Los Angeles, October 16, 2019 – Radiotherapy refers to the usage of ionizing radiation to kill or control malignant cells of cancer by delivering a linear accelerator. Intensity of radiotherapy may differ from case of case depending on the stage of the disease but it is predominantly used to treat various forms of cancer. Thus, the demand for improved and new forms of radiotherapy is extensive with rising cases of cancer. QY Research has recently added a report titled, “Global Radiotherapy Market Insights, Forecast to 2025,” predicting the growth opportunities in the global radiotherapy market.
The global radiotherapy market is valued at US$5455 mn in 2018 and will reach US$7154 mn by the end of 2025, at a CAGR of 3.9% during 2019 to 2025.
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Rise in Research and Development Sector to Boost Demand for Global Radiotherapy Market
Rise of cancer across varied sections of global population is expected to boost the global radiotherapy market in the forecast period. According to WHO, the second global leading cause of death is cancer and it was accountable for around 9.6 million deaths in 2018 alone. One out of six deaths around the world occur due to cancer. This has forced various governments and NGOs to invest in research and development activities for cancer treatments. The reduction in cost of the treatment helps new manufacturers to come up in the market with more functional radiotherapy machineries.
Various manufacturers are coming up with more efficient and effective radiotherapy machineries to target specific kinds of cancer. The ability to offer diverse solutions to various types of cancer is one of the major driving factor amongst all. Radiotherapy advancements such as intensity modulation and image guiding techniques incorporated with hormone treatment to minimize relapse percentage is expected to boost the market
However, the global radiotherapy market might have to face restrains due to shortage of skilled and experienced professionals. Insufficient resources to encounter the demand or carry the workload can hinder the market growth. The complexity of treatment plays an important role in hindering the market.
Rising number of Lung and Breast Cancer to Lead Global Radiotherapy Market
The global radiotherapy market is segmented on the basis of product type and end user. Product type includes internal beam radiotherapy devices and external beam radiotherapy devices. End user segment includes cervical cancer, lung cancer, breast cancer, and prostate cancer. According to a report by WHO, 2.90 million cases of lung and breast cancer were recorded in 2018 alone. Therefore, lung and breast cancer is expected to drive the market during the forecast period.
U.S. Paves Way for North America in the Global Radiotherapy Market
North America is expected to dominate the global radiotherapy market during the forecast period as the United States has the largest radiotherapy market in the world. North America is investing extensively in research and development programs to improve the ruling radiation therapy techniques so as to bring more effective inventions. The replacement of older therapies with newer ones are also driving the market in this region. Whereas, in Asia Pacific the rising number of cancer patients combined with unmet medical needs are the factors poised to provide the market with lucrative opportunities in this region during the forecast period.
Some of the top manufacturers operating in the global Radiotherapy market are Toshiba Medical System, Accuray, Philips, Varian Medical System, GE Healthcare, Siemens, Mevion Medical System, Ion Beam Applications, and Eleka.
The global radiotherapy market is highly competitive consisting of few major players that hold significant amount of global market shares. GE Healthcare has announced its global commercial partnership with Theragnostics for a new Prostate-Specific Membrane Antigen (PSMA) PET/CT imaging agent diagnostics for prostate cancer. Manufacturers are investing in new and effective techniques that can replace the old therapies. Strategies to improve the products are also adopted by major companies.
● Reduction in the cost of treatment to boost the market
● Accurate results of radiotherapy is expected to drive the Global Radiotherapy Market
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