Latest News- Radiation Therapy Equipment Market: Hospitals is expected to lead the End-user segment during 2024-2028

The Radiation Therapy Equipment Market is being driven by Rising occurrence of colorectal cancer

The Radiation Therapy Equipment Market is expected to grow at a CAGR of 5.82% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1591.57 million. In the radiation therapy equipment market, vendors prioritize annual servicing of systems to ensure optimal performance, sustain competency, and minimize morbidity. Services encompass support, installation, repair, and maintenance. The significance of this segment lies in its capacity to generate recurring revenue through a growing number of installations. Consequently, companies are enhancing their service offerings to cater to customer needs. For instance, Elekta provides three support programs - Elekta Care Gold, Elekta Care Silver, and Elekta Care Platinum - featuring remote support, software assistance, and technical services, respectively. These initiatives enable businesses to expand their installed base and meet orders efficiently, thereby contributing to their strategic objectives. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Hospitals
  • Ambulatory surgical centers
  • Oncological treatment centers
• Product
  • External beam radiation therapy device
  • Internal beam radiation therapy device
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
  • Asia
    • China
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising occurrence of colorectal cancer
• Increase in cancer awareness globally
• Increasing geriatric population

However, the market also witnesses some limitations, which are as follows:

• High cost of radiation therapy equipment
• Other substitutes for radiation therapy equipment
• Stringent regulations associated with radiation therapy equipment

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Market Scope in Radiation Therapy Equipment Market Research Report

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Research Analysis Overview

The Radiation Therapy Equipment Market is witnessing significant growth due to the increasing availability of advanced radiotherapy devices like Proton Therapy for cancer treatment. Treatment planning relies on imaging data, and technology-driven solutions are enabling early detection and precision in radiotherapy treatment. Telemedicine and research studies expand access to healthcare, particularly for breast cancer, skin cancer (basal cell carcinoma, melanoma, squamous cell carcinoma), and other tumors. Vendor analysis reveals the importance of technology in radiotherapy, including multileaf collimators, imaging techniques, dose calculation, delivery techniques, intensity-modulated radiotherapy, stereotactic radiotherapy, and complex separation. The incidence of cancer continues to rise, driving the need for radiotherapists and oncologists to utilize the latest radiotherapy technology for effective treatment planning and delivery.

Market Research Overview

The Radiation Therapy Equipment Market is a significant segment of the global Healthcare Equipment Market, encompassing companies and solutions dedicated to the research, development, and manufacturing of advanced radiotherapy devices for cancer treatment. These devices include proton therapy systems, treatment planning systems, and imaging devices that utilize clinically tested, data-driven technology for improved accuracy and early detection. Technavio, a leading technology research firm, calculates the size of the Healthcare Equipment Market based on the combined revenue generated by manufacturers of diagnostic equipment and devices used across various therapy areas. The Radiation Therapy Equipment Market is a key contributor to this market, providing innovative solutions to enhance cancer treatment and improve patient outcomes.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/