The global radiation therapy market is projected to record a steady growth rate of 5.2% from 2018 to 2026 to reach USD 8.6 billion by 2026, driven by a surge in product approvals, increased expenditure on healthcare, high incidence of cancer, growing preference for non-invasive treatment procedures, technological advancements, and notable research and development activities.
These are the latest findings of Transparency Market Research (Albany NY, USA), a next-generation market intelligence provider.
A wave of therapeutic and diagnostic technologies is paving the way for higher growth in oncology, thus aiding radiation therapy and driving market growth. However, some key restraints are likely to impede market growth, including the high cost of treatment which makes it unaffordable for a large chunk of the population in the developing region, particularly in countries where healthcare cover is low. The market growth is also likely to be hampered by low awareness levels, as patients are sometime unaware of cancer cells wreaking havoc on their body until it is too late, leading to a late diagnosis. Radiation also takes a toll on the body and its side-effects can be difficult to tolerate for some patients, thus affecting the growth of the radiation therapy market.
Based on end-user, hospitals are expected to dominate the global radiation therapy market during the forecast period due to robust infrastructure with state of the art-equipment and services that are usually available. On the basis of type, the external beam radiation therapy segment is expected to account for the largest market share due to a stream of notable approvals and significant technological advancements.
Geographically, the Asia Pacific region is one of the biggest revenue generators in the global radiation therapy market, led by Japan, China, and India on the back of their rising levels of disposable income and improving healthcare infrastructure. In India, increased healthcare expenses and efforts to provide insurance cover to more people will contribute positively to the growth of the Asia Pacific radiation therapy market. Additionally, the large patient pool and increasing awareness about cancer symptoms and diagnosis will also fuel the growth of the radiation therapy market in the region.
Transparency Market Research