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Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the radiotherapy market on the basis of application and treatment type.
Based on treatment type, the radiotherapy market overview report is segmented into internal radiation therapy, proton therapy, external beam radiotherapy, gamma-ray, and x-ray. The external beam radiotherapy segment is again segmented into stereotactic body radiation therapy, stereotactic radiosurgery, tomotherapy, image-guided radiation therapy, intensity-modulated radiation therapy, and 3D conformal radiation therapy. Of these, the external beam radiotherapy segment will lead the market over the forecast period on account of the increased accuracy and precision of tumor targeting in the therapy and reduced risk of exposure to radiation in the external beam radiotherapy.
Based on the application, the radiotherapy market is segmented into thyroid, ovarian cancer, lung and breast cancer, and prostate cancer. Of these, the prostate cancer segment will dominate the market over the forecast period on account of growing diagnosis as well as treatment rate of the disease, increasing incidence of prostate cancer along with related mortality, and growing awareness about the benefits and fatality of early diagnosis as well as treatment worldwide.
Market Analysis
The Radiotherapy Market will reach a CAGR of 5.49 % and USD 9641.89 million by 2030 in the forecast period, states the latest Market Research Future (MRFR) report. Radiation therapy, simply put, is a method used to treat cancer and also non cancerous growths, blood disorders, and thyroid disease. This therapy uses high-energy waves or particles such as protons, electron beams, gamma rays, and x-rays to damage or destroy cancer cells.
Various factors are propelling the radiotherapy market growth. Some of these factors, according to the Market Research Future report, include increasing use of particle therapy to treat cancer, a growing number of symposia and conferences to spread awareness about the perks of radiotherapy, growing incidence of cancer, and various technological advancements. Additional factors pushing market growth include the improving reimbursement scenario and growing private and government investments to cater to the burgeoning demand for cancer treatment.
On the flip side, the lack of the latest infrastructure facilities, dearth of skilled healthcare professionals, complexities related to radiotherapy procedures, and high cost are factors that may hamper the radiotherapy market growth over the forecast period.
Regional Analysis
By region, the radiotherapy market share report covers the latest trends and growth opportunities across the Europe, the Middle East and Africa, the Asia Pacific, and the Americas. Of these, the Americas will lead the market over the forecast period on account of growing technological advancements. The US is the leading contributor in this region owing to the adoption of the latest technology and increasing cancer patients.
The radiotherapy market in Europe is predicted to have the second-largest share in the market over the forecast period on account of increasing research and development. This region has its own medical regulations. Besides, government bodies are investing more in the healthcare sector, coupled with the adoption of sophisticated and new technologies are also adding to the market growth.
The radiotherapy market in the APAC region is predicted to grow at the fastest pace over the forecast period for the growing consumption of tobacco and governments focusing on improving the healthcare sector. In this region, research and development are also increasing owing to the presence of key players. Besides, the burgeoning number of patients suffering from thyroid, and oral and lung cancer are also adding to the market growth.
The radiotherapy market in the MEA is predicted to have a slow growth over the forecast period on account of a lack of awareness regarding chronic diseases as well as treatment facilities. This region has a slow growth owing to slow economic development, more illiteracy, and more unskilled laborers.
Key Players
Leading players profiled in the radiotherapy market report include ProTom International (US), ProNova Solutions LLC (US), Sumitomo Heavy Industries Ltd. (Japan), Hitachi Ltd. (Japan), Technicas Radiofiscas S.L (Spain), PRECISIS AG (Germany), Brainlab AG (Germany), CIVCO Medical Solutions (US), Mitsubishi Electric Corporation (Japan), Mevion Medical Systems, Inc. (US), RaySearch Laboratories (Sweden), Isoray Medical, Inc. (US), C. R. Bard, Inc. (US), Nordion, Inc. (Canada), Ion Beam Applications (IBA) (Belgium), Accuray Incorporated (US), Elekta AB (Sweden), Varian Medical Systems, Inc. (US), Hologic (US), Shimadzu Corporation (Japan), Philips Healthcare (US), Fuji Holdings (Japan), View Ray (US), Nordion (CA), Cardinal Health (US), Siemens (Germany), and GE Healthcare (UK).
Industry News
November 2019: Cancer Research in the UK has come up with a new research network that aims to increase the development of advanced radiotherapy methods. Scientists will merge cutting-edge technology with their understanding of cancer biology for making this treatment more effective and precise than before.
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