According to a new market research report from MarketsandMarkets, the global radiotherapy market is projected to reach $9.47 billion by 2022 from $6.81 billion in 2017, at a compound annual growth rate of 6.8%.
Technological advancements in radiotherapy systems, increasing incidence and prevalence of cancer, rising geriatric population, and growing adoption of radiotherapy devices and procedures are the major factors driving market growth.
Based on type, the external beam radiotherapy segment accounted for the largest share of the market. Rising adoption of linear accelerators for the treatment of cancer and development of advanced radiotherapy technologies are the key factors driving market growth.
On the basis of product type, the market is segmented into external beam radiotherapy, internal beam radiotherapy/brachytherapy, and systemic radiotherapy. In 2016, the external beam radiotherapy segment accounted for the largest market share and is expected to grow at the highest CAGR.
The large share of this segment can primarily be attributed to factors such as growing prevalence of cancer, product enhancements, and increasing adoption of external beam radiotherapy devices in emerging countries.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America accounted for the largest share of the market in 2016, followed by Europe. A number of factors, such as technological advancements in radiotherapy equipment, growing number of cancer cases, and rising focus of key players on expanding their presence in North America, are driving market growth.