Superficial Radiation Therapy System Market | Artificial Intelligence to Drive More Opportunities
Major superficial radiation therapy system market players are leveraging patient and healthcare professional bias towards minimally invasive therapies for skin cancer, to boost revenues in the post-pandemic era.
The global superficial radiation therapy system market is expected to reach a valuation of approximately US$ 57.3 Mn between 2020 and 2030. The global coronavirus outbreak is anticipated to have a moderate impact on the industry throughout the pandemic crisis. While the essential nature of basal and squamous cell cancer treatments will support demand. Strict procedures to screen covid-19 patients prior to superficial radiation therapy treatments holds back application rates during this period.
“Growing efforts for the testing and approval of superficial radiation therapy by government bodies are key factors contributing to growth prospects. Further, growing consumer bias against invasive treatment options and research investments for oncology will help long-term growth of the industry,” says the FMI study.
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Superficial Radiation Therapy System Market – Key Takeaways
- Basal cell carcinoma applications account for significant revenue share, owing to high incidence rates particularly among fair-skinned populations.
- Targeted therapy systems are witnessing major growth, supported by minimal risks of side effects.
- North America is a prominent market for superficial radiation therapy systems, owing to higher numbers of treatment centers, and clinical trials in the region.
Superficial Radiation Therapy System Market – Key Driving Factors
- Major investments towards the development of non-invasive skin cancer treatments, and portable devices are key to market developments.
- Rising numbers of awareness programs run by governments on skin cancer and treatment options are bolstering growth prospects.
Superficial Radiation Therapy System Market – Key Constraints
- Debate about the efficacy of superficial radiation therapy in healthcare circles is holding back adoption.
- Prohibitive costs of operating superficial radiation therapy systems restrict market growth.
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The Anticipated Impact of Coronavirus
The superficial radiation therapy systems market has been moderately limited in applications during the coronavirus pandemic. Lockdown restrictions and social distancing guidelines have resulted in delayed appointments for superficial radiation therapy treatments. Disinfection requirements and strict screening for covid-19 cases, restricts access to patients and hurts operation rates limiting demand for superficial radiation therapy systems in the short term. Recovery is highly dependent on the timeline to bring the pandemic under control.
Major manufacturers in the superficial radiation therapy system market include but are not limited to Nordion Inc., Sensus Healthcare, Xstrahl Ltd., SkinCure, IsoRay Inc., Mevion Medical Systems, Mitsubishi Electric Corp., Varian Medical Systems, Electa AB, Ion Beam Applications, and RaySearch Laboratories.
Superficial radiation therapy system manufacturers have been investing in strategic collaborations and acquisitions for product innovation and manufacturing capability enhancements.
For instance, Sensus Healthcare has announced the acquisition of Aesthetic Laser Partners and Aesthetic Mobile Laser Services for dermatology capabilities including superficial radiation therapy systems. IntraOp Medical Corp. has entered into a partnership with the Lausanne University Hospital for clinical trials of FLASH radiotherapy which includes superficial radiation therapy functionality. Also, Stratpharma Inc. has joined hands with Sensus Healthcare for development of topical medical products including superficial radiation therapy systems.
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More About the Report
The FMI’s market research report offers detailed insights on superficial radiation therapy system market. The market is scrutinized on the basis of product type (systems and software), application (basal cell carcinoma, squamous cell carcinoma, keloid scars, psoriasis, Kaposi sarcoma, Bowen’s disease, cutaneous T-cell lymphoma, and soft tissue metastases), and end user (hospitals, ambulatory surgical center, cancer research institutes, and dermatology centers), across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa).
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