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The radiation therapy equipment market share is expected to increase by USD 4.66 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 9.19%.
This radiation therapy equipment market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers radiation therapy equipment market segmentation by product (external and internal) and geography (North America, Europe, Asia, and Rest of World (ROW)). The radiation therapy equipment market report also offers information on several market vendors, including Accuray Inc., Bionix LLC, Canon Inc., Carl Zeiss AG, Eckert and Ziegler AG, Elekta AB, Hitachi Ltd., Hologic Inc., iCAD Inc., IntraOp Medical Corp., Ion Beam Applications SA, IsoRay Inc., Mevion Medical Systems Inc., Optivus Proton Therapy Inc., P CURE Ltd., Panacea Medical Technologies Pvt. Ltd., Provision Healthcare, Siemens Healthineers AG, Sotera Health Co., and Sumitomo Heavy Industries Ltd. among others.
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The rising occurrence of colorectal cancer is notably driving the radiation therapy equipment market growth, although factors such as the high cost of radiation therapy equipment may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the radiation therapy equipment industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Radiation Therapy Equipment Market Driver
The rising occurrence of colorectal cancer is one of the key drivers supporting the radiation therapy equipment market growth. A steady rise in the incidence of cancer is primarily led by factors such as the growing obese population, unhealthy diet, and others. The rising number of cases of colorectal cancer further increased awareness about the required proper treatment in the world. As per Eurostat, colorectal cancer is the most common form of cancer in Europe. Every year more than 450,000 people in Europe are diagnosed with it, and approximately 230,000 will die of their disease. Moreover, the survivors of cancer require radiotherapy for treatment. Hence, with the increasing number of cancer patients globally, the demand for radiation therapy equipment is increasing. Therefore, the rising number of colorectal cancer cases will contribute to the growth of the market.
Key Radiation Therapy Equipment Market Trend
Advances in technology is another factor supporting the radiation therapy equipment market growth. Technology plays an important role in the development of medical devices. It aids in enhancing the precision rate of devices, which results in providing a higher success rate and increases the usability of the devices. Vendors are developing innovative and superior technologies and equipment to overcome the shortcomings of the old systems. They are introducing new radiation therapy equipment as well as launching upgraded products that aid in providing better operability and results. These developments have resulted in superior features and operability of radiation therapy equipment. Superior features in the equipment enhance the precision rate of treatment for cancer, thereby accelerating the demand for such equipment.
Key Radiation Therapy Equipment Market Challenge
The high cost of radiation therapy equipment is one of the factors hindering the radiation therapy equipment market growth. The global radiation therapy equipment market is growing at a steady pace. However, the growth of the market is hindered by the high cost associated with radiation therapy equipment, especially in price-sensitive markets such as developing and underdeveloped economies. The cost of radiation therapy equipment depends on technological advances. The average cost of a linear accelerator can range between $300,000 to $1,300,000. The high cost of radiation therapy can increase the cost burden for patients. Further, the cost of radiation therapy depends on the type of cancer. Thus, the high cost of radiation therapy equipment and the procedure cost can lead end-users to opt for substitutes, thereby hindering the market growth.
This radiation therapy equipment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the radiation therapy equipment market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the radiation therapy equipment market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the radiation therapy equipment market encompasses successful business strategies deployed by the key vendors. The radiation therapy equipment market is fragmented and the vendors are deploying growth strategies such as product launches to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The radiation therapy equipment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the radiation therapy equipment market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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38% of the market's growth will originate from North America during the forecast period. The US is the key market for radiation therapy equipment market in North America. Market growth in this region will be faster than the growth of the market in ROW.
The presence of global vendors in the US will facilitate the radiation therapy equipment market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In early 2020, the outbreak of COVID-19 in the region led to a halt in the operations of units that manufacture radiation therapy equipment. However, the market is expected to grow after the pandemic is brought under control. The outbreak of COVID-19 has prompted vendors to come up with new business strategies, such as online promotional activities and training for doctors, to raise the demand for radiation therapy equipment. This will help the regional market growth during the forecast period.
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The radiation therapy equipment market share growth by the external segment will be significant during the forecast period. External radiation therapy equipment uses external beam radiations for treatment. Radiation beams used for treatment may consist of either photons, protons, or electrons. Most radiation therapy equipment uses photon beams. Photon beams can reach tumors present deep inside the body. Moreover, the segment by external radiation therapy equipment is driven by increasing product launches. Such developments would lead to the growth of the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the radiation therapy equipment market size and actionable market insights on post COVID-19 impact on each segment.
Radiation Therapy Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.19% |
Market growth 2022-2026 |
$ 4.66 billion |
Market structure |
Fragmented |
YoY growth (%) |
7.31 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 38% |
Key consumer countries |
US, Canada, Germany, UK, and Japan |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Accuray Inc., Bionix LLC, Canon Inc., Carl Zeiss AG, Eckert and Ziegler AG, Elekta AB, Hitachi Ltd., Hologic Inc., iCAD Inc., IntraOp Medical Corp., Ion Beam Applications SA, IsoRay Inc., Mevion Medical Systems Inc., Optivus Proton Therapy Inc., P CURE Ltd., Panacea Medical Technologies Pvt. Ltd., Provision Healthcare, Siemens Healthineers AG, Sotera Health Co., and Sumitomo Heavy Industries Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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