The Global Radiotherapy Device Industry is on the verge of a transformative era, with a projected market value of US$ 6,805.43 million in 2023, set to double and reach an impressive US$ 12,895.19 million by 2033. This significant expansion is underpinned by a compelling compound annual growth rate (CAGR) of 6.6% during the forecast period from 2023 to 2033, according to a comprehensive report by FMI Insights.
Advancements in Technology Drive Growth: Radiotherapy, a cornerstone in cancer treatment, is experiencing continuous technological advancements and evolving treatment techniques. The ever-growing prevalence of cancer globally has led to an increased demand for cutting-edge radiotherapy devices. The industry’s pursuit of more effective and precise treatments has become a driving force behind the surge in demand for state-of-the-art radiotherapy solutions.
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Patient preference for minimally invasive techniques: Patients suffering from cancer, especially breast cancer (the second most common cancer in the world) are showing an increasing preference for minimally invasive treatment techniques and this is anticipated to fuel the growth in demand for radiotherapy.
The growing popularity of radiotherapy devices among oncologists: Radiation therapy being the most popular therapy type in cancer management, oncologists across the world are showing an inclination towards radiotherapy devices, given the fact that more than 50% of cancer patients are likely to receive radiotherapy during their treatment – either in primary disease management or for symptom control.
Global Radiotherapy Device Industry – Current Scenario & Future Outlook
The current scenario of the global Radiotherapy Device Industry indicates a growing demand for radiotherapy devices in developing countries owing to ease of regulations and increasing product affordability. The Radiotherapy Device Industry is highly consolidated with companies offering innovative products with latest technological advancements.
The future market outlook leans on minimally non-invasive technology that will generate the necessary demand in the global market. Among regions, North America will rule the global market for radiotherapy devices. Technological advancements coupled with growing instances of different types of cancers will make the global Radiotherapy Device Industry a lucrative destination for investors.
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Global Radiotherapy Device Industry: Segmental Forecast
The global Radiotherapy Device Industry is segmented based on product type into External Beam Radiotherapy Devices (sub-segmented into Linear Accelerators Devices and Proton Therapy Devices) and Internal Beam Radiotherapy Devices (sub-segmented into Brachytherapy); based on end-user into Hospitals, Ambulatory Surgical Centres, and Oncological Treatment Centres; and based on region into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Japan, and Middle East & Africa.
By product type, External Beam Radiotherapy Devices will dominate the global Radiotherapy Device Industry in terms of value share, estimated to hold over 75% market share in 2017 and over 85% market share by the end of the forecast period in 2027. This segment will register a high CAGR of 10.7% during the forecast period.
By end user, Hospitals will retain a dominant position in the global Radiotherapy Device Industry with an estimated market valuation over US$ 6,500 Mn by the end of 2027. Oncological Treatment Centres will hold the runner-up position, registering a CAGR of 8.7% during the forecast period.
Among the regional markets, North America will retain its pole position in the global market with a Y-o-Y growth rate of 8.1% in 2018 over 2017. Latin America will witness sluggish growth throughout the forecast period, with a CAGR of 6.4% recorded between 2017 and 2027.
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Global Radiotherapy Device Industry: Competition Dashboard
The Future Market Insights report profiles some of the leading companies operating in the global Radiotherapy Device Industry including Varian Medical Systems, Elekta AB, Accuray, Inc., C.R. Bard, Inc., IBA Ion Beam Applications SA, Koninklijke Philips N.V., Siemens AG, Eckert & Ziegler Bebig, IsoRay, Inc., GE Healthcare, Vision RT Ltd., RaySearch Laboratories AB, Theragenics Corp, Toshiba Medical Systems Corporation, AngioDynamics, Inc., Mitsubishi Electric Corporation, Shinva Medical Instrument Company Limited, and Neusoft Medical Systems Co., Ltd.
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 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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