Radiotherapy Market Value Predicted To Reach US$ 9.0 Billion By 2027 Covering COVID-19 Impact: nova one advisor

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Latest Study on “Radiotherapy Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.

The global Radiotherapy market size is expected to be worth around US$  9.0 Billion by 2027, according to a new report by nova one advisor.

The global Radiotherapy market size was valued at US$ 4.7 Billion  in 2020 and is anticipated to grow at a CAGR of 5.1% during forecast period 2021 to 2027.

Overview of Radiotherapy Market Study

Radiotherapy market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

Technological advancements in radiotherapy and the rising incidence of cancer are the major factors driving the growth of this market. Additionally, the growing adoption of radiotherapy procedures for cancer treatment, increasing use of particle therapy for cancer treatment, and the rising number of conferences and symposia focusing on the advancements in radiotherapy are some of the other major factors driving the growth of this market.

Radiotherapy Market Dynamics

Driver: Technological advancements

Over the last decade, the radiotherapy devices market has seen significant technological advancements. These advancements have helped in the development of more effective, low-cost, and easy-to-use radiotherapy products with improved and precise radiation dose delivery to offer increased efficiency in targeting tumors. The advancement from 2D to 3D conformal radiotherapy with real-time imaging has enabled high conformity of radiation to the target (with minimal exposure to normal tissue) and dose escalation with improved tumor control. Products that provide these benefits are expected to have a very high growth potential in a short time span, especially in mature markets where the adoption rate of technologically advanced products is high.

Considering these factors, several key market players are continuously focusing on the development, approval, and launch of technologically advanced products. For example, in 2020, Elekta (Sweden) introduced its Elekta Harmony linear accelerator, a cancer treatment system with a shorter treatment slot of up to 25% and a 30% smaller footprint. In 2020, PMB, a subsidiary of the ALCEN Group, announced the launch of FLASHKNiFE, a FLASH radiotherapy system dedicated to clinical trials.

Such technological advancements focus on improving the functionality of radiotherapy delivery systems and expanding their application areas. The growing adoption of these systems in multiple applications and settings is one of the major factors driving the growth of the radiotherapy market.

Restraint: Lack of adequate healthcare infrastructure

Radiotherapy devices are larger in size and require ample space for installation. As a result, in emerging and underdeveloped economies, the lack of adequate healthcare infrastructure due to limited healthcare expenditure is one of the major factors restraining the adoption of radiotherapy systems. Currently, only a limited number of healthcare institutions in underdeveloped and developing countries are capable of using advanced radiotherapy systems for cancer treatment. This, in turn, is limiting the number of radiotherapy procedures in spite of their high demand. The WHO recommends at least one teletherapy unit per million population. As per this recommendation, the minimum required a number of teletherapy units in India is around 1,250 units as against the presently available 545 units, marking a huge shortfall of nearly 700 units.

Opportunity: Rising healthcare expenditure across developing countries

The rapid economic development and increasing healthcare expenditure in several emerging countries, such as China, India, Brazil, and Mexico, are expected to improve access to quality healthcare in these countries. This is considered a positive indicator for the radiotherapy market. The rising incidence of cancer in these countries is resulting in a growth in the demand for various radiotherapy devices and techniques. Moreover, governments across these countries are focused on providing modern and advanced healthcare services to larger proportions of their population, as well as the improvement of reimbursement coverage. Rapid growth in per-capita healthcare expenditure and the growing public demand for affordable healthcare services are driving the growth of healthcare products (including oncology devices) across these countries. This can be evidenced by the overall increase in healthcare expenditure. For example, the healthcare expenditure of India increased from 1.2% to 2.5% of the total GDP from 2019 to 2020. Whereas, in China, healthcare expenditure has increased to 12.6% to ~USD 930 billion, as the government has raised spending in the healthcare sector amidst the COVID-19 pandemic (Source: Healthcare Asia).

Challenge: Risk of radiation exposure

One of the major challenges associated with the use of radiation therapy for cancer treatment is the risk of radiation exposure. The high radiation doses involved with therapeutic exposures have the potential to cause harm to not only the patients opting for treatment but also to the healthcare staff and people in the surrounding areas in case there is involuntary radiation exposure. This may result in various side effects, such as vomiting, diarrhea, and nausea. Similarly, exposure to a large amount of radiation doses all at once may cause radiation sickness and death.

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COVID-19 Impact on Radiotherapy Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Radiotherapy market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Radiotherapy market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Radiotherapy market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Radiotherapy market include:

Varian Medical Systems, Inc. (US), Elekta (Sweden) Accuray Incorporated (US), Ion Beam Applications SA (Belgium), BD (US), Eckert & Ziegler (Germany), Hitachi Ltd. (Japan), ICAD, Inc. (US), IntraOp Medical, Inc. (US), IsoRay Medical, Inc. (US), Mevion Medical Systems, Inc. (US), Panacea Medical Technologies Pvt. Ltd. (India), P-cure Ltd. (Israel), ViewRay, Inc. (US), and ZEISS Group (Germany), among others.

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Global Radiotherapy market, by Product

  • External Beam Radiotherapy
  • Electron-emitting High-energy Linear Accelerators
  • Conventional Linear Accelerators
  • Stereotactic Advanced Electron/Cobalt-60 Linear Accelerators
    • Gamma Knife
    • CyberKnife
    • TomoTherapy
  • Conventional Cobalt-60 Teletherapy Units
  • Particle Therapy Systems
    • Cyclotrons
    • Synchrotrons
    • Synchrocyclotron
  • Internal Beam Radiotherapy/Brachytherapy
    • Seeds
    • Afterloaders
    • Applicators
    • IORT Systems
  • Systemic Radiotherapy
    • Iobenguane (I-131)
    • Samarium-153
    • Rhenium-186
    • Other Systemic Radiotherapy Products*

Global Radiotherapy market, by Application

  • External Beam Radiotherapy
    • Prostate Cancer
    • Breast Cancer
    • Lung Cancer
    • Head and Neck Cancer
    • Colorectal Cancer
    • Other Cancers
  • Internal Beam Radiotherapy/Brachytherapy
    • Prostate Cancer
    • Gynecological Cancer
    • Breast Cancer
    • Cervical Cancer
    • Penile Cancer
    • Other Cancers

Global Radiotherapy market, by Procedure

  • External Beam Radiotherapy
    • Image-guided Radiotherapy
    • Intensity-modulated Radiotherapy
    • Stereotactic Therapy
    • Particle Therapy
    • 3D Conformal Radiotherapy
  • Internal Beam Radiotherapy/Brachytherapy
    • High-dose-rate Brachytherapy
    • Low-dose-rate Brachytherapy
    • Pulsed-dose-rate Brachytherapy
  • Systemic Radiotherapy
  • Intravenous Radiotherapy
  • Oral Radiotherapy
  • Instillation Radiotherapy

Global Radiotherapy market, by End User

  • Hospitals
  • Independent Radiotherapy Centers

Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/radiotherapy-market

Why Buy this Report?

The purpose of Nova one advisor’s Radiotherapy market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@https://www.novaoneadvisor.com/report/checkout/4405 

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