How is Growing Incidence of Cancer Driving Demand for Radiotherapy?
SummaryAccording to a report by P&S Intelligence, the global radiotherapy market is expected to generate a revenue of $17,194.4 million by 2030, increasing from $7,222.4 million in 2019, advancing at an 8.4% CAGR during the forecast period (2020–2030).
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- Author Name: Pramod Kumar
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The number of cancer cases has been rising all across the globe over the past few years. As per the American Institute of Cancer Research, by 2030, the number of new cancer incidence is expected to reach 25 million. The prevalence of cancer is further predicted to be the highest in low and middle-income countries, including India and China. Cancer is among the most common chronic diseases around the globe, and was responsible for 9.6 million deaths in 2018, as per the World Health Organization.
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The prevalence of cancer can be decreased by providing efficient medical care at initial stage of the disease, which can be done by radiotherapy and chemotherapy. Radiotherapy is majorly used for treating cancer, reducing the risk of cancer coming back if a person goes through surgery, and relieving symptoms if the patient cannot be cured. It is considered the most effective treatment for cancer, however, its effectiveness varies from person to person . According to a report by P&S Intelligence, the global radiotherapy market is expected to generate a revenue of $17,194.4 million by 2030, increasing from $7,222.4 million in 2019, advancing at an 8.4% CAGR during the forecast period (2020–2030).
The demand for radiotherapy is further expected to be the highest in hospitals in the near future as well owing to the rising number cancer cases, adoption of technologically advanced products in healthcare settings, increasing expenditure in the healthcare industry and growing geriatric population. Geographically, North America is predicted to make the most use of radiation therapy in the years, and the U.S. is dominating the regional domain. This can be ascribed to the extensive installation base for radiotherapy equipment, presence of major healthcare providers, and presence of research institutes are driving the demand for radiation therapy.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders