Global Radiotherapy Market - Segmented by Type, Application, End-user, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Radiotherapy Market is expected to witness a CAGR of 6.9% during the forecast period (2018-2023). The Radiotherapy Market was worth USD 7197.57 million in 2017 and is expected to display a promising upward growth in the next 5 years.
Reduced Cost of Cancer Treatment
Over the years, it has been observed that the cost of radiotherapy treatment has decreased substantially. The reduced cost of the cancer treatment can be attributed to the insurance coverage, and the cost varies from region to region. The average cost for a course of radiotherapy per patient was USD 8,600 for breast cancer, USD 9,000 for lung cancer, and USD 18,000 for prostate cancer. However, out-of-pocket expenses are about USD 10,000 to USD 50,000 or more, depending on the type of cancer and the number of sessions required. Therefore, along with favorable healthcare policies, the average cost of cancer treatment is expected to reduce during the forecast period, driving the cancer-affected population to consider opting for low range cost-effective treatment methods, like radiotherapy. In turn, this trend is expected drive the growth of the global market during the forecast period.
Other factors driving the radiotherapy market include, technological advancements in radiotherapy products, rise in number of geriatric population, lucrative reimbursement plans, and huge government and non-government investments in the R&D of cancer treatment.
Shortage of Skilled Personnel to Perform the Radiotherapy
The implementation of the advanced radiotherapy is expected to be hampered by the shortage of staff confidence and the training required by the staff. According to the American College of Radiology 2015 Commission on Human Resources Workforce survey findings, the number of general radiologists has fallen by almost half in the past two years, now accounting for 12.8% of all radiologists. Also around 7% of all radiologists are older than 65 years, and 22% are between the ages of 56 and 65 years, the looming retirement of a substantial portion of the radiology workforce threatens to create an additional need for specialized workforce. Factors such as, shortage of staff, and the lack of trained radiographers are expected to restrict the global market over the forecast period.
Other restraining factors include, competent alternative treatments and the fact that radiotherapy is not effective for metastasized state of cancer.
North America Dominates the Market
North America has accounted for the largest share of the market in 2016, followed by Europe. There are numerous factors for the United States to dominate the market, which include technological advancements in radiotherapy equipment, growing number of cancer cases, and the rising focus of the major players on expanding their presence in region. The Asia-Pacific region is expected to grow at the fastest rate, due to the increasing number of cancer patients, which is expected to drive the radiotherapy market.
Key Developments in the Market
November 2017: Toshiba Medical launched New MR Solution to enhance Oncology Radiation Therapy. They have introduced the Galan RT Solutions suite of radiation therapy tools. Galan RT Solutions allows healthcare providers to precisely map the MR data to PET/CT images to develop confident plans for radiation therapy and prioritize exceptional patient care.
Major Players: GE HEALTHCARE, SIEMENS, TOSHIBA, IBA, VARIAN, CARDINAL HEALTH, NORDION, ISORAY, RADCALC, AND MIRADA MEDICAL, amongst others.
Reasons to Purchase this Report
Current and future global Radiotherapy Market outlook in the developed and emerging markets
Various perspectives of the market, with the help of Porter’s five forces analysis
The segment expected to dominate the market
The region expected to witness the fastest growth rate during the forecast period
The latest developments, market shares, and strategies that are employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in Excel)
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