Yahoo Finance Radiotherapy Devices Global Market Report 2023
Major players in the radiotherapy devices market are Varian Medical Systems, Elekta AB, Accuray Inc, C.R.Bard Inc, IBA Ion Beam Applications SA, Koninklijke Philips N.V, Siemens AG, Eckert & Ziegler Bebig, IsoRay Inc, and GE Healthcare.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Radiotherapy Devices Global Market Report 2023" - https://www.reportlinker.com/p06280906/?utm_source=GNW
The global radiotherapy devices market is expected to grow from $4.76 billion in 2021 to $5.21 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The radiotherapy devices market is expected to grow to $7.47 billion in 2026 at a CAGR of 9.5%.
The radiotherapy devices market consists of sales of external beam radiation therapy devices, linear accelerator devices, and proton therapy devices that are used for radiotherapy.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Radiotherapy devices are used in cancer treatment by using high doses of radiation to kill cancer cells and shrink tumors.
North America was the largest region in the radiotherapy devices market in 2022.Asia Pacific was the second largest region in the radiotherapy devices market.
The regions covered in the radiotherapy devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product type of radiotherapy devices is external beam radiation therapy devices, linear accelerator devices, and proton therapy devices.A medical linear accelerator (LINAC) is a radiotherapy device that is generally utilized for external beam radiation treatments for patients with cancer.
It supplies high-energy x-rays or electrons to the region of the patient’s tumor.The applications are skin cancer, breast cancer, prostate cancer, cervical cancer, lung cancer, and others.
These are used in hospitals, ambulatory surgical centers, and oncological treatment centers.
Technological advancement is anticipated to drive the demand for the radiotherapy devices market.The advancement in technology is helping to develop low-cost, more effective and efficient, and user-friendly products with precise and improved radiation doses for increased performance in targeting tumors.
The advancement from 2D radiotherapy devices to 3D with real-time imaging enabled high conformity of radiation to improve tumor control.For instance, in June 2020, Accuray Incorporated, a US-based radiation oncology company launched CyberKnife S7 System, a radiotherapy device combining advanced precision, real-time artificial intelligence, and speed motion tracking and synchronization treatment delivery for stereotactic body radiation therapy (SBRT) and stereotactic radiosurgery (SRS) treatments.
Therefore, the launch of advanced devices is likely to propel the revenues for the radiotherapy devices market shortly.
The high cost of radiotherapy is projected to limit the growth of the radiotherapy devices market as it uses complex machines and involves the services of skilled health care providers.The specific expense of radiation treatment relies upon the expense of medicinal services such as place of patient residence, type of radiation treatment, and the number of medicines required.
For example, Proton Therapy is a high-cost therapy that is usually performed in metropolitical cities or at major academic centers.The treatment duration is eight weeks, which leads to huge expenditure on treatment and relocation.
According to the report of the National Cancer Institutes, approximately $150.8 billion were spent nationally for cancer care in 2018 in America. The high costs of cancer treatment are especially difficult to overcome among the poor or the uninsured or underinsured population. Therefore, the high cost associated with radiotherapy procedures is expected to restrain the growth of the market.
Artificial Intelligence (AI) is a leading trend in the radiotherapy devices market and is gaining significant popularity in the market.The incorporation of AI innovation in disease care is expected to improve the exactness and speed of analysis, help clinical dynamics, and lead to better results.
For instance, in October 2022, HCG cancer hospital launched AI-based radiation treatment technology for efficient radiotherapy.The traditional treatment arranging process takes days to make an improved radiation treatment conveyance plan; however, the new AI advancements are helping to speed up this procedure.
AI is also expected to include deep learning applications in treatment planning, clinical decision support, automated image-guided adaptive radiation therapy, and genomic/radio-biologic data mining, thus supporting the growth of the market.
In August 2020, Siemens Healthineers, a Germany-based medical technology company, announced its decision to acquire Varian Medical Systems Inc., for $16.4 billion. The deal is expected to expand Siemens Healthineer’s definitive objective of overarching and comprehensive oncology portfolio, including Varian’s linear accelerators, radiosurgery devices, and proton therapy suites to Siemens’ imaging hardware, laboratory diagnostics, and hospital consulting services. Varian Medical Systems Inc. is a US-based radiation oncology treatments and software company.
The countries covered in the radiotherapy devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The radiotherapy devices market research report is one of a series of new reports that provides radiotherapy devices market statistics, including radiotherapy devices industry global market size, regional shares, competitors with a radiotherapy devices market share, detailed radiotherapy devices market segments, market trends and opportunities, and any further data you may need to thrive in the radiotherapy devices industry. This radiotherapy devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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