Press release
Irradiation Apparatus Market is Expected to Grow $7.23 billion in 2028 at a CAGR of 4.7% over Forecast period 2024-2033
Irradiation Apparatus Market Report
The irradiation apparatus market size is expected to see steady growth in the next few years. It will grow to $7.23 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to increased healthcare investments, rising incidence of cancer, expansion of food irradiation, global health threats, government initiatives and regulations. Major trends in the forecast period include personalized radiation therapy, integration of artificial intelligence (AI), advancements in imaging technologies, development of next-generation radiosensitizers, adoption of hybrid technologies.
Market Overview -
Irradiation apparatus refers to the equipment and devices used in the process of irradiation, which involves exposing an object or material to high-energy radiation. It is used to ionize radiation to treat medical conditions, sterilize equipment, preserve food, and conduct research and industrial processes.
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Healthcare Expenditure Surge Fuels Growth In The Irradiation Apparatus Market
The rising expenditure on healthcare is expected to propel the growth of the irradiation apparatus market going forward. Expenditure on healthcare refers to the total amount of money spent on health-related goods and services within a specific period, encompassing costs related to medical treatment, medications, hospital care, preventive measures, and overall healthcare infrastructure development. The role of high healthcare spending on irradiation apparatus is significant because radiation treatment is resource-intensive, capital-intensive, and technology-intensive, particularly when it comes to the establishment and upkeep of radiation therapy facilities. For instance, in May 2023, according to a report published by the Office for National Statistics, a UK-based government department, between 2020 and 2021, healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms. Furthermore, spending on preventive care was $45.72 billion in 2021, more than doubling from 2020. Therefore, the rising expenditure on healthcare is driving the growth of the irradiation apparatus market.
Competitive Landscape -
Major companies operating in the irradiation apparatus market report are Hitachi Ltd., Siemens Healthcare Private Ltd., Fujifilm Holdings Corporation, GE Healthcare, Philips Healthcare, Ametek Inc., Shimadzu Corporation, Varian Medical Systems Inc., Agfa-Gevaert, Carestream Health Inc., Orion Corporation, Toshiba America Medical Systems Inc., Steris PLC, BioWave Corporation, Comet Yxlon GmbH, KaVo Dental, PROTEC GmbH & Co. KG, Canon Medical Systems Corporation, Ziehm Imaging Inc., Mitsubishi Electric Corporation, Techno-Aide, Allengers infotech, Narang Medical Limited, Xoran Technologies Inc., EIZO Inc., Control-X Medical Ltd.
Innovation In Irradiation Apparatus Market With Advanced Radixact Systems For Personalized Cancer Treatment
Major companies operating in the irradiation apparatus market are developing innovative products with advanced technologies, such as advanced Radixact Systems, to gain a competitive edge in the market. The Radixact System is an irradiation apparatus and advanced TomoTherapy platform that delivers precise and personalized radiation therapy for cancer treatment. For instance, in September 2021, Manipal Hospitals, an India-based multi-specialty healthcare provider, launched the first-of-its-kind advanced radixact system with synchronized automatic, real-time motion synchronization technology for the precise treatment of cancer patients. The Synchrony technology on the Radixact X9 system can track the tumor in real time, which moves with the patient's natural breathing and automatically adjusts the radiation beam. The unique design of the Radixact System features a refined x-ray beamline, a unique high-speed multi-leaf collimator, and advanced imaging capabilities previously unavailable on traditional linear accelerators, making it a highly advanced and precise irradiation apparatus for cancer treatment.
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Key Segments -
The irradiation apparatus market covered in this report is segmented -
1) By Type: X-Rays, High Speed Neutrons, Electrons, Gamma Rays, Alphabeta Particles
2) By Usage: Diagnostic Purposes, Therapeutic Purposes, Dental Purposes, Chiropractic Diagnostic Purposes, Industrial And Research Applications
3) By Application: Hospital, Industry, Laboratory, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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