According to The Insight Partners’ research, the global Radiotherapy Market accounted for US$ 6,474.78 million in 2020 and is expected to reach US$ 10,170.80 million by 2028, recording a stellar annual growth rate of 5.9% from 2021 to 2028. Rising prevalence of cancer worldwide and increasing number of conferences and symposiums to boost awareness about radiation therapy are the key parameters aiding the market expansion.
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Health systems across the world are witnessing a substantial increase in cancer cases. According to the WHO, over 9.6 million people worldwide died of cancer in 2019. The same data stated that prostate, lung, colorectal, liver, and stomach cancer occur in men while breast, colorectal, and cervical cancer instances are common in women. As per the statistics of Cancer Research UK, around 0.16 million people in the UK succumb to cancer every year. Such high prevalence of carcinogenic cases drives the adoption of radiotherapy. In March 2021, the WHO revealed that almost 50% cancer treatment procedures involve radiotherapy as a part of clinical care and management.
Over the past few years, a substantial investment on a global level encouraged the research for early detection, treatment, and management of cancer. Besides, the education & research institutes, healthcare authorities, and prominent market players are actively participating in several conferences and symposiums to impart knowledge and awareness about radiotherapy and showcase new medical technologies. In November 2018, Beijing Allcure Medical Technology Co and Mevion Medical Systems jointly conducted a conference on compact proton therapy in China. In October 2019, a European symposium was organized by ViewRay Inc to exhibit the benefits of MRI-guided radiation therapy. Such international conferences and summits at regular intervals drive the global radiotherapy market.
Key players dominating the global radiotherapy market are Siemens Healthineers AG; Accuray Incorporated; Sumitomo Heavy Industries, Ltd.; Elekta AB; Hitachi, Ltd; Koninklijke Philips N.V.; Brainlab AG; Protom International; Varian Medical Systems, Inc; Maastro; and Mevion Medical Systems among others.
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