- With the increase in cancer patients worldwide, there is a high demand for this market. Global governments are now increasing their healthcare budget on grounds of cancer research and radioactive equipment.
JERSEY CITY, N.J., Nov. 17, 2021 /PRNewswire/ --Verified Market Research recently published a report, "Radiation Therapy Equipment Market" By Type (Internal Beam Radiation Therapy, External Beam Radiation Therapy, Systemic Beam Radiation Therapy), By End-Use (Hospitals, Clinics), and By Geography. According to Verified Market Research, the Global Radiation Therapy Equipment Market size was valued at USD 2.76 Billion in 2020 and is projected to reach USD 5.09 Billion by 2028, growing at a CAGR of 6.9% from 2021 to 2028.
Global Radiation Therapy Equipment Market Overview
Rising demand for the adoption of faster and non-surgical approaches, increasing demand from cancer hospitals, and a growing number of manufacturers are boosting the market growth. Moreover, the partnerships of equipment providers with the healthcare sector are likely to fuel the revenue of this market. The radiotherapy devices market has seen significant technological advancements. These advancements have helped in the development of low-cost, more effective, and easy-to-use radiotherapy products with improved and precise radiation dose delivery to offer increased efficiency in targeting tumors.
The advancement from 2D to 3D conformal radiotherapy with real-time imaging has enabled high conformity of radiation to the target and dose escalation with improved tumor control. Products that provide these benefits are projected to have a very high growth potential in a short time span, especially in mature markets where the adoption rate of technologically advanced products is high. However, the high cost of these equipment and stringent regulations laid by governments is likely to hamper this market. Furthermore, Radiotherapy devices are larger in size and require ample space for installation.
As a result, in emerging and underdeveloped economies, the lack of adequate healthcare infrastructure due to limited healthcare expenditure is one of the major factors restraining the adoption of radiotherapy systems. Currently, only a limited number of healthcare institutions in underdeveloped and developing countries are capable of using advanced radiotherapy systems for cancer treatment. This, in turn, is limiting the number of radiotherapy procedures in spite of their high demand.
In November 2020, Elekta AB (Sweden) received a CE Mark for the Elekta Harmony linear accelerator, clearing the technology for commercial sales in Europe.
In April 2020, Elekta AB (Sweden) launched Geneva, the first universal gynecological applicator for brachytherapy. Geneva applicator is CE-marked and has received US FDA 510(k) clearance. It is used for cervical cancer up to stage IIB.
In June 2020, Accuray Incorporated (US) launched the CyberKnife S7 System, an innovative device combining speed, advanced precision, and real-time AI-driven motion tracking and synchronization treatment delivery for all stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments
The major players in the market are Accuray Inc., BrainLab AG, Elekta AB, GE Healthcare, Hitachi America Ltd., IBA Group, Nordion Inc., Philips Healthcare, RaySearch Laboratories AB, Sumitomo Heavy Industries Ltd.
Verified Market Research has segmented the Global Radiation Therapy Equipment Market On the basis of Type, End-Use, and Geography.
Radiation Therapy Equipment Market, By Type
Internal Beam Radiation Therapy
External Beam Radiation Therapy
Systemic Beam Radiation Therapy
Radiation Therapy Equipment Market, By End-Use
Radiation Therapy Equipment Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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