Radiotherapy Devices Market to grow by USD 1.59 billion from 2023 to 2028, North America to account for 43% of market growth- Technavio
NEW YORK, Jan. 8, 2024 /PRNewswire/ -- The radiotherapy devices market is expected to grow by USD 1.59 billion from 2023 to 2028. In addition, the momentum of the market will progress at a CAGR of 5.82% during the forecast period, according to Technavio Research. The market is segmented by end-user (hospitals, ambulatory surgical centers, and oncological treatment centers), product (external beam radiation therapy device and internal beam radiation therapy device), and geography (North America, Europe, Asia, and Rest of the World (ROW)). North America is estimated to contribute 43% to the growth of the global market during the forecast period. The US is the major contributor to the market in the region. The growth of the North American radiotherapy devices market is propelled by rising cancer cases, multinational companies, increased radiotherapy procedures and practitioners, advanced technology adoption, and robust healthcare infrastructure with high expenditure.
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Company Profile:
Accuray Inc., AngioDynamics Inc., Becton Dickinson and Co., Eckert and Ziegler AG, Elekta AB, GE Healthcare Technologies Inc., Hitachi Ltd., iCAD Inc., Ion Beam Applications SA, IsoRay, Inc., Koninklijke Philips N.V., Mitsubishi Heavy Industries Ltd., Nasdaq Inc., Neusoft Corp., Shinva Medical Instrument Co., Ltd., Siemens Healthineers AG, Theragenics Corp., Toshiba Corp., ViewRay Inc., and Vision RT Ltd.
Accuray Inc. - The company offers radiotherapy devices such as CyberKnife S7, and Radixact.
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The market share growth by the hospitals segment will be significant during the forecast period. The technology demands state-of-the-art equipment and infrastructure, which means hospitals are at the forefront of user demand for radiation therapy.
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Radiotherapy Devices Market: Market Dynamics
Key Driver
- Increasing early detection of cancer
- Rising advancements in radiotherapy devices
- Emergence of complex separation methods for ultra-purification
The increasing early detection of cancer is a key factor driving market growth. The global incidence of cancer, encompassing lung, breast, prostate, colorectal, and stomach cancers, is on the rise. Notably, in 2020, certain European countries witnessed an anticipated rise in cancer cases, as reported by the European Commission. This escalating prevalence highlights the growing need for advanced medical interventions, including radiation therapy, as an effective approach for treatment and pain relief in response to the early detection of cancer.
Leading Trend
The Radiotherapy Devices Market is witnessing rising growth potential, particularly in emerging economies, which profoundly shapes its expansion. Key trends driving this include increased focus on Brachytherapy, Cyberknife, and Elekta technologies. With a specific emphasis on Breast cancer treatment, Gamma-ray utilization, and advancements in Image-guided radiation therapy, the market is evolving. Moreover, Intraoperative radiation therapy, Neutron application, and improved Medical imaging techniques contribute to enhancing radiation therapist's capabilities in effective therapy treatment of cancer, alongside refined Radiation treatment planning within the broader spectrum of Health care.
Significant Challenge
The Radiotherapy Devices Market faces a notable challenge due to inadequate access to radiotherapy, impeding its growth trajectory. This challenge is particularly prominent in developing countries and emerging markets where insufficient Infrastructure hampers accessibility. Moreover, the limited availability of Particle accelerators and Particle therapy resources amplifies the obstacle. The issue impacts Cancer research efforts, especially concerning Prostate cancer and Stereotactic surgery, hindering advancements despite the potential for Economic growth in these areas. Comprehensive Research is crucial to overcome this accessibility barrier.
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Related Reports:
The radiation detection and monitoring equipment market is estimated to grow by USD 1,661.03 million at a CAGR of 7.57% between 2022 and 2027.
The radiation oncology market is estimated to grow by USD 2,032.03 million at a CAGR of 4.69% between 2022 and 2027.
What are the key data covered in this radiotherapy devices market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the radiotherapy devices market between 2023 and 2028.
- Precise estimation of the radiotherapy devices market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the radiotherapy devices market across North America, Europe, Asia, and ROW
- A thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of radiotherapy devices market companies.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Product
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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SOURCE Technavio
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