Leading players in the radiotherapy market are leveraging inundation of venture capitalists and investors in the industry to bolster key market developments.
DUBAI, UAE / ACCESSWIRE / October 19, 2020 / The radiotherapy device market is anticipated to reflect a healthy growth rate during the period of assessment between 2017-2027. The covid-19 pandemic has generated a number of potentially lucrative growth opportunities, in treatment of cancer and radiotherapy development applications. The high number of covid-19 cases and accompanied burden on the health care system will contribute to demand in the short term through the end of the crisis.
'Market share of healthcare companies remain sluggish in developing economies due to limited availability of resources. Increasing cases of cancer throughout the globe has fuelled the demand for radiotherapy devices which has pushed manufacturers to work on modification of existing equipment. This up gradation is likely to promote growth in the near future,' says the FMI report.
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Radiotherapy Devices Market- Primary Takeaways
- Global Radiotherapy Devices market will reach US$ 3.5 billion by 2027.
- Manufacturers are focusing on research and technological development to consolidate market share
- North America is displaying high potential for growth with 34% market share, owing to efforts by regulators for maintaining health industries.
- Product wise, external beam radiotherapy device accounts for major revenue share in the market.
Radiotherapy Devices Market - Growth Factors
- Better reimbursement health policies and cancer awareness campaigns at national level is a major driver for the adoption of radiotherapy devices.
- Improving healthcare expenditures in Northern-Western Europe due to rising income, fuels the demand for radiotherapy devices.
- Renewed R&D initiatives to upgrade technologically advanced treatment methods will propel the demand for radiotherapy devices.
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Radiotherapy Devices Market - Major Constraints
- Scarcity of critical machinery and equipment in developing economies contracts the adoption of devices.
- Complexity and high capital requirements holds back market growth.
Impact of Coronavirus
COVID-19 has changed our lifestyle and brought about a significant change in the way we work. The coronavirus pandemic has proven beneficial for radiotherapy device market players. Extensive use in cancer treatment and clinical applications bolster market developments. USA and Europe is likely to boost short term demand throughout the duration of the outbreak to avoid any shortage of devices. Demand is likely to remain strong in the long term as well owing to growing applications in treating a wide range of chronic ailments.
The players operating in the radiotherapy device market are focused on product development and launch strategies, widening portfolios for varied healthcare sector applications.
For instance, European Medicines Agency Regulatory Approval for Medical Devices and other regulators are planning to strengthen collaborations so that a well-scrutinized market scenario is established.
Some of the leading players in the market include Varian Medical Systems, Inc. (US), Elekta (Sweden), Accuray Incorporated (US), Ion Beam Applications SA (Belgium), ViewRay, Inc. (US), IsoRay Medical, Inc. (US), Hitachi Ltd. (Japan), Panacea Medical Technologies Pvt. Ltd. (India), Provision Healthcare (US).
More about the Study
The FMI study provides detailed insights on radiotherapy device market. The market is broken down in terms of product type (external beam radiotherapy devices and internal beam radiotherapy devices), and end-use (hospitals, ambulatory surgical centers), across key regions (North America, Latin America, Europe, Asia Pacific, China).
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