Radiotherapy Devices Market to Reach US$ 10 Bn by 2027 End
The global market has several opportunities on offer for key players in the form of increasing government support for structured cancer R&D initiatives and a provision for up gradation of existing equipment and treatment capabilities based on technological advancements. The radiotherapy devices market is strictly governed by regulatory approvals that apply to the concerned regional markets such as the U.S. FDA Medical Device Regulatory Approval Process and the European Medicines Agency Regulatory Approval for Medical Devices; making it the most structured and well-scrutinised market for medical devices poised for good growth owing to all the factors listed above.
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A US$ 4 Bn market, the global radiotherapy devices market will be distributed almost evenly across the top regional markets: In terms of market share, North America takes the cake in the global radiotherapy devices market, with an estimated 34% market share through the forecast period. Western Europe will occupy the second place, moving from an estimated 29% value share in 2017 to a little over 30% by the end of the forecast period. The Western Europe radiotherapy devices market will witness an increase of 93 basis points in its market share over the 10 year period while North America stands to lose 57 basis points in 2027 over 2017. High income nations especially in Northern-Western Europe are well-served with radiotherapy resources, which could probably explain the relatively high market share of Western Europe as compared to other regions. Countries in some of the developing economies still face shortages of both equipment and critical machinery capable of delivering high precision conformal treatments. Hence, the market share of regional markets such as Latin America and the Middle East & Africa are way low as compared to the share held by the developed economies such as North America and Western Europe.
Global Radiotherapy Devices Market Revenue Forecast by Region: The North America radiotherapy devices market was valued at US$ 1,357.9 Mn in 2016 and is slated to register a CAGR of 9.3% between 2017 and 2027, to move to a market valuation in excess of US$ 3,500 Mn by the end of 2027. Western Europe will follow suit with a projected market valuation in excess of US$ 3,100 Mn by 2027 end, up from an estimated US$ 1,231.3 Mn in 2017. In terms of CAGR, the Western Europe radiotherapy devices market will grow at 9.8% during the forecast period. The APEJ radiotherapy devices market – valued at over US$ 550 Mn in 2016 – will see a sudden peak in revenue growth between the years 2022 and 2027, resulting in an impressive CAGR of 10.0%, the highest among all the regional radiotherapy devices markets.
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Regional Market Attractiveness & Absolute Dollar Opportunity Analysis: The North America regional market dominated the global radiotherapy devices market in terms of revenue in 2016, and the trend is projected to continue throughout the forecast period. North America is the most attractive regional market, recording an attractiveness index of 2.4 over the forecast period. Western Europe will be the second most lucrative regional market in the global radiotherapy devices market, exhibiting an attractiveness index of 2.2 during the assessment period.North America is expected to create an absolute $ opportunity of US$ 118.85 Mn in 2018 over 2017; Western Europe will create an absolute $ opportunity of US$ 107.57 Mn in 2018 over 2017; APEJ is projected to create an absolute $ opportunity of US$ 52.87 Mn in 2018 over 2017
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