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According to SNS Insider the Radiotherapy market is projected to reach USD 10.19 billion by 2031 and was valued at USD 6.79 billion in 2023. The expected CAGR growth estimated by SNS Insider for the forecast period of 2024-2031 is 5.53%.
What are the factors which should be considered as the driving forces?
Rising Cancer Burden: The global incidence of cancer is on the rise, fuelled by an aging population, unhealthy lifestyles, and environmental factors. This translates to an increased demand for effective treatment options, promoting the radiotherapy market forward.
Shifting Treatment Preferences: Radiotherapy is increasingly being viewed as a viable alternative to surgery, particularly for inoperable or sensitive tumors. Its minimally invasive nature and improved efficacy are making it a preferred choice for many patients and oncologists.
Growing Healthcare Expenditure: As healthcare spending increases globally, more resources are being allocated towards advanced cancer treatments, including radiotherapy. This trend is expected to continue in the foreseeable future.
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List of Radiotherapy Companies Profiled in Report:
- Siemens Healthineers AG
- Elekta
- Accuray Incorporated
- IBA
- ViewRay Technologies Inc
- Hitachi Ltd
- iCAD inc
- IsoRay Inc
- Mevioi Medical Systems Inc
- Panacea Medical Technologies Pvt. Ltd
- P-cure Ltd
- ZEISS Group
How does SNS Insider view APAC region in terms of future growth?
This surge is attributable to factors like an aging population and advancements in radiotherapy technologies. Though the exact market share distribution varies by report, major countries like China and India are anticipated to hold a dominant share due to their large populations and growing healthcare investments. the rising prevalence of cancer in the region, fuelled by population aging and lifestyle changes, is creating a strong demand for radiotherapy as a crucial treatment option. Secondly, growing awareness about cancer and improved detection methods are leading to more diagnoses and treatment needs. Finally, increasing healthcare expenditure allows for investments in advanced radiotherapy equipment and infrastructure upgrades, improving treatment availability and quality. This growth presents exciting opportunities for market players in the APAC region.
Segment Analysis:
By Type
- Product
- Service
By Technology
- External Beam Radiotherapy
- Linear Accelerators
- Conventional Linear Accelerators
- Stereotactic Advanced Electron/Cobalt-60 Linear Accelerators
- Gamma Knife
- CyberKnife
- TomoTherapy
- Conventional Cobalt-60 Teletherapy Units
- Particle Therapy Systems
- Cyclotrons
- Synchrotrons
- Synchrocyclotron
- Internal Beam Radiotherapy/Brachytherapy
- Seeds
- Afterloaders
- Applicators
- IORT Systems
- Systemic Radiotherapy
- lobenguane (I-131)
- Samarium-153
- Rhenium-186
- Other Systemic Radiotherapy Products
- Linear Accelerators
By Application
- External Beam Radiotherapy
- Prostate Cancer
- Breast Cancer
- Lung Cancer
- Head and Neck Cancer
- Colorectal Cancer
- Other Cancers
- Internal Beam Radiotherapy/Brachytherapy
- Prostate Cancer
- Gynecological Cancer
- Breast Cancer
- Cervical Cancer
- Penile Cancer
- Other Cancers
By Procedure
- External Beam Radiotherapy
- Image-guided Radiotherapy
- Intensity-modulated Radiotherapy
- Stereotactic Therapy
- Particle Therapy
- 3D Conformal Radiotherapy
- Internal Beam Radiotherapy/Brachytherapy
- High-dose-rate Brachytherapy
- Low-dose-rate Brachytherapy
- Pulsed-dose-rate Brachytherapy
- Systemic Radiotherapy
- Intravenous Radiotherapy
- Oral Radiotherapy
- Instillation Radiotherapy
By End User
- Hospitals
- Independent Radiotherapy Centers.
The radiotherapy market can be broken down into two main categories: products and services. Products, like linear accelerators and brachytherapy seeds, make up the larger chunk of the market at around 70%. This is likely because these machines are essential for delivering radiation therapy. Services, on the other hand, encompass things like treatment planning and patient monitoring. While they take a smaller slice of the market share, around 30%, these services are crucial for ensuring effective and safe radiotherapy.
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Recent Developments:
- The radiotherapy market is a highly competitive landscape with established players like Elekta AB, Varian Medical Systems, IBA Radiopharma Solutions, and Accuray Incorporated vying for market dominance. These key players are constantly innovating and developing new technologies to improve treatment efficacy and patient outcomes.
- Elekta AB launched its Elekta Unity system, a next-generation MR-guided linear accelerator that offers real-time tumor visualization during treatment.
- Varian Medical Systems introduced its Ethos system, a treatment platform that combines advanced imaging with robotic technology for precise radiation delivery.
- IBA Radiopharma Solutions is focusing on developing novel radioisotopes for targeted radiotherapy applications.
Key Takeaways:
- The radiotherapy market is poised for significant growth in the coming years, driven by rising cancer incidence, technological advancements, and shifting treatment preferences.
- As healthcare spending continues to rise, and technological innovations lead to even more precise and effective treatments, the demand for radiotherapy is expected to surge. This growth presents a lucrative opportunity for companies involved in the development, manufacturing, and distribution of radiotherapy equipment and technologies.
- However, challenges like reimbursement issues and access to advanced technologies in developing countries need to be addressed to ensure equitable access to this life-saving treatment.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Radiotherapy Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Radiotherapy Market Segmentation, By Type
Chapter 9 Radiotherapy Market Segmentation, By Technology
Chapter 10 Radiotherapy Market Segmentation, By Application
Chapter 11 Radiotherapy Market Segmentation, By Procedure
Chapter 12 Regional Analysis
Chapter 13 Company profile
Chapter 14 Competitive Landscape
Chapter 15 Use Case and Best Practices
Chapter 16 Conclusion
Continued…
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