NEW YORK, Dec. 1, 2017 /PRNewswire/ -- Radiotherapy market projected to grow at a CAGR of 6.8%.
The global radiotherapy market is expected to reach USD 9.47 billion by 2022 from USD 6.81 billion in 2017, at a CAGR of 6.8%. The rapidly increasing geriatric population, growing incidence of cancer cases across the globe, increasing symposiums driving investments in radiotherapy, and rising demand for radiotherapy devices and procedures globally are some of the key factors driving the growth of this market. However, the underdeveloped public health infrastructure in developing nations and the shortage of trained and skilled radiation oncologists are the major factors that are expected to restrain the growth of this market.
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Prostate cancer holds the largest share of the market by application.
On the basis of application, the radiotherapy market covers external beam radiotherapy and internal beam radiotherapy applications for various cancers. In 2016, the prostate segment held the largest share in both the segments. The growing incidence of prostate cancer and high success rates achieved with external beam radiation are the major factors driving the growth of this market segment.
Cancer research institutes are expected to grow at the highest CAGR during 2017 to 2022.
On the basis of end user, the cancer research institutes segment is expected to grow at the highest CAGR during the forecast period. The growing awareness about the research applications of radiotherapy devices, development of cost-effective and technologically advanced diagnostic and therapeutic radiotherapy systems, and increasing industry-academia collaborations in the field of research are the key factors driving the demand for radiotherapy techniques among cancer research institutes.
APAC is projected to witness the highest growth during the forecast period.
North America accounted for the largest share of the market in 2016, followed by Europe and Asia-Pacific. However, Asia-Pacific is expected to register the highest growth rate during the forecast period from 2017 to 2022. The high growth in this segment can be attributed to the growing number of new cancer cases, improvements in healthcare facilities, growing medical tourism, and focus of global players on the emerging nations in Asia-Pacific such as China and India.
Breakdown of supply-side primary interviews: by company type, designation, and region:
