided radiation therapy market segments, image-guided radiation therapy market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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