August 10, 2017
WELLESLEY, Mass., Aug 10, 2017 – A strong trend toward using adjunct radiotherapy in combination with other approaches, combined with its well-established use in cancer, is driving the global market for radiotherapy, which may reach $9.2 billion by 2022. In a recent report by BCC Research, the industry’s opportunities are studied by technologies, products, and applications.
The global radiation therapy market can be segmented by type into three submarkets: external beam radiation therapy, internal beam radiation therapy/brachytherapy, and systemic radiation therapy. From $6.8 billion in 2017 sales, the radiation therapy market is projected to grow at a compound annual growth rate of 6.4% due to growth in developing countries and equipment replacement sales in developed countries. Government funding via constant reimbursement, continuous R&D in different applications, and the efficiency of radiation therapy are among factors driving growth in this industry, according to the report Radiotherapy: Technologies and Global Markets.
At 45%, the United States commands the largest share of the radiation therapy market, followed by Europe at 25% and Asia at 17%. However, Asia is experiencing the highest growth rate.
Additional Facilities and Training Are Needed
“Major factors restricting growth of the radiation therapy market, particularly in developing countries, are the high cost of the devices, space restrictions, and the lack of trained professionals to administer it,” says Neha Maliwal, BCC Research report analyst. “External radiation therapy claims the major share of the global market, but the equipment is capital intensive and requires a large facility to accommodate it.”
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Radiotherapy: Technologies and Global Markets( HLC176B )
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