In 2019, the global radiotherapy market revenue was set at $7,222.4 million. According to a P&S Intelligence report, an increasing number of cancer cases will cause revenue to climb by eight percent to $17,194.4 million by 2030.
Cancer is the second-leading cause of death in humans, killing 9.6 million people annually, according to the World Health Organization. The American Institute of Cancer Research estimates that by 2030, around 25 million cancer cases will be diagnosed yearly.
North America’s high incidence of cancer makes it the largest radiotherapy market globally. Additionally, established radiotherapy system providers and highly developed healthcare infrastructure are factors in the market scope. Residents in Canada and the United States have a higher level of disposable income than other countries, which allows them to afford treatment more quickly.
Due to the coronavirus pandemic, the radiotherapy market is subsequently experiencing growth as the focus of healthcare shifts from chronic disease to remedying the virus. What once were cancer-specialty hospitals are now COVID-19 care centers. Despite the circumstances, several hospitals are reopening their cancer wards, thereby increasing radiotherapy treatments.
Companies providing solutions to the increasing radiotherapy market opportunities are collaborating by creating partnerships and other working agreements in order to gain distribution partners for their equipment, offer clinicians a joint resolution of image-guided radiotherapy systems and Electronic Medical Record (EMR) platform, develop innovative markers for pre and clinical neurological and oncologic purposes, provide hospitals with cutting-edge proton therapy capabilities, and advance the radiotherapy system motion-tracking and rectification technologies.
To learn more about the expanding radiotherapy market, read this article by Prescient & Strategic Intelligence. Need to service your Linear Accelerator or CT scanner? Contact Acceletronics today – we can answer any questions you might have.
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Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.