The Global Radiation Therapy Equipment Market is Projected to Reach US$8.7 Billion by 2022
Increasing Demand for Non-Surgical & Cost
Effective Oncology Treatments to Drive the Global Radiation Therapy Equipment
Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size and
demand forecasts on the global Radiation Therapy Equipment market. The global Radiation Therapy Equipment market is
projected to reach US$8.7 billion by 2022, driven by the epidemic spread of cancer across the world, growing preference
for non-surgical cancer treatment options, and increased R&D focus on the
development of sophisticated, cost effective and efficient cancer treatment
equipment.
Cancer has emerged as one
of the most critical health issues confronting the world. As per the World
Health Organization (WHO), cancer is among the leading causes of mortality as
well as morbidity across the world. More than 14 million new cases of cancer
are diagnosed each year, with the risk level higher among the world’s aging
population. Changing lifestyles and dietary habits, physical inactivity,
tobacco consumption, and environmental exposures are contributing to sustained
increase in incidence of cancer not just in developed countries but also in
developing economies. With cancer incidence expected to reach 25 million by
2030, there is increased demand for minimally invasive and cost efficient
therapies. Radiation therapy or radiotherapy is one technique that has become
an integral part of treatment for cancer patients. By using high-energy
radiation from sources such as X-rays,
neutrons, protons, and gamma rays, radiotherapy kills cancer-affected tissues
or prevents multiplication of cancer cells in the body. Increasing preference
for non-surgical techniques is a major factor promoting radiotherapy.
The global market for
radiotherapy equipment and software is expected to post strong growth in the
coming years, driven by the rising incidence of cancer worldwide. Developing
countries with growing population and globalization of unhealthy lifestyles and
inadequate healthcare infrastructure represent underserved markets with immense
untapped potential for growth for manufacturers of radiation therapy equipment.
The market is benefiting from the steady pace of technological advancements and
increase in cancer research funding over the years. Focus will be shed on designing
equipment that aid in accurate diagnosis. Since metastasis, where cancerous
cells and tumors spread to organs resulting in their failure, is the most
common cause of cancer-related mortality, focus is on the development of
treatments that can destroy the primary and secondary tumors known to cause
metastasis.
Conventional radiotherapy
systems as well as advanced procedures including Image-Guided Radiation Therapy (IGRT), Intensity-Modulated Radiation Therapy (IMRT),
stereotactic radiosurgery (SRS), proton therapy and stereotactic body
radiotherapy (SBRT) are gaining widespread acceptance in cancer treatment. The
gradual transition from traditional technologies to highly complex treatment
procedures such as 4D imaging, nanotechnology, intensity-modulated
radiotherapy, particle therapy and stereotactic body radiation therapy is enabling
clinicians to improve accuracy and precision of radiotherapy. Proton therapy is
emerging as a promising treatment technique due to the relatively less risk
associated with the procedure.
As stated by the new
market research report on Radiation Therapy Equipment, the United States represents the largest market
worldwide supported by a favorable multi-payer Oncology Care Model (OCM)
designed to provide high quality coordinated care services and availability of
advanced cancer care delivery system. Asia-Pacific is poised to grow at the
fastest CAGR of 9.8% over the analysis period, driven by rising cases of cancer,
steady increase in healthcare expenditure, and promising growth in medical
tourism.
Major players covered in
the report include Accuray Incorporated, BrainLab AG, Elekta AB, GE Healthcare,
Hitachi America Ltd., IBA Group, Mitsubishi Electric Corporation, Nordion Inc.,
Philips Healthcare, RaySearch Laboratories AB, Sumitomo Heavy Industries Ltd.,
and Varian Medical Systems Inc., 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, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market
estimates and projections for all major geographic markets such as the US,
Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of
Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East
& Africa and Latin America (Brazil and Rest of Latin America). The report
analyzes the Radiation Therapy Equipment market by Therapy Type - External Beam
Radiation Therapy, Internal Radiation Therapy and Systemic Radiation Therapy.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA,
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