Radiotherapy Market revenue to cross USD 9.7 Billion by 2028, Says Global Market Insights Inc.
Global Market Insights, Inc
4 min read
Global Market Insights, Inc
Radiotherapy industry is anticipated to register 6% CAGR between 2022 and 2028 due to rising healthcare expenditure along with research and development activities to develop advanced products.
Selbyville, Delaware, May 04, 2022 (GLOBE NEWSWIRE) -- The radiotherapy market value is expected to exceed USD 9.7 billion by 2028, according to a new research report by Global Market Insights Inc. Rising number of cancer cases including breast, prostate, lung, and others across the globe will foster the industry progression.
Increasing focus on healthcare expenditure with research and development activities in developed as well as developing countries will boost the business landscape. Healthcare expenditure can result in better provision of health opportunities that can help to extensively strengthen the human capital and can enhance the overall productivity, therefore contributing towards stabilized economic performance. It is therefore imperative to access the healthcare spending phenomenon in every country. Therefore, surged spending on healthcare sector will trigger the market growth.
Some major findings of the radiotherapy market report include:
Increasing awareness regarding radiotherapy in developing and developed economies will augment the market revenue.
Technological innovations along with surging demand for cancer therapies has increased the demand for radiotherapy, thereby propelling the business outlook.
Key players in the radiography business are focusing on the development of innovative products will drive the industry progression.
Presence of large number of hospitals offering better treatment and care coupled with favorable government support will positively influence the radiotherapy business demand.
North America market held significant revenue share in 2021 and is assured to grow noticeably over the foreseeable timeline.
Browse key industry insights spread across 190 pages with 216 market data tables & 13 figures & charts from the report, “Radiotherapy Market Analysis By Type (External Beam Radiation Therapy {Intensity-Modulated Radiation Therapy [IMRT], Image-Guided Radiation Therapy [IGRT], Proton Therapy}, Internal Radiation Therapy, Systemic Radiation Therapy), Application (Lung Cancer, Prostate Cancer, Breast Cancer, Cervical Cancer, Head & Neck Cancer), End-use (Hospitals, Radiotherapy Centers & Ambulatory Surgery Centers, Cancer Research Institutes), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Radiotherapy market from systemic radiation therapy segment is estimated to show around 4.4% CAGR over the forecast period. Systemic radiation therapy uses the radiopharmaceutical or radioactive particles to treat different types of cancer, mainly prostate, thyroid, and bone cancer. The treatment travels in the blood to tissues across the whole body, seeking out and killing different cancer cells. Systemic radiation therapy is mostly given through a vein via an IV line or with the help of an injection. This helps to deliver radiation doses to the tumor or area where cancer cells are identified. Thus, surging demand for such therapies to treat cancer will boost the overall segment progress.
Radiotherapy market from prostate cancer segment accounted for more than 21% revenue share in 2021. Radiation therapy widely uses particles or high-energy rays to kill cancer cells. Depending on the prostate cancer stage different therapies including external beam radiation therapy, internal radiation therapy and systemic radiation therapy is suggested by the healthcare professional. Moreover, rising cases of prostate cancer will surge the demand for radiotherapy.
Radiotherapy centers & ambulatory surgery centers segment is projected to witness 6.6% CAGR during the analysis timeframe. Patients suffering with different types of cancer, prefer radiotherapy treatments among other methods of treatment. Therefore, treatment decisions made by the patients are based on their preferences to undergo surgery or through radiotherapy treatment. Such scenarios will accelerate the overall market forecasts.
Asia-Pacific radiotherapy market held 21% revenue share in 2021. This is owing to increasing adoption of novel technologies, and awareness programs. The rise in overall healthcare expenditure due to lifestyle changes as well as disposable incomes have further surged the demand for radiotherapy. Furthermore, the regional growth is attributed to rising elderly population that is more susceptible to various lung as well as other infections. This has increased the awareness regarding radiotherapy among people hence, proving beneficial for the overall regional market statistics.
Some of the prominent business players operational in radiotherapy industry include Elekta, Siemens Healthineers, Accuracy, ViewRay, Isoray, IBA, RefleXion, Mevion Medical Systems, Inc., and Hitachi.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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