The Market has been estimated at USD XX billion in 2016 and is projected to reach USD XX billion by 2021, at a CAGR of XX% during the forecast period from 2016 to 2021. Radiation therapy uses high energy radiation on targeted cells and cell growth to stop them from growing and dividing. It is a local treatment like surgery and affects a specific area only.
Radiation can come from a machine (external radiation), from implants (internal radiation) placed near the tumors. Radiotherapy is mostly and widely used for the treatment of cancerous tumor, benign tumors and other conditions like thyroid disease and some blood disorders.
The global radiotherapy market is driven by a number of factors like an increase in the number of cancer patients, reduction in the cost of treatment in many developed countries, huge government and non government investments in Research and Development of cancer treatment and preference for non invasive procedures of treatment. However, the lack of skilled personnel to perform the therapy, competent alternative therapy, its inability to be used for metastasis state of cancer and side effects like skin rashes, scar tissue formation have restrained the market growth.
The radiotherapy market is segmented based on the types of radiotherapy, application and by the equipments used. Based on the type of radiotherapy, the market is further segmented as external beam radiation therapy, internal radiation therapy and systemic radiation therapy. The external beam radiation therapy is further sub segmented as intensity modulated radiation therapy, image guided radiation therapy, tomotherapy, stereotactic radio surgery, stereotactic body radiation therapy and proton therapy. Based on application the market is segmented as skin and lip cancer, head and neck cancer, breast cancer, prostate cancer, cervical cancer, lung cancer, spine cancer and others like thyroid treatment. Based on equipment used, the radiotherapy market is segmented as linear accelerators, radiation therapy simulators and treatment planning systems.
Based on geographical location, the radiotherapy market can be divided into North America (USA, Canada and Mexico), Europe (France, UK, Germany, Spain, Portugal, Russia and Italy), Asia-Pacific (India, China, Japan, South Korea, Australia, New Zealand), Middle East and Africa (GCC, Egypt) and Latin America (Brazil and Argentina).
The increasing technological innovations and rise in healthcare expenditure and global GDP are some of the market opportunities for the key market vendors. However, they face the challenges to deal with cost of equipment and therapy especially in developing countries and stringent regulations and reimbursement policies. The key market players in the industry are GE Healthcare, Siemens, IBA, Varian, Cardinal Health, Nordion, Isoray among many others.