Increasing Incidence of Cancer to Drive Global Radiation Therapy Equipment Market, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Radiation Therapy Equipment markets. Global market for Radiation Therapy Equipment is projected to reach US$6.8 billion by 2018, driven by the increasing incidence of cancer around the world. An aging population, lifestyle-related issues, changing dietary habits, and elevated smoking rates are responsible for rising incidence of cancer, and continue to enhance the demand for Radiation Therapy globally. Additionally, technological advancements are driving the market for Radiation Therapy Equipment, owing to the development of sophisticated screening methods that facilitate early cancer detection.
San Jose, California (PRWEB) November 05, 2012
Follow us on LinkedIn – The incidence of cancer is rising worldwide with over 13 million cases recorded in the year 2008 alone. Worldwide, the rate of growth of cancer is expected to rise further and reach 17 million by 2030. Market growth in the US is driven by an increasing number of cancer cases, a favorable reimbursement policy pertaining to radiation therapy for cancer, as well as rapid acceptance of advanced and novel treatment procedures. In the US, about half the number of cancer patients undergo radiation therapy, a percentage that is expected to rise further. Highly accurate and targeted radiation therapy has the potential to replace surgery, and as a result increase its adoption. Much of the future growth of radiotherapy depends upon the availability of more effective technologies.
In recent years, developed nations have been serving as major growth markets. However, demand from such nations is expected to decelerate due to slow recovery as well as higher rate of unemployment and fiscal deficit. In developing countries, growth is expected to be driven primarily by a considerable increase in demand pertaining to cancer drugs and radiation therapies. Demand is expected to increase as such economies are witnessing a high rate of cancer cases compounded by the lack of proper infrastructure for cancer treatment. Moreover, the governments of such economies are already implementing initiatives in the form of increasing the number of centers for cancer treatment. Private hospitals are predicted to increasingly invest in the establishment of enhanced facilities for cancer treatment.
Brachytherapy is increasingly been accepted as standard treatment for gynecological cancers including ovarian cancers, cervical cancer, and endometrial cancer among others. Brachytherapy offers several benefits to cancer sufferers who are increasingly adopting this non-invasive alternative, and this is predicted to continue to drive the future demand for brachytherapy. Brachytherapy is expected to experience a high uptake in emerging nations such as China, India, and Brazil owing to a vast difference between demand and supply in these countries for brachytherapy devices. Extending applications of brachytherapy to other locations within the body to include gliomas and intraocular melanomas, which are a kind of brain tumor would assist in propelling the market for temporary brachytherapy devices in the future.
As stated by the new market research report on Radiation Therapy Equipment emerging markets such as Asia-Pacific, Eastern Europe, and Latin America hold vast opportunities for market participants. Growth in these markets is expected to arise from increased replacements and emergence of additional applications for the equipment, while the market in developed countries is relatively mature. Growth in such markets would be driven by accurate conformal technologies and to a certain extent from replacement demand. Over the past few years, population of cancer patients in developed countries has reduced significantly, thereby effectively slowing annual growth. Early diagnosis, improved treatment, and advanced technology have increased the survival rate of cancer patients. However, the radiation equipment market faces challenges in the form of pressures due to changing reimbursements, and volatility related to sales of capital equipment.
Linear Accelerators represents the largest Radiation Therapy Equipment segment. On the other hand, Treatment Planning Systems presents the highest growth opportunities. Image-guided radiation therapy is a major trend in the radiotherapy market as the technology enables identification of the precise position of a tumor prior to radiation delivery, and minimizes risk of damaging healthy tissue during treatment. Demand for IGRT machines is high as oncologists are seeking image-guidance functionality. Another trend in the radiation therapy market is advanced motion detection, which detects any shift in position of a tumor located near moving organs, such as the lungs and heart.
The global Radiation Therapy Equipment market is dominated by a handful of global players, owing to the high level of complexity in the systems. As such, the global players dominate sales in all the regional markets. Moreover, all the players in the global market are based in North America or Europe. Major players in the global marketplace include Accuray Incorporated, Elekta AB, Nordion, Inc., Philips Healthcare, Siemens Healthcare, and Varian Medical Systems Inc.
The research report titled "Radiation Therapy Equipment: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for Radiation Therapy Equipment (in US$) by Linear Accelerators, Treatment Planning Systems, and Radiation Therapy Simulators. Geographic markets analyzed include the United States, Canada, Japan, Europe (France, Germany, Italy, UK, and Rest of Europe), Asia-Pacific, and Latin America.
For more details about this comprehensive market research report, please visit –
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
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