The Global Radiotherapy Devices Industry is on a remarkable trajectory, with a projected valuation of US$ 6.4 Billion by the end of 2022. Even more impressively, it is anticipated to maintain a robust CAGR of 10.3% from 2022 to 2032, aiming to reach an estimated US$ 17.0 Billion by the end of 2032.
The significance of radiotherapy in the diagnosis and treatment of cancer cannot be overstated. It primarily employs X-rays to target and treat a diverse range of cancers effectively. This innovative approach can also complement other cancer treatments, including chemotherapy and surgery, to provide comprehensive patient care.
Notably, in 2021, external beam radiation therapy devices commanded a substantial share of approximately 82.0% in the global radiotherapy devices market, indicating their vital role in the oncology landscape. As the market continues to expand, the potential to revolutionize cancer treatment and save lives is increasingly evident.
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Key drivers fuelling revenue growth of the global radiotherapy devices Industry
Rising instances of cancer across the globe: The adoption of western lifestyles and rise in unhealthy habits such as smoking, lack of physical activity, poor diet, etc. in economically developing countries will place a huge burden of cancer across the global populace. The demand for radiotherapy as a treatment option will be bolstered as a result.
Patient preference for minimally invasive techniques: Patients suffering from cancer, especially breast cancer (the second most common cancer in the world) are showing an increasing preference for minimally invasive treatment techniques and this is anticipated to fuel the growth in demand for radiotherapy.
Growing popularity of radiotherapy devices among oncologists: Radiation therapy being the most popular therapy type in cancer management, oncologists across the world are showing an inclination towards radiotherapy devices, given the fact that more than 50% of cancer patients are likely to receive radiotherapy during the course of their treatment – either in primary disease management or for symptom control.
Global Radiotherapy Devices Industry – Current Scenario & Future Outlook
The current scenario of the global radiotherapy devices industry indicates a growing demand for radiotherapy devices in developing countries owing to ease of regulations and increasing product affordability. The radiotherapy devices industry is highly consolidated with companies offering innovative products with latest technological advancements.
The future market outlook leans on minimally non-invasive technology that will generate the necessary demand in the global market. Among regions, North America will rule the global market for radiotherapy devices. Technological advancements coupled with growing instances of different types of cancers will make the global radiotherapy devices industry a lucrative destination for investors.
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Global Radiotherapy Devices Industry: Segmental Forecast
The global radiotherapy devices market is segmented on the basis of product type into External Beam Radiotherapy Devices (sub-segmented into Linear Accelerators Devices and Proton Therapy Devices) and Internal Beam Radiotherapy Devices (sub-segmented into Brachytherapy); on the basis of end user into Hospitals, Ambulatory Surgical Centres, and Oncological Treatment Centres; and on the basis of region into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Japan, and Middle East & Africa.
By product type, External Beam Radiotherapy Devices will dominate the global radiotherapy devices industry in terms of value share, estimated to hold over 75% market share in 2017 and over 85% market share by the end of the forecast period in 2027. This segment will register a high CAGR of 10.7% during the forecast period.
By end user, Hospitals will retain a dominant position in the global radiotherapy devices market with an estimated market valuation in excess of US$ 6,500 Mn by the end of 2027. Oncological Treatment Centres will hold the runner-up position, registering a CAGR of 8.7% during the forecast period.
Among the regional markets, North America will retain its pole position in the global market with a Y-o-Y growth rate of 8.1% in 2018 over 2017. Latin America will witness sluggish growth throughout the forecast period, with a CAGR of 6.4% recorded between 2017 and 2027.
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Global Radiotherapy Devices Industry: Competition Dashboard
The Future Market Insights report profiles some of the leading companies operating in the global radiotherapy devices industry including Varian Medical Systems, Elekta AB, Accuray, Inc., C.R. Bard, Inc., IBA Ion Beam Applications SA, Koninklijke Philips N.V., Siemens AG, Eckert & Ziegler Bebig, IsoRay, Inc., GE Healthcare, Vision RT Ltd., RaySearch Laboratories AB, Theragenics Corp, Toshiba Medical Systems Corporation, AngioDynamics, Inc., Mitsubishi Electric Corporation, Shinva Medical Instrument Company Limited, and Neusoft Medical Systems Co., Ltd.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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