Superficial Radiation Therapy System Market is expected to register growth in Europe at rate of 3.4% CAGR from 2022 to 2030
The Global Superficial Radiation Therapy System Market is anticipated to reach a market value of US$ 43.3 Mn in 2022 with a CAGR of 3.8%, indicating significant market growth during the forecast period. The market for superficial radiation therapy systems is anticipated to reach US$ 58.2 Mn by the end of 2030, with sales revenue growing at a projected CAGR of 3.8%.
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.
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“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.
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.
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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.
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.
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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.
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).
Superficial Radiation Therapy System Market By Category
By Product Type :
- Superficial Radiation Therapy Systems
By Application :
- Basal Cell Carcinoma
- Squamous Cell Carcinoma
- Keloid scars
- Kaposi Sarcoma (Plaque Stage)
- Bowen’s Disease
- Cutaneous T-cell Lymphoma
- Soft Tissue Metastases
By End User :
- Ambulatory Surgical Centers
- Cancer Research Institutes
- Dermatology Centers
By Region :
- North America
- Latin America
- South Asia
- East Asia
- Middle-East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 09-years.
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