According to FutureWise analysis the market for radiation therapy equipment in 2023 is US$ 3.4 billion, and is expected to reach US$ 5.98 billion by 2031 at a CAGR of 7.3%.
The use of Radiation Therapy or Radiotherapy has become a crucial part of cancer treatment. Radiation Therapy uses high-energy radiation from sources such as X-rays, neutrons, protons, and gamma rays to destroy cancerous tissues or prevent them from multiplying. As the number of cancer patients around the world increases and more people adopt radiation therapy to treat cancer, the global market continues to grow. The market is expected to grow due to advances in cancer treatment technology as well as increasing reimbursement coverage for radiotherapy treatments. Additionally, the growing elderly population and rising cancer incidence rates in this age group are driving growth. Several developed nations are lowering the cost of treatment for cancer, and increased government and private investments in research and development are driving growth in the global radiotherapy equipment market. As a result of recent advancements in the radiation therapy field, many effective treatments have been developed as well as good prognoses and reduced side effects. Recent advancements in stereotactic body radiation therapy, intensity-modulated radiation therapy, nanotechnology, 4D imaging, and particle therapy are improving radiotherapy treatments. Through a catheter, internal radiation therapy, also called brachytherapy, directs radioactive material or implants to the tumor site and surrounding tissues. Its growth is driven primarily by an expanding pool of cancer patients.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Radiation Therapy Equipment Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Radiation Therapy Equipment Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.