Portland, OR -- (SBWIRE) -- 05/23/2019 -- There have been revolutionary advancements in the radiotherapy devices, such as development of advanced devices that can perform three-dimensional conformal radiotherapy with extraordinary precision, leading to market growth throughout the forecast period.

According to a new report published by Allied Market Research, titled, Radiotherapy Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global radiotherapy market was valued at $4,723million in 2016, and is projected to reach at $7,222million by 2023, growing at a CAGR of 6.2% from 2017 to 2023. The external beam radiation therapy segment accounted for more than four-fifths of the total market in 2016.

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North America accounted for majority of the share (nearly two-fifths) in the market in 2016, and is expected to maintain its dominance throughout the forecast period, owing to increased adoption of radiotherapy devices, enhanced technological advancements, and development of novel products by the key players. In addition, rise in the elderly population, favorable reimbursement rates, prevalence of different types of cancers, and advanced healthcare infrastructure fuel the market growth.

The major companies profiled in the report include Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, IBA (Ion Beam Applications SA), Nordion, Inc., C. R. Bard, Inc., Isoray Medical, Inc., Raysearch Laboratories AB, Mevion Medical Systems, Inc., and Mitsubishi Electric Corporation.
Radiotherapy devices are used to treat cancer patients by exposing the cancerous tissues to X-rays, gamma rays, and charged particles.

The market is driven by growth in number of cancer patients, increase in geriatric population, rise in adoption of radiotherapy devices and procedures, owing to surge in number of awareness campaigns about the benefits of radiotherapy, and technological advancements in radiotherapy devices. However, dearth of skilled personnel and difficulty in tumor visualization restrict the market growth. Furthermore, growth opportunities in emerging markets and increase in demand for cancer treatment are expected to provide numerous opportunities for market growth during the forecast period.

The external beam radiation therapy segment is expected to maintain its dominant position throughout the analysis period, due to rise in the demand for radiotherapy procedures and the increased incidence of different types of cancers. In addition, brachytherapy segment is expected to grow at a high CAGR of 9.9% from 2017 to 2023.

The market is driven by growth in number of cancer patients, increase in geriatric population, rise in adoption of radiotherapy devices and procedures, owing to surge in number of awareness campaigns about the benefits of radiotherapy, and technological advancements in radiotherapy devices. However, dearth of skilled personnel and difficulty in tumor visualization restrict the market growth. Furthermore, growth opportunities in emerging markets and increase in demand for cancer treatment are expected to provide numerous opportunities for market growth during the forecast period.

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Key Benefits

- The study provides an in-depth analysis of the market with current trends and future estimations to elucidate the imminent investment pockets.
- It offers a quantitative analysis and comprehensive analysis of all geographical regions from 2016 to 2023 to enable the stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis by type helps to understand the various types of devices used for radiotherapy.
- Key players are profiled and their strategies are analyzed thoroughly to understand competitive outlook of the global market.