Radiation Therapy is a type of therapy that uses ionizing radiation and is most preferred for the treatment of different types of cancer. It is helpful in curing various types of cancers if cancer cells are located in one particular area of the body. This therapy is also used for treating cancerous tumors due to its capability to control cancer cell growth and shrink the tumor. The ionizing radiation damages the DNA present in a cancerous cell which results in cellular death. There are three major types of therapy used to treat cancer, such as External Beam Radiation Therapy, Internal Radiation Therapy, and Systemic Radiation Therapy.
The major factors which are driving the growth of the Global Radiation Therapy Equipment market include the wide spreading of cancer across the world, increasing preference for non-surgical cancer treatment by the patient, and rising R&D activities for the development of cost-effective, cancer treatment equipment. The increasing demand for radiation therapy by the patient as it safer procedure with minimum side effects, is further fuelling the growth of the market. According to WHO, cancer is the second leading reason for death across the world, which is estimated at around 9.6 million death in 2018. The growing R&D activities along with innovation in equipment such as radiation equipment with advanced imaging capabilities will create numerous opportunities in the market. For instance, according to Cancer Research UK, 17 million new cancer cases occur worldwide, which includes lung cancer, breast cancer, bowel cancer, and prostate cancer. The manufacturers are designing radiation equipment with a customizable spatial radiation beam dependent on tumor shape and size without compromising patients’ safety due to the radiation. However, the high cost of radiation therapy equipment may hamper the growth of the market.
Based on therapy type, the Internal Radiation Therapy segment is expected to grow at a higher CAGR during the forecast period owing to the increasing usage of internal radiation therapy for various types of cancer such as lung cancer, prostate, breast cancer, among others by hospitals, clinics, among others. In Internal Radiation Therapy, doctors use a high dose of radiation directly to the targeted tissue to treat a smaller area in lesser time and avoid healthy tissues that are nearby.
Based on the application, the hospital segment is expected to grow at higher CAGR in the market during the forecast period owing to the presence of a large number of aging radiation therapy equipment globally, which increases the demand to replace this equipment with advanced radiation therapy equipment.
Based on the region, Asia-pacific is projected to grow at higher CAGR in the global Radiation Therapy Equipment market during the forecast period owing to the increasing development of healthcare infrastructure, rising expenditure in healthcare and growing medical tourism in countries such as India, South Korea among others due to low-cost treatment.
The major key players in the market include Accuray Incorporated, BrainLab AG, Elekta AB, GE Healthcare, Hitachi America Ltd., IBA Group, Nordion Inc., Philips Healthcare, RaySearch Laboratories AB, Sumitomo Heavy Industries Ltd., Varian Medical Systems Inc., among others.
- In 2018, Brainlab launched ExacTrac Dynamic at the American Society for Radiation Oncology (ASTRO) meeting in Texas. It is a radiotherapy patient positioning and monitoring solution. It uses various systems combined with different internal tracking and surface scanning technologies.
- In 2017, Brainlab entered into Partnership with Elekta to Streamline Treatment Workflows for Stereotactic Radiation Therapy. Under this partnership, both the companies integrate their technologies; Brainlab uses ExacTrac and Elekta Versa HD linear accelerator patient positioning and monitoring technology. The integration of these two technologies provides high definition stereotactic radiosurgery (HDRS) treatments to patients.
The Global Radiation Therapy Equipment market has been segmented based on the Therapy Type, Application, and key region. Based on Therapy Type, the market is segmented into External Beam Radiation Therapy, Internal Radiation Therapy, and Systemic Radiation Therapy. Based on Applications, the market is segmented into Hospitals, Clinics, and Others
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