The global radiotherapy market has seen immense growth in terms of its applications, both in new and improved as well as conventional forms, owing to the rapidly rising cancer-afflicted population globally. The most important requirement necessitating the development of improved and increasingly accurate radiation therapy is the need to accurately hit only the affected tumor using the radiation beam and avoid damaging the surrounding tissue. Image-guided Radiotherapy is the result of research, which has gone into integrating better imaging techniques to facilitate clearer visualization of the cancer tumor(s). Further improvements in the imaging of tumors for radiotherapy applications is the major driver expected to fuel the growth of this market throughout the coming decade.
The global market for radiotherapy is broadly segmented on the basis of the location of radiation application, type of cancer, and specific technology employed. Based on the severity of cancer, radiation beam is applied externally, internally, or systemically. Radiation beams which are internally applied vary from low dose to high dose therapy based on the requirement. For the external application of the radiation beam, the main technologies available are 3D conformal radiotherapy, adaptive radiation therapy, tomotherapy, image-guided, and intensity-modulated radiation therapy. In gynecological, penile, esophageal, and cervical cancers internal radiotherapy finds greater application while external radiotherapy treatments are used in breast, prostate, head, spine, neck, lung, and brain cancers. The latest developments in the implementation of CT aided intensity-modulated radiotherapy and image-guided techniques are expected to fuel market growth throughout the forecast period.
Among the four major regions analyzed namely North America, Europe, Asia Pacific, and RoW, North America accounted for the largest share of the revenue generated in the global radiotherapy market in the year 2013. Extensive ongoing research and development programs engaged in improving the existing radiation therapy techniques such as integration of image-guided and intensity-modulated radiotherapy combined with hormone treatment to reduce remission percentages are the factors contributing to its largest share. Further, the presence of unmet medical needs and a growing number of cancer incidences in the Asia Pacific indicate that the region is expected to remain as a considerably lucrative opportunity over the foreseeable future.
The key market participants for the global radiotherapy market are GE Healthcare, Siemens Healthcare, Protom International Inc., Varian Medical Systems Inc., Nordion Inc., Angiodynamics Inc., C.R. Bard Inc., Accuray Inc., IBA Group; and Covidien Plc.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.