Radiotherapy Market: In-Depth Analysis of Industry Report and Growth Strategies Adopted by Key Players

Illinois, United States, 2021-Feb-02 — /EPR Network/ —

This report aims to provide detailed insights into the global radiotherapy market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.

Key Players in Radiotherapy Market:

The major players operating in the radiotherapy therapy market include Varian Medical Systems, Inc. (US), Elekta (Sweden), and Accuray Incorporated (US). Other players in this market include Ion Beam Applications SA (Belgium), ViewRay, Inc. (US), IsoRay Medical, Inc. (US), Hitachi Ltd. (Japan), Panacea Medical Technologies Pvt. Ltd. (India), Provision Healthcare (US), Mevion Medical Systems, Inc. (US), Sumitomo Heavy Industries, Ltd. (Japan), Optivus Proton Therapy, Inc. (US), P-cure Ltd. (Israel), Theragenics Corporation (US), and C.R.Bard, Inc. (US).

Key Growth Strategies Companies are Focused On:

The analysis of the market developments between 2015 and 2018 revealed that several growth strategies such as product launches and enhancements and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the radiotherapy market. Among these business strategies, product launches and approvals were the most widely adopted growth strategies by market players.

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Varian Medical Systems (US) is one of the leading players in the global radiotherapy market. Its broad portfolio of radiotherapy systems and brachytherapy products is the key factor accounting for its large share in this market. The company focused on organic strategies such as product launches and introduced a number of new and advanced radiotherapy systems in the past three years, such as the ProBeam 360 single-room proton therapy system and Halcyon. It also adopted inorganic strategies such as agreements, partnerships, collaborations, and contracts to enhance its market presence. The company is also focused on providing training and conducting workshops to increase the adoption of its products.

Elekta (Sweden) offers an extensive range of products, including radiosurgery & brachytherapy solutions and radiotherapy systems. Elekta caters its radiotherapy products to more than 6,000 hospitals worldwide. The company caters to various end users such as hospitals and cancer research institutes. It has a strong presence and wide industry coverage in North America, Europe, and other regions. The company has a sound customer services support set up, which helps it to strengthen its customer relationships and presence in the market. During the last three years, the company has significantly invested in R&D activities. In 2017, the R&D expenses accounted for 11.9% (USD 37 million) of the company’s total revenue. Elekta focuses on both organic and inorganic growth strategies to enhance its footprint in the global radiotherapy market.

Key Factors Driving Market Growth:

Technological advancements in radiotherapy and the rising incidence of cancer are the major factors driving the growth of this radiation oncology market. Additionally, the growing adoption of radiotherapy procedures for cancer treatment, increasing use of particle therapy for cancer treatment, and the rising number of conferences and symposia focusing on the advancements in radiotherapy are some of the other major factors driving the growth of radiotherapy market.

Expected Revenue Growth:

The global Radiotherapy Industry is projected to reach USD 6.8 billion by 2023 from USD 5.6 billion in 2018, at a CAGR of 4.1%

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Regional Growth Analysis:

The Asia Pacific is one of the major revenue-generating regions in the radiotherapy market. China, India, and Japan are the major countries responsible for the high growth of this regional market owing to factors such as the increasing per capita income, improving healthcare infrastructure, and supportive government activities in these emerging countries. Furthermore, the increasing geriatric population, the growing incidence of cancer, and the rising acceptance of radiotherapy procedures and devices are also driving the growth of this regional market.