The Global Superficial Radiation Therapy System Industry is experiencing substantial growth, with a projected market value of US$ 43.3 Million in 2022 and a continued Compound Annual Growth Rate (CAGR) of 3.8%. These findings, unveiled in the latest industry report, signify a promising outlook for the market over the forecast period. By the end of 2030, it is expected to reach a market value of US$ 58.2 Million, demonstrating remarkable market expansion.
The market’s consistent growth can be attributed to several factors, including advancements in medical technology, the rising prevalence of skin cancer, and an increased awareness of non-invasive treatment options. Superficial radiation therapy systems have emerged as a reliable choice for treating basal and squamous cell cancers, driving demand within the sector.
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“Growing efforts for the testing and approval of superficial radiation therapy by government bodies are key factors contributing to growth prospects. Further, growing consumer bias against invasive treatment options and research investments for oncology will help long-term growth of the industry,” says the FMI study.
Global Superficial Radiation Therapy System Industry – Key Takeaways
- Basal cell carcinoma applications account for significant revenue share, owing to high incidence rates particularly among fair-skinned populations.
- Targeted therapy systems are witnessing major growth, supported by minimal risks of side effects.
- North America is a prominent market for superficial radiation therapy systems, owing to higher numbers of treatment centers, and clinical trials in the region.
Global Superficial Radiation Therapy System Industry – Key Driving Factors
- Major investments towards the development of non-invasive skin cancer treatments, and portable devices are key to market developments.
- Rising numbers of awareness programs run by governments on skin cancer and treatment options are bolstering growth prospects.
Global Superficial Radiation Therapy System Industry – Key Constraints
- Debate about the efficacy of superficial radiation therapy in healthcare circles is holding back adoption.
- Prohibitive costs of operating superficial radiation therapy systems restrict market growth.
The Anticipated Impact of Coronavirus
The superficial radiation therapy systems market has been moderately limited in applications during the coronavirus pandemic. Lockdown restrictions and social distancing guidelines have resulted in delayed appointments for superficial radiation therapy treatments. Disinfection requirements and strict screening for covid-19 cases, restricts access to patients and hurts operation rates limiting demand for superficial radiation therapy systems in the short term. Recovery is highly dependent on the timeline to bring the pandemic under control.
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Competition Landscape
Major manufacturers in the Global Superficial Radiation Therapy System Industry include but are not limited to Nordion Inc., Sensus Healthcare, Xstrahl Ltd., SkinCure, IsoRay Inc., Mevion Medical Systems, Mitsubishi Electric Corp., Varian Medical Systems, Electa AB, Ion Beam Applications, and RaySearch Laboratories.
Superficial radiation therapy system manufacturers have been investing in strategic collaborations and acquisitions for product innovation and manufacturing capability enhancements.
For instance, Sensus Healthcare has announced the acquisition of Aesthetic Laser Partners and Aesthetic Mobile Laser Services for dermatology capabilities including superficial radiation therapy systems. IntraOp Medical Corp. has entered into a partnership with the Lausanne University Hospital for clinical trials of FLASH radiotherapy which includes superficial radiation therapy functionality. Also, Stratpharma Inc. has joined hands with Sensus Healthcare for development of topical medical products including superficial radiation therapy systems.
Global Superficial Radiation Therapy System Industry By Category
By Product Type :
- Superficial Radiation Therapy Systems
- Software
By Application :
- Basal Cell Carcinoma
- Squamous Cell Carcinoma
- Keloid scars
- Psoriasis
- Kaposi Sarcoma (Plaque Stage)
- Bowen’s Disease
- Cutaneous T-cell Lymphoma
- Soft Tissue Metastases
By End User :
- Hospitals
- Ambulatory Surgical Centers
- Cancer Research Institutes
- Dermatology Centers
By Region :
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle-East & Africa
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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