Radiotherapy Market To Generate Revenue Worth $17,194.4 Million by 2030
- Published: August 2020
One of the major drivers for the growth of the global radiotherapy market is the significant increase in healthcare expenditure across the world. Several developed and developing economies have made significant investments in recent years, to upgrade their healthcare system. According to the World Bank Group, the global healthcare expenditure increased from 8.6% of the worldwide gross domestic product (GDP) in 2000 to 9.9% in 2017. The global increase in healthcare expenditure is expected to result in upgraded infrastructure, including the installation of advanced medical systems in healthcare settings. Due to these factors, the market is expected to generate $17,194.4 million revenue by 2030, progressing at a CAGR of 8.4% during the forecast period (2020–2030).
On account of the ongoing COVID-19 pandemic, the radiotherapy market has witnessed a significant negative impact across the world. The nationwide lockdown across several countries has led to the shutdown of various manufacturing facilities, which, in turn, has disrupted the supply chain of companies. Moreover, the sales volume of radiotherapy systems has witnessed a huge decline in the first three quarters of 2020, in comparison to 2019. Nevertheless, with the lifting of the lockdown, the market is likely to showcase recovery in the coming times.
External Beam Category to Dominate the Market throughout Forecast Period
The radiotherapy market is classified into external beam, internal beam, and systematic, on the basis of type. Of these, the external beam category is expected to account for the majority share in the radiotherapy market till 2030. It is a commonly used radiation therapy, wherein large parts of the patient’s body can be treated by delivering radiation from a machine, outside the body. The market growth in this category is primarily due to the rising incidence of cancer and increasing research activities across the world.
Further, the radiotherapy market, on the basis of end user, is categorized into hospitals, independent radiotherapy centers, and cancer research institutes. The hospitals category is expected to advance at fastest CAGR, during the forecast period. The market growth in this category is primarily due to the increasing number of cancer cases across the globe, rising geriatric population, adoption of technologically advanced products in healthcare facilities, and growing healthcare expenditure.
Globally, the North America region held the largest share in the radiotherapy market. The market in the region is primarily driven by the presence of giant market players, increasing healthcare expenditure, improving healthcare infrastructure, rising number of cancer cases in the U.S. and Canada, and regular strategic developments. Opportunities are plenty in the market, primarily due to the rising number of patients.
Partnerships Are Strongest Strategic Measure Taken by Players in Market
Players in the radiotherapy market are consistently focusing on strategic partnerships and business mergers, to remain competitive. For example, in May 2020, Mevion Medical Systems Inc. signed a letter of intent to provide the MEVION S250i Proton Therapy System with HYPERSCAN pencil beam scanning (PBS) to an independent service provider in Texas. The contract is expected to be completed in the second half of 2020. The addition of the system is aimed to expanding the access to proton therapy, to address the rising number of cancer cases.
Similarly, in December 2019, ViewRay Inc. signed a non-binding memorandum of understanding (MoU) for collaboration with Elekta AB, to advance the knowledge and use of magnetic resonance imaging (MRI)-guided radiation therapy. The key objective of the collaboration with Elekta is to advance MR-linac technology and its application, as a radiation therapy with higher precision, medical outcomes, and operational cost efficiency. In addition, ViewRay signed a non-binding MoU with Medtronic plc to enter into a clinical collaboration in an area of mutual interest that includes exploring the clinical benefits of the MRIdian MR-guided radiation therapy system.
Browse report overview with detailed TOC on "Radiotherapy Market Research Report: By Type (External Beam, Internal Beam, Systemic), End User (Hospitals, Independent Radiotherapy Centers, Cancer Research Institutes) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/radiotherapy-market-revenue
Some of the major players operating in the global radiotherapy market are Elekta AB, Accuray Incorporated, Hitachi Ltd., Becton, Dickinson and Company, Ion Beam Applications SA, Isoray Inc., Provision Healthcare, Sumitomo Heavy Industries Ltd., Varian Medical Systems Inc., ViewRay Inc., Mevion Medical Systems Inc., Optivus Proton Therapy Inc., Panacea Medical Technologies Pvt. Ltd., and P-Cure Ltd.