Global Radiation Therapy Equipment Market to Reach $6.6 Billion by 2026
SAN FRANCISCO, May 27, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Radiation Therapy Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Engagements: 2778
Companies: 57– Players covered include Accuray Incorporated; BrainLab AG; Elekta AB; GE Healthcare; Hitachi America, Ltd.; IBA Group; Nordion, Inc.; Philips Healthcare; RaySearch Laboratories AB; Sumitomo Heavy Industries Ltd.; Varian Medical Systems, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (External Beam Radiation Therapy, Internal Radiation Therapy, Systemic Radiation Therapy); End-Use (Hospitals, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Radiation Therapy Equipment Market to Reach $6.6 Billion by 2026
Radiation therapy finds use in the treatment of various types of cancer, including cervical cancer, breast cancer, prostate cancer and lung cancer, among others. Radiation therapy equipment market continues to be driven by the constant increase in the number of cancer patients across the world and the increasing adoption of radiation therapy for treatment of cancer. There is especially rapid increase in cancer patient population in the relatively underserved markets of emerging nations, thus presenting enormous growth potential for manufacturers of radiation therapy equipment. Advancing cancer treatment technologies and increasing availability of reimbursement coverage for radiotherapy treatments is expected to favor market growth. The recent advancements and innovations in the radiation therapy space have led to the development of effective treatments, a good prognosis, and reduced side effects during the treatment.
Amid the COVID-19 crisis, the global market for Radiation Therapy Equipment estimated at US$5.2 Billion in the year 2020, is projected to reach a revised size of US$6.6 Billion by 2026, growing at a CAGR of 4.2% over the analysis period. External Beam Radiation Therapy, one of the segments analyzed in the report, is projected to record a 4.4% CAGR and reach US$5.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Internal Radiation Therapy segment is readjusted to a revised 3.4% CAGR for the next 7-year period. Incidence of cancer cases, and increasing patient and physician awareness about procedures, ongoing improvement in diagnostic techniques, and availability of advanced diagnostic techniques are driving growth in the External Beam Radiation Therapy segment. Sustained demand for electron-emitting high-energy linear accelerators (LINACs), along with equipment such as proton therapy systems and compact advanced radiotherapy systems is propelling global market for external beam radiotherapy equipment.
The U.S. Market is Estimated at $2 Billion in 2021, While China is Forecast to Reach $546.7 Million by 2026
The Radiation Therapy Equipment market in the U.S. is estimated at US$2 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$546.7 Million by the year 2026 trailing a CAGR of 5.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 3.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR. Developed regions including the US, Canada, Japan and Europe represent the leading regional markets for radiotherapy equipment due largely to the presence of well-established and advanced healthcare infrastructure facilities and higher adoption of advanced radiation therapies for cancer treatment. Favorable reimbursement policies and strict focus on safety regulations are also influencing growth of the market. Focus on R&D initiatives to improve existing radiation therapy techniques such as integration of intensity modulated and image guided radiotherapy along with hormone treatment for reducing remissions are contributing to the large share of the US in the radiation therapy equipment market. In developing countries, growth will be driven by the rising incidence of cancer, steady increase in healthcare expenditure, an aging population, and favorable government programs. The promising growth in the region's medical tourism industry and affordable cost of treatments in countries such as China and India is driving patients from developed nations to opt for cancer treatments in the region.
Systemic Radiation Therapy Segment to Reach $408.4 Million by 2026
In the global Systemic Radiation Therapy segment, USA, Canada, Japan, China and Europe will drive the 3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$290.1 Million in the year 2020 will reach a projected size of US$355.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$38.1 Million by the year 2026, while Latin America will expand at a 3.7% CAGR through the analysis period. More
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