According to a recent Future Market Insights report, the global radiotherapy devices market is slated to grow from $4 billion to more than $10 billion from 2016 to 2027. This is reflective of a CAGR of 9.5% during the 2017-2027 forecast period.
Key drivers fueling revenue growth of the global radiotherapy devices market include:
- Rising instances of cancer across the globe: The adoption of Western lifestyles and rise in unhealthy habits, such as smoking and poor diets, in economically developing countries will place a huge burden of cancer across the global population. The demand for radiotherapy as a treatment option will be bolstered as a result.
- Patient preference for minimally invasive techniques: Patients suffering from cancer—particularly breast cancer—are showing an increasing preference for minimally invasive treatment techniques, and this is anticipated to fuel the growth in demand for radiotherapy.
- Growing popularity of radiotherapy devices among oncologists: With radiation therapy as the most popular therapy type in cancer management, oncologists across the world are showing an inclination toward radiotherapy devices, given the fact that more than half of cancer patients are likely to receive radiotherapy during the course of their treatment.
Further, the global radiotherapy devices market is segmented on the basis of product type into external-beam radiotherapy devices (sub-segmented into linear accelerators devices and proton therapy devices) and internal-beam radiotherapy devices (sub-segmented into brachytherapy); on the basis of end user into hospitals, ambulatory surgical centers, and oncological treatment centers; and on the basis of region into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Japan, and Middle East and Africa.
By product type, external-beam radiotherapy devices will dominate the global radiotherapy devices market in terms of value share, estimated to hold over 75% marketshare in 2017 and more than 85% market share by 2027. This segment will register a high CAGR of 10.7% during the forecast period.
By end user, hospitals will retain a dominant position in the global radiotherapy devices market, with an estimated market valuation of more than $6.5 billion by the end of 2027.
Among the regional markets, North America will retain its position as the global market leader, with 8.1%, year-over-year, growth projected for 2018. Latin America, however, will witness sluggish growth throughout the forecast period, with a CAGR of 6.4% recorded between 2017 and 2027.