Global Radiation Therapy Market - Snapshot
The global radiation therapy market is driven by increase in patient population, rise in health care infrastructure in developing countries, surge in product approvals, high research and development activity, technological advancements, and rise in government initiatives. According to the American Institute of Cancer Research, nearly 18 million cancer cases were diagnosed globally in 2018.
The global radiation therapy market has been segmented based on type, end-user, and region. In terms of type, the global market has been bifurcated into external-beam radiation therapy and internal radiation therapy. The external-beam radiation therapy segment has been classified into conformal radiation therapy, proton beam radiation therapy, image-guided radiation therapy, stereotactic radiation therapy, and others. The internal beam radiation therapy segment has been categorized into brachytherapy and systemic radiation therapy. The external-beam radiation therapy segment is anticipated to account for major market share during the forecast period. The segment’s dominance is attributed to increase in product approvals, technological advancements, rise in strategic collaboration between hospitals and manufacturers, and surge in demand for non-invasive procedures for cancer treatment. For instance, in February 2017, ViewRay, Inc. received 510(k) clearance from the FDA to market MRIdian Linac system.
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In terms of end-user, the global radiation therapy market has been divided into hospitals, specialty clinics, and others. The hospitals segment accounted for major market share in 2017 owing to increase in incidence and prevalence of cancer, and rise in collaboration among major manufacturers to build efficient radiation therapy facilitates. In November 2018, Mevion and Chengdu Xingcheng entered into a strategic agreement to build a leading proton therapy center in Chengdu, China.
Based on region, the global radiation therapy market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the global market in 2017. Rise in prevalence of cancer, surge in health care expenditure, increasing strategic collaboration between manufacturers and hospitals to set up advance and efficient radiation therapy centers, rise in mergers & acquisitions, and surge in demand for non-invasive procedures are projected to drive the market in the region during the forecast period. Rise in demand for efficient systems for treatment of cancer in emerging economies such as China and India, growing health care industry, and rapidly increasing patient population are anticipated to fuel the growth of the market in Asia Pacific from 2018 to 2026. The radiation therapy market in Latin America and Middle East & Africa is expected to be driven by rise in government initiatives to promote better health care facilities and increase in investment in health care sector during the forecast period. Growth of the health care industry, increase in the number of product approvals, and rise in demand are the other factors likely to augment the market in these regions during the forecast period.
Major players operating in the global radiation therapy market include Elekta AB, Varian Medical Systems, IBA Radiopharma Solutions, Accuray Incorporated, Isoray, Inc., Mevion Medical Systems, Hitachi, Ltd., ViewRay, Inc., and Panacea Medical Technologies Pvt. Ltd. Increase in mergers & acquisitions, new product development, and strategic collaboration between major companies and governing authorities are expected to drive the global market during the forecast period. On December 7, 2017, Hitachi, Ltd. and Mitsubishi Electric Corporation signed an agreement to transfer Mitsubishi Electric’s particle therapy system business to Hitachi and integrate to one entity.
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