Radiotherapy Market Opportunity and Analysis by Varian Medical Systems, Inc., Elekta AB, Accuray

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Global radiotherapy market is expected to reach at a CAGR of 7.7% in the forecast period of 2018 to 2025.

Competitive Analysis: Global Radiotherapy Market

Some of the prominent participants operating in this market are globally Varian Medical Systems, Inc., Elekta AB, and Accuray, Inc., CIVCO Medical Solutions, Brainlab AG, C. R. Bard, Inc., IsoRay Medical, Inc., Nordion, Inc., RaySearch Laboratories AB, PRECISIS AG, Mevion Medical Systems, Inc., Technicas Radiofiscas S.L., Hitachi, Ltd., Sumitomo Heavy Industries, Ltd., Mitsubishi Electric Corporation, ProNova Solutions, LLC, and ProTom International among others.

Segmentation: Global Radiotherapy Market

Global Radiotherapy Market, By Therapy (Beam Radiotherapy, Brachytherapy, Systemic Radiotherapy), By Product Type (External Beam Radiotherapy, Internal Radiotherapy Products, Radiotherapy Softwares, Systemic Radiotherapy), By Application (Prostrate Cancer, Breast Cancer, Lung Cancer, Spine Cancer, Liver Cancer, Brain Cancer, Others), Geography (North America, Europe, Asia-Pacific, South America, Middle East & Africa)– Industry Trends and Forecast to 2025

Drivers:

Growing incidence of cancer:

The incidence of diseases and conditions such as cancer are growing over the period of time. In 2012, men were diagnosed with lung, colorectal, pharynx, stomach, head and neck, and liver, which were considered as the five most common sites of cancer. Also, women were diagnosed with breast, ovary, lip and oral cavity, lung and cervix. Mention below is some of the statistics related to the cancer.

According to the World Health Organisation annually 120,000 people in Pakistan are diagnosed with cancer.

According to 2014 Turkey Ministry of Health Cancer Statistics, around 7,218 new cases of patients we diagnosed with collateral cancer which includes 4,102 male and 3,116 female.

According to Cancer Press, in 2017, cancer was considered as the third leading cause of death in Iran.

Rising ageing population:

With increasing age, the patient pool for chronic disease is rising which includes the growth of cancer cases among the older population.

With this rising population the patient pool requiring care for disorders and diseases is expected to increase in the older population. Since cancer incidence is increasing exponentially with advancing age, it is expected to affect the older population which will impact the growth of the older cancer patient pool.

Restraints:

REGULATORY SCENARIO:

Diversity of strict regulatory procedures for launching a product along with high initial costs is expected to restrain the growth of the market. Major other regulatory standards do not accept Certification of Compliance with a particular country’s radiation standards. In addition to this, excise taxes on medical devices in certain countries may also hamper the growth.

For instance, radiotherapy is classified by FDA under Class II devices that need to comply with certain special controls in order to gain approval. Special controls are devices specific which includes performance standards, post market surveillance, patient registries, special labeling requirements, pre-market data-requirements and guidelines. Radiotherapy is particularly subject to compliance with the Ionizing Radiation (Medical Exposure) Regulations 2000 (IRMER) (as amended 2006 and 2011).

HIGH COST OF RADIOTHERAPY:

Radiotherapy is the radiation therapy that is used to kill cancer cells or damage them. Radiotherapy is one of the most used treatments for cancer. One of the main factors which is restraining the growth of the market is the increasing cost of the radiotherapy.

For the patients not covered under the health insurance, radiation therapy can cost approximately USD 10,000 to USD 50,000 or even more as the cost of treatment depends on the type of cancer, number of treatments that are needed and also the type of radiation used.

According to the news published, in Daily News Paper in Turkey 2018, the annual estimated cost for the treatment of cancer is around USD 3 Billion per year and can tripled by 2030.

Thus, the high cost of radiotherapy is restraining the market to grow.

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Opportunity:

EMERGING MARKET:

Radiotherapy devices market will grow with the growing geriatric population and adoption of innovative technologies and changing lifestyle, induced diseases like obesity and cardiovascular diseases. Increasing awareness in people about the disease, high disposable income and favorable reimbursement scenario improve adoption rates of devices. Many SME’s are coming up with new technologies which can prove to be advantageous in market for customers. Emerging countries like India, Japan, and Thailand are coming up with new ideas in market and are giving competition to the large scale companies.

Radiotherapy is growing because it is a highly effective cancer treatment. Radiotherapy kills the cancer cells and reduces the number of unhealthy tissues. Thus companies are striving to come up with these recent products and trends which give a challenge to the existing companies.

Challenges:

SIDE-EFFECTS OF RADIOTHERAPY:

Like any other cancer treatments, radiation can cause unpleasant side effects, such as the overall fatigue, skin irritation and other side effects that depend on the part of the body being treated. Skin of the individual in the radiation treatment area might look red, irritated, and swollen. Radiation therapy can lead to hair loss and low blood counts. High doses of radiation therapy are used to destroy the cancer cells. Radiation therapy can also damage the healthy tissues and cells near the treatment area. Most of the side effects go after a period of time but some effects are long term effects that even include developing a second cancer.

According to a study by UCLA Jonsson Comprehensive Cancer Center, radiation induces breast cancer cells to form more tumors. Radiation promotes malignancy in cancer cells instead of killing those, thus it forces the cancer cells to grow back with even greater force. Thus, side effects of radiotherapy act as one of the major challenge for the radiotherapy market.

Table of Contents:

1. INTRODUCTION

1.1. OVERVIEW OF GLOBAL RADIOTHERAPY MARKET
1.1.1. CURRENCY AND PRICING
1.1.2. LIMITATION
1.1.3. MARKETS COVERED

2. MARKET SEGMENTATION

2.1. MARKETS COVERED
2.2. GEOGRAPHIC SCOPE
2.3. YEARS CONSIDERED FOR THE STUDY
2.4. CURRENCY AND PRICING
2.5. RESEARCH METHODOLOGY
2.6. PRIMARY INTERVIEWS WITH KEY OPINION LEADERS
2.7. SECONDARY SOURCES
2.8. ASSUMPTIONS

3. MARKET OVERVIEW

4. EXECUTIVE SUMMARY

5. PREMIUM INSIGHTS

6. GLOBAL RADIOTHERAPY MARKET, BY THERAPY TYPE

7. GLOBAL RADIOTHERAPY MARKET, BY PRODUCT TYPE

8. GLOBAL RADIOTHERAPY MARKET, BY INDICATION

9. GLOBAL RADIOTHERAPY MARKET, BY GEOGRAPHY

10. GLOBAL RADIOTHERAPY MARKET, COMPANY SHARE

11. COMPANY PROFILES

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