Radiotherapy Market Worth $10.15 billion by 2025 at a CAGR of 5.6%, Global Industry Analysis, Forecast Year 2019 to 2025
The global
radiotherapy market is expected to grow at a CAGR of 5.6% from 2019 to 2025 to
reach $10.15 billion by 2025. Radiotherapy is used to treat cancer by radiating the tumor cells
and destructing its growth and division procedure. The growth in this market is
majorly driven by the growing awareness about the benefits of radiotherapy for
cancer treatment, increasing incidence and prevalence of cancer, and
technological advancements in the field of radiotherapy. Further, significant
opportunities from emerging economies and growing government investments for
treatment of cancer are boosting the adoption of radiotherapy.
Increasing
incidence & prevalence of cancer is propelling the Growth of radiotherapy
Market
Cancer is thesecond leading cause of deaths globally, accounting for an estimated 9.6
million deaths in 2018. Approximately 70% of deaths from cancer occur in low-
and middle-income countries. Late stage diagnosis and inaccessible treatment
are the major factors responsible for rising mortality from cancer across the
globe. According to the WHO, in 2017, only 26% of low-income countries reported
having pathology services generally available in the public sector. More than
90% of high-income countries reported availability of appropriate cancer
treatment services in the country; whereas less than 30% of low-income
countries reported availability of cancer treatment services. Similarly,
according to GLOBOCAN, in 2012, about 14.1 million new cancer cases were
diagnosed across the globe, which increased by ~28% to reach 18.1 million new
cases in 2018. These numbers are expected to rise to 29.5 million cases by
2040.
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The overall
cancer care expenditure in the U.S. was $147.3 billion in 2017. In future,
costs are likely to increase globally as the population ages and cancer
incidence & prevalence increases. Radiotherapy plays an important role in
addressing the issues for the treatment of cancer patients and therefore, the
adoption radiotherapy is increasing globally.
Key Findings in the
Global Radiotherapy Market Study:
Radiotherapy Devices (conventional linear accelerators,
cobalt-60 teletherapy units, advanced stereotactic radiotherapy units, proton
therapy systems, and brachytherapy systems) contributed largest share of the
market in 2018 and generated large proportion of revenue as compared to
related consumables & accessories, software, and services
The
increasing incidence of cancer & related mortality globally and higher
demand for linear accelerators and particle therapy systems with increasing
adoption of radiation therapy procedure for the treatment of various types of
cancers is majorly attributed to the major share of radiotherapy devices in the
global radiotherapy market in 2018. Within the radiotherapy devices segment, conventional
linear accelerators commanded the largest share mainly due to optimized
treatment delivery by modulated dose rate and smaller focal spot size with
limited damage to normal cells. However, with the rising demand for proton
therapy systems due to its superior dose distribution, high tumor penetration,
and low toxicity; this segment is forecasted to grow at a fastest CAGR during
the analysis period.
External Beam
Radiotherapy Procedures to witness the largest demand through 2025
External
beam radiotherapy procedure commanded the largest share of global radiotherapy
market in 2018 due to higher installations of external beam radiotherapy
equipment owing to its capabilities of precise radiation delivery, less damage
to normal tissues even at high radiation doses, and continuous advances in
existing products. Owing to these, the adoption of external beam radiotherapy
procedure, especially linear accelerator based teletherapy and proton therapy
is consistently increasing globally.
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Breast cancer to
register fastest growth in the radiotherapy market by 2025
Breast
cancer is one of the key application areas of global radiotherapy market mainly
due to growing incidence of breast cancer and increasing volume of diagnostic
procedures and treatment for the disease. According to GLOBOCAN, breast
cancer is the most common cancer affecting large proportion of female
population, globally. In 2018, 2,088,849 new breast cancer cases were reported
globally, which is expected to increase by ~46% reaching 3,059,829 cases by
2040. Also, the breast cancer mortality is increasing globally, reaching
991,904 deaths by 2040 from 626,679 deaths in 2018.. Therefore, the volume of
radiotherapy treatment procedures for breast cancer, and related research to
develop advanced treatment options is one the rise. This is contributing to the
fastest growth of the radiotherapy market for breast cancer applications.
Hospitals to
dominate global radiotherapy market
Hospitals
commanded the largest share of global radiotherapy market in 2018. Rising
number of private hospitals in the emerging countries coupled with the large
pool of cancer patient population visiting the hospitals for diagnosis &
treatment is one of the major factors contributing to the growth in
radiotherapy market for hospitals. For instance, according to the Commonwealth
Fund, the total number of hospitals in China has increased significantly over
the last decade from roughly 18,700 in 2005 to ~27,600 hospitals in 2015 and
~31,056 in 2017. In addition to the above factors improving healthcare
infrastructure and better accessibility to healthcare services through wider
penetration of health insurance are the other key factors driving the growth of
radiotherapy market in hospitals.
Asia-Pacific:
Fastest growing regional market
North
America commanded the largest share of the global radiotherapy market in 2018,
followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa.
However, Asia-Pacific will be the fastest growing regional market due to
accelerated economic growth of many countries in this region, increasing cancer
incidence, and growing government focus on healthcare sector. In addition,
government initiatives towards the development of healthcare facilities and
increasing health insurance penetration are other key factors propelling the
growth of the Asia-Pacific radiotherapy market.
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Radiotherapy Market Key Players
The
report includes competitive landscape based on extensive assessment of the key
strategic developments adopted by leading market participants in the industry
over the past 4 years (2016-2019). The key players profiled in the global
radiotherapy market report are Varian Medical Systems, Inc., Elekta AB, Accuray
Incorporated, C. R. Bard, Inc., Mevion Medical Systems, Inc., Hitachi, Ltd.,
ViewRay, Inc., Panacea Medical Technologies Pvt. Ltd., IsoRay, Inc., Optivus
Proton Therapy, Inc., P-Cure, Ltd., Provison Healthcare, LLC, Ion Beam
Applications S.A., and Theragenics Corporation.
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