Radiotherapy Devices Market to Receive Tailwinds, with Surge in Popularity among Oncologists: Future market Insights
Market players are collaborating with government for structured cancer research and development initiatives and for upgradation of present treatment capabilities and equipment based on technological progressions.
DUBAI, UAE / ACCESSWIRE / December 10, 2020 / Future Market Insights: The global radiotherapy devices market is poised to record an impressive CAGR of 9.5% over the forecast period of 2017-2027. This substantial growth can be primarily attributed to growing cases of cancer all over the world as well as increasing preference for minimally invasive techniques. Although the market is at present witnessing a slump in demand due to challenges inflicted by COVID-19 outbreak, recovery is anticipated with the initiation of vaccination by 2021.
“Growing preference to radiotherapy for oncological treatment of cancers is anticipated to impact the end-use of radiotherapy devices in specialty centers.Moreover, the demand in oncological treatment of cancers will also incur impact from advantage of radiotherapy in controlling the development of carcinogenic cells & tissues.” says an FMI analyst.
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Radiotherapy Devices Market – Key Highlights
The global radiotherapy devices market will be accounting for over US$ 10 Bn during 2017-2027.
External beam product type is anticipated to record an impressive CAGR of 10.7% over the forecast period.
Hospitals end-use segment will be accounting for more than 85% of the overall market share.
North America will retain its dominant position over other regions throughout the projected period.
Radiotherapy Devices Market – Drivers
Rising clinical avenue in the melanoma skin cancers (NMSC) treatment is extending the prospect of the radiotherapy market.
Growing usage of radiotherapy devices in therapeutics is enhancing the market growth
Progressions in radiation-immunotherapeutic and radio-oncogenomic approaches have pushed strides in the market.
Surge in clinical potential of radiotherapy in therapeutic treatment modalities in Western nations has furthered the market avenue in the forthcoming years.
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Radiotherapy Devices Market – Restraints
Strict regulations and severe side effects of the therapy can impede the market growth.
Lack of trained professionals is anticipated to hinder growth of the radiotherapy devices market.
COVID-19 Impact on the Market
The COVID-19 outbreak has impact all the fields of healthcare provision including radiotherapy devices market. There has been a drop in critical referrals from general practitioners to cancer facilities for individuals and likewise a decline in chemotherapy appointments from cancer patients. However, the market is anticipated to recover prompted by pent-up demand for cancer diagnosis and treatment.
Competitive Landscape
Key market players identified in the global radiotherapy devices market are Elekta AB, Varian Medical Systems, Accuray, Inc., Inc., C.R. Bard, IBA Ion Beam Applications SA, Siemens AG, Koninklijke Philips N.V., Eckert & Ziegler Bebig, GE Healthcare, IsoRay, Inc., Vision RT Ltd., Theragenics Corp, RaySearch Laboratories AB, Toshiba Medical Systems Corporation, Mitsubishi Electric Corporation, AngioDynamics, Inc., Neusoft Medical Systems Co., Ltd, and Shinva Medical Instrument Company Limited.
Players are focused on growth strategies such as product launches, collaborations, and partnerships to attain their key position in the global market. Players are also engaged in offering training as well as conducting workshops to boost their products adoption.
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About the Study
The study offers readers a comprehensive assessment of the radiotherapy devices market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of product type (External Beam Radiotherapy Devices {Linear Accelerators Devices and Proton Therapy Devices} and Internal Beam Radiotherapy Devices {Brachytherapy}), end user ( Hospitals, Ambulatory Surgical Centres, and Oncological Treatment Centres), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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SOURCE: Future Market Insights
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