Huge non-government as well as government expenditures in cancer treatment R&D, a rising number of cancer patients, and lower treatment costs are some of the reasons likely to drive the expansion of the global radiotherapy market. The number of persons affected by various malignancies has always been a key driving force in this industry. Cancer is one of the most common life-threatening diseases in today’s world. Cancer is the second largest cause of mortality worldwide, according to the World Health Organization, with 9.6 million deaths reported in 2018. Cancer is responsible for around one out of every six deaths worldwide. Such high incidences of cancer are likely to foster growth of the global radiotherapy market in the years to come.
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Limited resources to fulfill the demands of radiotherapy, as well as a shortage of trained, well-experienced experts to handle the workload, can be found in all of the major markets. The exact number of trained individuals necessary to execute a radiation process is determined by a variety of parameters, including the number of patients treated as well as the treatment’s complexities and the type of the local apparatus.
New Market Opportunities to Stem from Growing Popularity of IMRT Method
The most prevalent form of external beam radiation treatment is Intensity-modulated radiation therapy (IMRT). Amongst all forms of external beam radiation treatments, it has one of the largest share of the market. The main benefit of IMRT is that it can provide high radiation doses to the sites of cancer. IMRT makes use of a number of distinct radiation beams to target various locations at varying dosages. During the therapy, the beams can be switched on and off. This treatment approach has the extra benefit of precisely mapping tumor cells in three dimensions. This method is expected to grow as the global prevalence of cancer rises, as does demand for IMRT. However, the hefty treatment costs are a stumbling block for the global radiotherapy market. Increased penetration in developing regions is anticipated to be aided by cost reduction.
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In the US, about half of all cancer patients undergo therapy. External beam radiation treatment, systemic therapy, and internal radiation therapy are some of the many types of available radiation therapies. Radiation therapy is usually used in the form of a curative treatment, although it is also used as a palliative treatment in some instances. Radiotherapy has a huge market in the US. Factors driving the radiotherapy market in the US include rising cancer rates, the availability of radiation therapy reimbursements, and the substitution of earlier therapies with newer models.