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Radiotherapy, Radiopharmaceuticals And Nuclear Medicine Market to Witness Steady Expansion During 2018-2023

Report Scope:

This research report categorizes the radiation therapy by technology, products and applications. The technology market is divided into three types of radiation therapy, which are external beam radiation therapy, internal radiation therapy/brachytherapy and systemic radiation therapy. External radiotherapy’s by-product is LINAC (linear accelerator); compact advanced radiotherapy systems is divided into CyberKnife, gamma knife and tomotherapy, and proton therapy system; and proton therapy system has two subsegments, which are cyclotrons and synchrotrons. Internal radiotherapy is divided into seeds applicators and electronic brachytherapy. External radiotherapy by technology is divided into image-guided radiotherapy (IGRT), intensity modulated radiotherapy (IMRT), stereotactic technology, particle/proton beam therapy, tomotherapy, 3D-conformal radiotherapy (3D-CRT) and volumetric modulated ARC therapy. Internal radiotherapy by technology is divided into two types: low-dose brachytherapy and high-dose brachytherapy. Systemic radiation therapy is bifurcated into two segments: alpha emitters and beta emitters.

Radiation therapy has also been studied based on the various applications: external radiation therapy applications: prostate cancer, breast cancer, lung cancer, and head and neck cancer. Internal radiation therapy applications include: prostate cancer, gynecological cancer, breast cancer, cervical cancer and systemic radiation therapy, hyperthyroidism, bone metastasis, lymphoma and endocrine tumors. The global radiation therapy market is segmented in this report by region: North America, Europe, Asia and the Rest of the World.

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Report Includes:

– An overview of the global market for radiotherapy and related technologies and applications.
– Analyses of market trends with data from 2016, estimates for 2017, and projections of compound annual growth rates (CAGRs) through 2022.
– Discussion of major factors driving the growth for nuclear medicine, including neurological diseases such as Alzheimer’s disease, Parkinson’s disease, and dementia, and an overall increase in awareness about nuclear medicine.
– Detailed information concerning major challenges the market faces, including the harmful effects of radiation, the tight required regulation of radioisotopes, and a lack of supply of radioisotopes.
– Analyses of the diagnostic applications for radiotherapy, such as Single Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET).
– Comprehensive company profiles of major players in the industry.

Report Summary

There are currently 33 million cancer patients worldwide and this number is steadily increasing as the global population ages. The market for radiotherapy, one of the treatments used in oncology, was estimated at nearly $6.8 billion in 2017 and is expected to increase at a compound annual growth rate (CAGR) of 6.4% to $9.2 billion by 2022. The radiation therapy market is bifurcated with two main players, Varian and Elekta, which dominate more than 90% of the market. Major players include Varian
(U.S.), Elekta (Sweden), IBA-Worldwide Proton Therapy (Belgium) and Accuray (U.S.).

Several major drivers are expected to boost the growth of this market in the forecasted period, including government funding through constant reimbursement continuous R&D applied to different applications; and the fact that radiation therapy is an efficient treatment. The rising incidence of cancer due to aging populations, particularly in developing countries, is another major driver since aging is considered the biggest single factor for the development of cancer. Additionally, radiation therapy is a personalized treatment, which is preferred in cancer cases.

Major factors restricting the growth of the radiation therapy market, particularly in developing countries, are the high cost of the devices, space restrictions and the lack of trained professionals to administer it. External radiation therapy claims the major share of the global market, but the equipment is capital intensive and requires a large facility to accommodate it. Other factors that have a negative effect on the market include radiation therapy’s limited effectiveness against metastatic cancer and its
side effects.

Since this is a capital-intensive industry, a stable economy is a necessity for growth. Half of all cancer cases are occurring in developing countries, many of which have strong economies. This enables them to have the purchasing power to buy equipment. The major threat is economic downturn or recession; the radiation therapy market saw a major dip during the recession of 2009.

The global radiation therapy market is segmented by type into three submarkets: external beam radiation therapy, internal beam radiation therapy/brachytherapy and systemic radiation therapy. The radiation therapy market is estimated by application of each type of therapy and by region into the North America, Europe, Asia and the Rest of the World.

The radiation therapy market is growing at a CAGR of 6.4% due to growth in developing countries and replacement sales in developed countries.

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