Global Market for Radiation Therapy Equipment is Forecast to Reach US$8 Billion by 2020

Preference for Non-Surgical Oncology Treatment Drives the Radiation Therapy Equipment Market, According to New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, market size and demand forecasts on the global Radiation Therapy Equipment market. Global market for Radiation Therapy Equipment is forecast to reach US$8 billion by 2020, led by rising incidence of cancer, and growing preference for non-surgical treatment options.

Radiation therapy involves the use of high-energy radioactive particles or electromagnetic waves to destroy cancer cells, shrink tumors and repair physiological abnormalities. Growth in the radiation therapy equipment market is primarily driven by rising incidence of cancer attributable to aging population, lifestyle changes, and dietary habits. Increasing preference for non-surgical options represents another major factor promoting the popularity of radiotherapy. Growth in developed markets will be driven by replacement demand as hospitals replace older equipment with newer therapy systems that offer better return on investment.

Over the years, the science of radiotherapy witnessed a sea change due to significant advancements in medical technologies. The gradual transition from traditional technologies to highly complex, resource intensive procedures such as 4D imaging, intensity-modulated radiotherapy (IMRT), proton therapy, and stereotactic body radiation therapy, is facilitating clinicians in improving the accuracy and precision of radiotherapy. Growth is also fueled by technological improvements in molecular and biological imaging techniques and tumor markers which allow radiotherapy to be increasingly personalized to patient needs.  Adaptive Radiation Therapy (ART) is gaining significance as one of the most effective radiation therapy methods. Demand for Treatment Planning Systems, is also expected to rise with technological advances enabling a physician to optimize and visualize all parameters to generate the most appropriate treatment delivery for patients.

Linear Accelerators represents the largest segment of the radiotherapy equipment market. As developed economies have the highest penetration of clinical accelerators, large number of obsolete and aging units is expected to enhance replacement sales. Demand will especially be high for linear accelerators that feature additional clinical functionalities aimed at enhancing the effectiveness and efficiency of cancer treatment.

As stated by the new market research report on Radiation Therapy Equipment, the United States represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market reflecting a CAGR of 13.4% over the analysis period. Growth in the region is led by an expanding population, rising incidence of cancer, improving per capita healthcare spending, and increasing investments in the establishment of facilities for cancer treatment.  

Key players in the market include Accuray Incorporated, BrainLab, Elekta AB, GE Healthcare, Hitachi America, IBA Group, Nucletron B.V., Nordion Inc., Philips Healthcare, and Varian Medical Systems among others.

The research report titled "Radiation Therapy Equipment: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, challenges, mergers, acquisitions and other strategic industry activities of major companies. The report provides market estimates and projections in US dollars for geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), the Middle East & Africa, and Latin America.