Radiotherapy Market Is Projected to Gain $11.9 Billion by 2031, Growing at a 6.3% CAGR: Allied Market Research
Allied Market Research
5 min read
Allied Market Research
The global radiotherapy market is experiencing growth because of various factors, such as the rise in cancer, advancements in radiotherapy machinery, and the rise in the geriatric population. Based on region, the market across Asia-Pacific would portray the highest CAGR during the forecast period.
Wilmington, Delaware, Nov. 13, 2023 (GLOBE NEWSWIRE) -- According to the recent report published by Allied Market Research, the global radiotherapy market size is projected to gain $11.9 billion by 2031, having endorsed a value of $6.5 billion in 2021, exhibiting a considerable CAGR of 6.3% from 2021 to 2030. This market report offers a comprehensive overview of the most prominent investment pockets, the top market segments, the current market dynamics, the market size and estimates, the competitive landscape, and regional insights. It is an essential resource for investors and shareholders, as well as for leading market players seeking to plan and strengthen their competitive edge.
The potential side effects and risks associated with the use of certain medications
Opportunities
Technological advancements and innovation
The increase in the prevalence of cancer in developing countries
Recent Developments in the Radiotherapy Market
In January 2022, IBA (Ion Beam Applications) launched a new low energy and compact size cyclotron, the Cyclone KEY. This new machine is expected to enable small- and medium-sized hospitals to produce their own radiopharmaceutical products in-house, whilst providing more widespread global access to diagnostic solutions in oncology, neurology, and cardiology.
In October 2021, Accuray Incorporated launched its new VOLO Ultra for the radixact system, at ASTRO 2021. VOLO Ultra is a new way of planning with the Accuray precision treatment planning system, which enables users to plan with ease, optimize with quality, and deliver treatments with efficiency.
In September 2020, Elekta launched its Elekta Harmony, a linear accelerator (linac), which is used for cancer treatment. This system is designed to meet healthcare centers’ need for a productive, precise, and versatile radiotherapy treatment system. Harmony perfectly balances productivity, versatility, and precision without compromise, making it a solution for both, mature and developing markets.
In June 2021, IBA (Ion Beam Applications) launched its new high energy and high-capacity cyclotron, the Cyclone IKON, which offers the largest energy spectrum for PET and SPECT isotopes from 13 MeV to 30 MeV.
The global radiotherapy market is categorized into various segments based on type, end user, and region. It is presented in both a tabular and graphical format, allowing individuals or businesses to gain visibility into the lucrative and rapidly growing segments.
On the basis of type, the external beam radiation therapy segment accounted for the highest market share in 2021, contributing to around four-fifths of the global radiotherapy market. However, the internal radiation therapy segment would display the fastest CAGR of 7.8% from 2022 to 2031. The systemic radiation therapy market is also analyzed in the report.
By end user, the hospitals and clinics segment garnered the major market share in 2021, accounting for around three-fifths of the global radiotherapy market, and is expected to retain its dominance throughout the forecast period. The others segment is also studied in the report.
Based on region, North America held the largest market share in 2021, acquiring around two-fifths of the global radiotherapy market. The Asia-Pacific region, on the other hand, would portray the highest CAGR of 7.4% from 2022 to 2031. The other provinces studied in the report are Europe and LAMEA.
The report also provides an in-depth analysis of the prominent players in the global radiotherapy market including, Eckert & Ziegler Group, Siemens Healthineers AG, Accuray Incorporated, MEVION MEDICAL SYSTEMS, INC., Isoray, Inc., ICAD INC., Nordion Inc., Becton, Dickinson and Company, Elekta AB, and Ion Beam Applications SA.
Comprehensive Healthcare Industry Research Studies: -
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