Single Dose Radiotherapy Services Market Driven by Reduced Operational Costs and Side Effects
Increasing investments into cancer research favorable changes to healthcare and reimbursement policies are major factors supporting developments for single dose radiotherapy treatments. The single dose radiotherapy service market is expected to reflect a healthy growth rate of over 6% CAGR from 2021 to 2031. Growing awareness among men about the risks of prostate cancer will influence developments in the market in the near future. Lower risk of side effects among geriatrics supports adoption of this health care offering.
“In recent years, the single-dose radiotherapy services market has gained from major technological advancements in cancer research. These innovations have aided in the improvements to low-cost, effective, and convenient radiotherapy products with high levels of accuracy in radiation dose delivery to boost increased efficiency in targeting tumors,” says the FMI study.
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Single Dose Radiotherapy Services Market – Primary Takeaways
- Breast cancer treatment accounts for a larger market share owing to its high prevalence, especially in female demographics.
- Specialized centers for radiotherapy emerge as the leading users owing to capital expenses on new technologies in the field.
- Poor lifestyles and resultant increase in cancer cases in a vast population are generating opportunities in China.
- Government investments with advancements in automation for cancer treatments makes UK a high potential market.
Single Dose Radiotherapy Services Market – Growth Factors
- Widespread global prevalence of breast cancer is a major driver for single dose radiotherapy treatments.
- Government and non-profit programs towards cancer awareness and research are contributing to growth opportunities.
- Benefits of reduced toxicity and fractionation in terms of convenience for patients supports market prospects.
Single Dose Radiotherapy Services Market – Major Constraints
- Shortage of adequately skilled professionals is a challenge to adoption rates in the market.
- Lack of awareness among patients about single dose radiotherapy is an obstacle to growth.
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Expected Impact on Market by Coronavirus Outbreak
The covid-19 pandemic has negatively affected developments in the global single dose radiotherapy service market. Lockdown restrictions and social distancing guidelines have limited public access to elective medical procedures which hurt demand in the short term. Also, redirection of healthcare resources towards handling the pandemic has resulted in delays for procedures and devices sales hurting market players.
The market is anticipated to display a steady recovery through 2021 accounted for by the large number of cancer cases around the world, and the backlog of treatments arising from the covid-19 crisis. Continued efforts towards awareness about breast cancer especially among women will also generate revenue growth opportunities, supporting long-term development in the sector.
Prominent manufacturers operating in the single dose radiotherapy services market include but are not limited to Panacea Medical Technologies, Varian Medical Systems, Mevion Medical Systems, Accuray, Provision Healthcare, Elekta, Hitachi, Ion Beam Applications, ViewRay, and IsoRay Medical.
Major players in the single dose radiotherapy services market are focusing on research and development initiatives with strategic industry collaborations aimed towards tech and service improvements for sustainable, long-term revenue streams.
In March 2021, the Miami Cancer Institute collaborated with Baptist Health’s Miami Cardiac & Vascular Institute to perform the first stereotactic body radiation therapy procedure, which does not require hospitalization or anesthesia. Further, Actinium Pharmaceuticals Inc. announced initial patient enrollment for the clinical trial Actimab-A venetoclax aimed for acute myeloid leukemia treatments. Also, Sirtex Medical announced FDA approval for clinical trial of DOORwaY90 to test the efficacy and safety of selective internal radiation therapy (SIRT) for patients with unresectable hepatocellular carcinoma (HCC).
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