The global radiotherapy devices market is anticipated to top US$ 10 Bn by 2031, progressing at a robust CAGR of 7% over the decade.
Radiotherapy devices are a wide range of medical devices used in radiation therapy. These devices can produce an accurate amount of high-energy radiation, which is further delivered on targeted areas of a patient’s body. General characteristics of a radiotherapy device include emission of electrons, photons, and other fast-moving subatomic particles, and the use of X-ray tubes to build contact between the device and the targeted area in a patient’s body.
Medical professionals and cancer patients, both, are driving the adoption of radiotherapy devices due to their advantage in lowering the hospital stay of patients and controlling the growth of cancerous tumors. As radiotherapy continues to gain traction for being the most coveted treatment of a wide range of cancers, the global market for radiotherapy devices continues to expand exponentially.
Key Takeaways from Market Study
- Global radiotherapy devices market to top US$ 10 Bn by 2031.
- Linear accelerator devices projected to reach around US$ 4.5 Bn by 2031.
- Systemic radiotherapy expected to record above 5% CAGR over the next 10 years.
- Internal beam radiotherapy systems to reach valuation of US$ 1.2 Bn by 2031.
- Market in Europe holds global share of more than 50%.
- Market in South Korea to record 4% CAGR over forecast period of 2021- 2031.
“Higher efficacy of radiotherapy devices, increasing introduction of novel therapies, and rising number of government initiatives for cancer care are major factors expected to drive demand for radiotherapy devices over the coming years,” says a senior analyst.
Market Competition
For key companies, the global market has various opportunities, including increased government support for organized cancer R&D efforts and the ability to upgrade existing equipment and treatment capabilities based on technological breakthroughs.
With continuous evolution of the healthcare sector, keeping a record of latest developments and trends is fundamental for radiotherapy device manufacturers to formulate key business strategies.
- In October 2020, Mayo Clinic and Google Health declared that artificial intelligence would be used to enhance cancer radiation therapy planning. Both organizations are working on developing and validating an algorithm that can detect and remove tumors from healthy tissues and organs.
