According to ResearchAndMarkets.com, a marketing research provider to businesses, the global radiation therapy market is expected to reach $10.11 billion in 2024, witnessing growth at CAGR of 3.38% over the period 2020-2024. Surging cancer cases, rising healthcare expenditure, economic and population growth with expanding urbanization are predicted to lead the global radiation therapy markets. However, a hindrance to these areas could be expected with stringent regulations and barriers to implementation.
Advancements in technology, increasing preference towards non-invasive procedures, and public awareness, could be a few notable trends and are likely to develop over the next few years. The global radiation markets can be categorized into external beam radiation therapy, internal beam radiation therapy, and systemic radiotherapy. The external beam radiation therapy market is segregated both by type and device.
Depending on the type, the global external beam market is segmented into the following categories: intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), tomotherapy, stereotactic radiosurgery, stereotactic body radiation therapy, and proton therapy. The global external beam radiation therapy market is also categorized into three areas – LINAC (Linear Accelerators), proton beam therapy devices, and compact advanced therapy devices.
North America is the fastest-growing market because of the evolving usage in novel technologies, rising disposable income, and healthcare expenses. Rising awareness regarding procedures and sophisticated diagnostic approaches is a big part of the growth in this market. Europe comes in second for the largest market in radiation therapy and has already expanded into deeper economic levels. Radiation therapy treatment products and linear accelerator parts are expected to grow along with the trend in these developing market economies.
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