According to a new report published by Allied Market Research, titled, Radiotherapy Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global radiotherapy market was valued at $4,723million in 2016, and is projected to reach at $7,222million by 2023, growing at a CAGR of 6.2% from 2017 to 2023. The external beam radiation therapy segment accounted for more than four-fifths of the total market in 2016.
Radiotherapy devices are used to treat cancer patients by exposing the cancerous tissues to X-rays, gamma rays, and charged particles. The market is driven by growth in number of cancer patients, increase in geriatric population, rise in adoption of radiotherapy devices and procedures, owing to surge in number of awareness campaigns about the benefits of radiotherapy, and technological advancements in radiotherapy devices. However, dearth of skilled personnel and difficulty in tumor visualization restrict the market growth.
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The external beam radiation therapy segment is expected to maintain its dominant position throughout the analysis period, due to rise in the demand for radiotherapy procedures and the increased incidence of different types of cancers. In addition, brachytherapy segment is expected to grow at a high CAGR of 9.9% from 2017 to 2023.
North America accounted for majority of the share (nearly two-fifths) in the market in 2016, and is expected to maintain its dominance throughout the forecast period, owing to increased adoption of radiotherapy devices, enhanced technological advancements, and development of novel products by the key players. In addition, rise in the elderly population, favorable reimbursement rates, prevalence of different types of cancers, and advanced healthcare infrastructure fuel the market growth.
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Prominent players operating in the Radiotherapy market include, Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, IBA (Ion Beam Applications SA), Nordion, Inc., C. R. Bard, Inc., Isoray Medical, Inc., Raysearch Laboratories AB, Mevion Medical Systems, Inc., and Mitsubishi Electric Corporation.
Key Findings of the Radiotherapy Market:
- The external beam radiation therapy segment accounted for more than four-fifths of the total market in 2016.
- The hospitals segment accounted for more than three-fifths of the total market in 2016.
- Asia-Pacific is expected grow at the highest CAGR of 7.5% from 2017 to 2022
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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