According to a recent Future Market Insights publication titled “Radiotherapy Devices Market: Global Industry Analysis & Opportunity Assessment 2017 – 2027”, the global radiotherapy devices market is estimated to move from a market valuation of just about US$ 4 Bn in 2016 to a figure of a little over US$ 10 Bn by the end of a 10 year period ending in 2027. This is reflective of a CAGR of 9.5% during the period 2017 – 2027. This significant growth is driven by several factors that impact revenue generation across the various regional markets.
Key drivers fuelling revenue growth of the global radiotherapy devices market
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.
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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 Market – Current Scenario & Future Outlook
The current scenario of the global radiotherapy devices market indicates a growing demand for radiotherapy devices in developing countries owing to ease of regulations and increasing product affordability. The radiotherapy devices market 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 market a lucrative destination for investors.
Global Radiotherapy Devices Market: 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 market 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 Market: Competition Dashboard
The Future Market Insights report profiles some of the leading companies operating in the global radiotherapy devices market 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.