The global radiotherapy device market is impeded to grow at a significant CAGR of 6.8% during the forecast period of 2016-2023
Key drivers for the global radiotherapy device market are rising incidence and prevalence of cancer, rising technological advancements such as stereotactic body radiation therapy, advancements in proton therapy, rising adoption of radiotherapy devices and procedures, growing geriatric population as persons over 65 years reported for 60% of newly diagnosed malignancies and 70% of all cancer deaths and increasing number of conferences and symposia focusing on spreading awareness about the benefits of radiotherapy.
However, the major restraining factors of the global radiotherapy device market are lack of adequate healthcare infrastructure and lack of trained personnel. Apart from this, the major challenges present in the market are difficulties in visualizing tumors during radiation procedures and affordability and accessibility of treatment. However, to overcome these market challenges, key opportunities for the global radiotherapy device market are emerging markets and rising investments to meet the increased demand for cancer treatment.
Key market vendors for the global radiotherapy device market include Varian Medical Systems, Inc. (U.S) Mitsubishi Electric Corporation (Japan), RaySearch Laboratories (Sweden), Mevion Medical Systems. Inc (U.S), Ion Beam Applications (IBA) (Belgium). These companies are using various strategies such as merger & acquisitions, collaboration, partnership and product launch to hold large market share.