The Global Radiotherapy Devices Market Is Set To Grow To $8 Billion By 2027 At A CAGR Of 9.1% As Per The Business Research Company's Radiotherapy Devices Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 18, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Radiotherapy Devices Global Market Report 2023, the global radiotherapy devices market is poised for substantial growth, with projections indicating an increase from $5.21 billion in 2022 to $5.69 billion in 2023, representing a compound annual growth rate (CAGR) of 9.3%. This growth is attributed to several factors and market dynamics. The market is expected to continue its upward trajectory, reaching an estimated $8.07 billion by 2027 at a CAGR of 9.1%.
One of the primary drivers of the radiotherapy devices market growth is technological advancement in the field of radiotherapy devices. Innovations in technology have paved the way for the development of low-cost, more effective, user-friendly products with precise and improved radiation doses. Transitioning from 2D to 3D radiotherapy devices with real-time imaging has significantly enhanced radiation conformity, leading to improved tumor control. For instance, the launch of the CyberKnife S7 System by Accuray Incorporated in June 2020 showcases the industry's commitment to advancing precision and efficiency in radiotherapy. This system combines advanced precision, real-time artificial intelligence, and high-speed motion tracking and synchronization for stereotactic body radiation therapy (SBRT) and stereotactic radiosurgery (SRS) treatments.
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The radiotherapy devices market is characterized by several major players, including Varian Medical Systems, Elekta AB, Accuray Inc., C.R. Bard Inc., IBA Ion Beam Applications SA, Koninklijke Philips N.V, Siemens AG, Eckert & Ziegler Bebig, IsoRay Inc., and GE Healthcare. Notably, the integration of Artificial Intelligence (AI) represents a leading trend in this sector.
AI technology is gaining significant popularity in radiotherapy devices, offering increased accuracy and speed in diagnosis, improved clinical decision-making, and enhanced treatment outcomes. For example, the launch of AI-based radiation treatment technology by HCG cancer hospital in October 2022 has expedited radiation treatment planning significantly. AI is expected to play a crucial role in deep learning applications for treatment planning, clinical decision support, automated image-guided adaptive radiation therapy, and genomic/radio-biologic data mining, further bolstering market growth.
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Regionally, North America led the global radiotherapy devices market in 2022, with Asia-Pacific following closely as the second-largest region.
The radiotherapy devices market is segmented based on product type, application, and end-users, including External Beam Radiation Therapy Devices, Linear Accelerator Devices, Proton Therapy Devices, Skin Cancer, Breast Cancer, Prostate Cancer, Cervical Cancer, Lung Cancer, and other applications, with end-users encompassing hospitals, ambulatory surgical centers, and oncological treatment centers.
The global radiotherapy devices market's growth trajectory is underpinned by technological advancements, the integration of AI, and a commitment to delivering more precise and efficient radiation therapy solutions, despite ongoing global challenges.
Radiotherapy Devices Global Market Report 2023 by The Business Research Company provides insights on the radiotherapy devices market size, radiotherapy devices market segments, radiotherapy devices market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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