Global Radiation Therapy Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth

Global radiation therapy market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 6% during the forecast period (2021-2027). Radiation therapy is a type of treatment used for cancer that uses high doses of radiation for killing various cancer cells and shrinking tumors. Radiotherapy mostly uses X-rays, but protons or other types of energy also can be used.

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The surge in the number of cancer patients and significant R&D investments in the field of cancer research are some of the prominent factors contributing towards the growth of the radiation therapy market. For instance, the funds available to the National Cancer Institute was totaled to $5.94 billion in the FY2018, reflecting an 5% increase or $284 million from the previous fiscal year. In addition to this, increasing government initiative to raise the awareness regarding the treatment options available and growing demand for sophisticated therapies to cure diseases like cancer are some other factors driving the market for radiation therapy globally.

Additionally, the rise in venture capital investments coupled with the technological advancement in medical technology due to the worldwide demand for effective treatment for cancer is augmenting the growth of the radiation therapy market. For instance, in 2020, the value of these investments totaled out to be around 6.3 billion U.S. dollars. Apart from this, there was the largest increase in the value of MedTech venture capital investments between 2016-2017.

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Based on type, the market is segmented into external beam radiotherapy, proton therapy, internal beam radiotherapy and systemic radiotherapy. The external beam radiotherapy segment grabbed an XX% share of the global radiation therapy market and will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the capability of EBRT to deliver the radiation precisely and less damage to normal tissues even at high radiation doses are also some of the factors contributing to the growth of this segment.

Based on the technology, the global radiation therapy market is segmented into external beam radiation therapy and brachytherapy. The external beam radiation therapy occupied a substantial share and is expected to grow at a CAGR of XX% during the forecast period 2021-2027. This segment includes image-guided radiotherapy, intensity-modulated radiotherapy, stereotactic therapy, etc. the growth of this segment can be attributed to the high price of equipment and high installed base of external beam radiation therapy equipment. However, brachytherapy segment is also expected to gain a significant market share during the forecast period.

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Additionally, the report provides detailed report also provides insights into the global radiation therapy market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD xx billion in 2020 owing to the well-established market players and frequent product launches in the region.

GE Healthcare, Siemens Healthineers, Varian Medical Systems, Inc., Ion Beam Application, Accuray Incorporated, Panacea Medical Technologies Pvt. Ltd., ZEISS Group, IntraOp Medical, Inc., ViewRay, Inc., Eckert & Ziegler are some of the key players operating in the global radiation therapy market. Several M&As along with partnerships have been undertaken by these players to develop a new and advanced radiation therapy.

Global Radiation Therapy Market Segmentation

Market Insight, by Type

• External Beam Radiotherapy
• Proton Therapy
• Internal Beam Radiotherapy
• Systemic Radiotherapy

Market Insight, by Technology

• External Beam Radiation Therapy
• Brachytherapy

Market Insight, by Application

• Prostate Cancer
• Breast Cancer
• Lung Cancer
• Cervical Cancer
• Spine Cancer
• Head & Neck Cancer
• Skin & Lip Cancer
• Others

Market Insight, by End-User

• Hospitals
• Cancer Research Institutes
• Independent Radiotherapy Centers
• Others

Market Insight, by Region

• North America
  • United States
  • Canada
  • Rest of North America
• Europe
  • France
  • Germany
  • Italy
  • Spain
  • United Kingdom
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Australia
  • Japan
  • Rest of Asia-Pacific
• Rest of World

Top Company Profiles

• GE Healthcare
• Siemens Healthineers
• Varian Medical Systems, Inc.
• Ion Beam Application
• Accuray Incorporated
• Panacea Medical Technologies Pvt. Ltd.
• ZEISS Group
• IntraOp Medical, Inc.
• ViewRay, Inc.
• Eckert & Ziegler