The Global Radiation Therapy Market is likely to gain momentum from the ever increasing demand for non-invasive treatment options for cancer. According to a report by Fortune Business Insights, titled, “Radiation Therapy Market Size, Share and Global Trend By Type (External Beam Radiation Therapy, Internal radiation therapy (brachytherapy), Others), By End Users (Hospitals & Diagnostic Laboratories, Cancer Treatment & Research Centers, Academic Research Organizations, Others) and Geography Forecast till 2026,” there is a rise in the prevalence of different types of cancers across the world. This is anticipated to fuel the global sales during the forecast period.
Key players leading the Global Radiation Therapy Market include
- Panacea Medical Technologies Pvt. Ltd.,
- Elekta AB,
- Provision Healthcare,
- Varian Medical Systems, Inc.,
- INC Isoray Inc.,
- DOSIsoft SA,
- Accuray Incorporated,
- Mevion Medical Systems,
- Viewray Technologies,
Renowned Key Players Focus on Product Launches to Gain Fast Track FDA Approvals
DOSIsoft SA, a leading provider of innovative solutions, based in France, announced in March 2019 that it has received FDA approval to market PLANET Onco Dose software. The software offers personalized 3D dosimetry solution for 90Yttrium-based SIRT. In other words, it aids in diagnosing medical complications and internal dosimetry computation. It is also dedicated to therapy response assessment aid with the help of molecular imaging modalities. It is likely to augment the global radiation therapy market during the forecast period.
ViewRay Technologies, Inc., a provider of innovative radiation therapy techniques, headquartered in Ohio, announced that it has received FDA approval for the commercialization of new soft tissue visualization capabilities in February 2019. The main aim of this was to enhance the features of its MRIdian MRI-Guided Radiation Therapy System. It would help in reducing the treatment delivery time through MLC speed.
The report further states that the ongoing technological developments in the field of radiotherapy and new product launches by numerous key market players are expected to boost the global radiation therapy market revenue in the forthcoming years. Furthermore, several government organizations are initiating awareness programs regarding the application and benefits of radiations for the treatment of cancer. All these factors will also contribute to the rapid growth of the global market.
Increasing Demand for Cost-Effective Treatment Options to Favor Growth in Europe
The global radiation therapy market is geographically segmented into the Middle East and Africa, Europe, North America, Asia Pacific, and Latin America. Amongst these regions, North America is projected to lead the market throughout the forecast period. This growth is attributed to the rising adoption of radiation therapy as part of the treatment procedure as well as an increasing incidence of cancer. Several government organizations in Europe are spending huge sums in the research and development activities. Prominent market players in the region have also begun involving themselves in strategic collaborations for developing affordable treatment options for treating deadly diseases, such as cancer. All these factors will contribute to the radiation therapy market growth in Europe during the forecast period.
Asia Pacific, on the other hand, is expected to witness significantly high CAGR in the forthcoming years. This will occur due to the increasing patient pool and ongoing economic development happening in this region. The Middle East and Africa are already witnessing huge demand for cost-effective options for the treatment of various types of cancer. This is one of the major factors that will propel the radiation therapy market growth in this region, in the coming years.
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