by Radiation therapy refers to a type of treatment for cancer that makes use of intense energy beams to destroy cancer cells. Most of the time, radiation therapy makes use of X-rays, however, the therapy can also use beams of protons or any other types of energy. This therapy causes damage to cells through destruction of the genetic substance that regulates how cells grow and then divide. During the therapy both cancerous and healthy cells are destroyed, however, the aim is to cause minimal damage to healthy cells. Healthy cells are capable of repairing the damage over time. The increased prevalence of various types of cancer is likely to fuel growth of the global radiation therapy market.
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In addition to that, technological advancements together with a rise in the health care expenditure and rise in approval of products is likely to augur well for the global radiation therapy market. Increased demand for non-invasive procedures is another factor that is expected to work in favor of the market in the years to come.
Some of the prominent players in the global radiation therapy market comprise Varian Medical Systems, Panacea Medical Technologies Pvt. Ltd, Mevion Medical Systems, IBA Radiopharma Solutions, ViewRay Inc., and Accuray Incorporated. Strategic alliances formed with a keen focus on technological advancement holds key to the growth of the market players.
Rising Incidences of Cancer is Bolster Demand of the Therapy
The large number of people suffering from various types of cancer has been the major driving force for the global radiation therapy market. Till date, cancer has been one of the leading life-threatening diseases. According to the estimates of World Health Organization (WHO), cancer has emerged as the second major cause of death across the globe. In 2018, cancer is responsible for around 9.6 million deaths worldwide. Nearly 70% of the people who died from cancer fall in the low and middle-income group.
Intensity-modulated radiation therapy (IMRT) is an external beam radiation therapy. It is widely used across the market due to its ability of give high doses of radiation at the cancer-stricken areas. IMRT comes with multiple radiation beams that are capable of targeting numerous sites with different doses. During the process it is possible to switch off and switch on the beams. Tumor cells are precisely mapped in 3Ds, which is another growth-promoting feature of the intensity-modulated radiation therapy. In the global radiation therapy market, the intensity-modulated radiation therapy sector is likely to expand rapidly due to the advantages it offers. However, high cost of the treatment is estimated to restrain market expansion, particularly in the developing and under-developed regions.
Driven by India and China, Asia Pacific to Offer Lucrative Growth Opportunities
In global radiation therapy market, Asia Pacific is likely to come up as a rapidly growing region. Such growth of the market is due to the increased demand for effective therapies for cancer treatment in countries like India and China. In addition, increased spending on the cancer treatment together with a rise in the number patients with cancer in the region is likely to work in the favor of the growth of the radiation therapy market in Asia Pacific.
Latin America and Middle East are expected to emerge as other promising regions in the global radiation therapy market over the assessment tenure. Growth in both the regions is estimated to be driven by the rise in the number of government initiatives promoting and encouraging better healthcare facilities. In addition, a rise in the number of product approvals together with the expanding pool of cancer patients is likely to bolster the growth of the radiation therapy market in the region.
Radiation Therapy Market: Snapshot
Cancer leads as one of the major medical concerns for the industry healthcare industry. It is one of the leading causes for deaths attributed to chronic illnesses. According to a study conducted by World Health Organization (WHO), cancer is the second leading cause of deaths in the world. Cancer is observed to cause about 1 in every 6 deaths worldwide, a number greater than the deaths caused by malaria, AIDs, and tuberculosis (TB) combined. Growing expenditure for diagnosis and treatment of cancer is one of the key contributors for the growth of global radiation therapy market. Other motivating factors include rising awareness regarding cancer and cancer treatment options and growing elderly and geriatric population. Constant advancements in medical procedures to offer more targeted and accurate cancer treatment are anticipated to foster global radiation therapy market in coming years.
Radiotherapy, also known as radiation therapy uses beams of higher energy to kill the cancer cells. Procedures in radiation therapy market eliminate cancer cells by directly affecting DNA of the cancer cells in a patient. Cancer cells do not possess the ability to heal or repair themselves as opposed to natural cells in human bodies. This makes radiotherapies in radiation therapy market a concrete and potent treatment solution. Advancements in radiation planning software and imaging modalities have propelled the growth of radiation therapy market in recent past. Players are focused on developing cutting-edge technologies to develop more effective three-dimensional conformal radiation therapy that supports accurate lesion targeting and detection.
Manufacturers and players in radiation therapy market are introducing new products with accurate treatment abilities to fortify their market position. Investments in research and development along with collaboration and agreements are observed to be key strategic moves in the radiation therapy market. Players are focused on enhancing their current product offerings to expand their consumer reach and enhance their brand recognition. For example, Elekta AB has launched a new product for assistance in intracranial stereotactic radiosurgery. The product is called Perfexion, a type of Leksell Gamma Knife, which is a futuristic treatment optimizer in radiation therapy market.
The global radiation therapy market has been segmented as below:
Type
- External-beam Radiation Therapy
- Conformal Radiation Therapy
- Proton Beam Therapy
- Image Guided Radiation Therapy
- Stereotactic Radiation Therapy
- Internal Radiation Therapy
- Brachytherapy
- Systemic Radiation Therapy
- Others
End-user
- Hospitals
- Specialty Clinics
- Others
Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Israel
- Rest of Middle East & Africa
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