June 30, 2020
As per the report titled ‘Global Radiation Therapy Market Analysis By Product Type (External Beam RT, Internal Beam RT), By Application, By End User, By Region, By Country (2020 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global radiation therapy market is expected to record substantial growth during 2020-2025.
Increasing expenditure on medical services to battle cancer, complemented by the advancement of healthcare infrastructure in various nations to reduce cancer mortality rate are expected to influence the growth of global radiation therapy market.
The United States accounts for highest proportion of radiation therapy facilities, while China recording the lowest. This contrast is majorly due to lacking radiation therapy facilities in China. In view of the aforesaid statement, emerging economies such as China and India have abundant growth opportunities for companies operating in global radiation therapy market.
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Based on product segmentation, external-beam radiation therapy is expected to record the largest market share in the approaching years due to increase in cases of lung cancer, breast cancer, along with the affordability of radiation therapy. In order to offer better treatment to cancer patients, many companies are focusing on R&D, which in turn, is likely to enhance the market outlook.
Based on end-user spectrum, hospitals and others segment held substantial market share, followed by clinic segment. This growth is mainly due to increasing collaborations between manufacturers and doctors, clinics, surgeons, and hospitals to understand and suffice the requirements of consumers. Rising adoption of radiation therapy to treat increasing breast cancer cases is likely to enhance the market scenario.
Geographically, EMEA is expected to hold a substantial fragment of the worldwide market, followed by America and Asia-Pacific. This is majorly due to the reason that manufacturers operating in these regions constantly work to match the consumer requirements. Additionally, rising awareness about cancer among people is anticipated to drive the growth of global radiation therapy market.
Major companies operating in global radiation therapy market are Varian Medical System Inc., Accuray Inc., Elekta AB, C. R. Bard Inc., Pancea Medical Technologies, ViewRay Inc., Isoray Inc., Optivus Proton Therapy Inc., Mevion, and Hitachi Corporation among others.