Radiotherapy market Is Estimated To Witness High Growth Owing To Technological Advancements
The radiotherapy market is estimated to be valued at US$ 7560.28 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Radiotherapy involves the use of high-energy radiation to treat cancer and control its growth. It works by damaging cancer cell's DNA, thereby preventing them from multiplying and growing further. The various types of radiotherapy include external beam radiation therapy, brachytherapy, proton therapy, stereotactic radiosurgery. These therapy finds wide applications in treatment of cancer types such as breast cancer, lung cancer, prostate cancer, head & neck cancer, and others.
Market Dynamics:
The growth of the radiotherapy market is majorly driven by technological advancements seen in radiotherapy systems. Key players are continuously focusing on developing advanced radiotherapy systems with precise targeting abilities and innovative treatment approaches. For instance, in 2019, ViewRay Inc. received FDA clearance for MRIdian Linac system which integrates MRI and radiotherapy to deliver MRI-guided radiation therapy. Additionally, increasing prevalence of cancer worldwide is also fueling market growth. As per WHO estimates, cancer burden is expected to reach 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. Growing geriatric population prone to developing various types of cancer also present key growth opportunities. However, high installation and operational costs associated with radiotherapy equipment may hamper market growth over the forecast period.
SWOT Analysis
Strength: Radiotherapy has minimal invasiveness and reduced risk of infection compared to surgery. It provides painless treatment and allows patients to return to normal activities soon after completion of treatment. Advanced radiotherapy techniques such as IMRT, IGRT, SBRT enable higher dosage delivery to cancer cells with reduced damage to surrounding healthy tissues.
Weakness: Radiotherapy requires huge capital investments for procuring costly equipment such as linear accelerators, treatment planning systems, other imaging modalities. Shortage of skilled radiotherapy professionals especially in developing regions.
Opportunity: Rising geriatric population susceptible to cancer and other diseases drive the demand for non-invasive treatments. Advancing technologies like proton therapy and nanoparticles enable personalized treatment by improving target localization and dose escalation to tumors.
Threats: Stringent regulatory processes and infrastructure requirements for radiotherapy centers delay access. Reimbursement issues and high cost of treatments limit market growth in price-sensitive developing regions.
Key Takeaways
The global Radiotherapy Market Share is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing prevalence of cancer worldwide. According to WHO, cancer burden is projected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.
Regional analysis: North America dominates the global radiotherapy market owing to advanced healthcare infrastructure, favorable reimbursement policies, rising geriatric population. Asia Pacific exhibits fastest growth due to huge patient population, increasing healthcare expenditure, growing medical tourism. China, India and Japan are major markets in the region.
Key players: Key players operating in the radiotherapy market include Accuray Incorporated, Elekta, Isoray Inc., CIVCO, Hitachi, Ltd., Mevion Medical Systems, ProTom International, VIEWRAY TECHNOLOGIES, INC., Panacea Medical Technologies Pvt. Ltd., Optivus Proton Therapy, Inc., RefleXion, MacroMedics, Vision RT Ltd., and Qfix. Companies are focused on developing innovative radiotherapy devices and services through strategic collaborations and acquisitions.
Read More,
https://cmiinfopiece.blogspot.com/2023/11/proton-therapy-is-fastest-growing.html
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