Amid technological advancement, and notable research and development activities, the global radiation therapy market is set to chart a sturdy growth curve, owing to a steady growth rate of 5.2% from 2018 to 2026. According to Transparency Market Research (TMR), the growth is attributable to a surge in product approvals, an increase in health care expenditures, a high incidence of cancer, and a growing preference for noninvasive treatment procedures.
TMR states that, "From bench to clinic, there is a wave of therapeutic and diagnostic technologies, paving the way for higher growth in oncology. And, this will [help] radiation therapy witness better times to come. Over the forecast period, external beam radiation therapy will dominate the market landscape."
Key Findings of the Radiation Therapy Market Study
Radiation Therapy Market: Key Driving Factors
Factors that will sustain growth over the forecast period in the global radiation therapy market include the following:
Key Impediments for Radiation Therapy Market Players
While the overall outlook of the global radiation therapy market is positive, certain restraints will hamper growth to some extent. According to the study, the key restraints impeding market growth include:
Radiation Therapy Market: Region-wise Analysis
Strategic alliances and a keen focus on technological advancement are keys to growth for players operating in the global radiation therapy market over the forecast period. One of the most notable recent agreements – November 2018 – is that between Chengdu Xingcheng and Mevion to bring proton therapy to China's subprovincial city, Chengdu.
Players also are focused on product development and launch. For instance, in 2018, ProBeam 360 – single-room proton therapy – was launched by Varian Medical Systems. In the same year Hitachi Ltd. received approval for commercialization of RGPT.
Key players include Varian Medical Systems, Inc. (US), Elekta (Sweden), Accuray Incorporated (US), Ion Beam Applications SA (Belgium), ViewRay, Inc. (US), IsoRay Medical, Inc. (US), Hitachi Ltd. (Japan), Panacea Medical Technologies Pvt. Ltd. (India), Provision Healthcare (US), and Mevion Medical Systems, Inc. (US)
Radiation Therapy Market Report Based on Type
External Beam Radiation Therapy Market - External beam radiation therapy is the most common type of radiation therapy used in cancer treatments around the world. During the therapy, high-intensity radiation beams form a linear accelerator are focused on the tumor. Major drivers of the global external beam radiation therapy market are an increase in patient population, new product approvals, technological advancements, favorable reimbursement policies, and a rise in health care expenditures in developing economies such as India and others.
Proton Therapy Market – A rise in prevalence of cancer patients, growing awareness among people, improvement in insurance coverage for proton therapy, increased tobacco use, and a surge in the demand for proton therapy are factors driving the global proton therapy market.Back To Top
Global RT market to hit US $8.6 billion by 2026. Appl Rad Oncol.