Increasing prevalence of cancer is expected to fuel growth of the radiotherapy market
Rising prevalence of oncology diseases such as prostate cancer, lung cancer, and breast cancer,
globally is increasing the demand for timely management to reduce mortality associated with such
conditions. This in turn, is a major factor augmenting growth of the radiotherapy market. The
International Cancer Association, 2014, states that cancer kills more people every year than AIDS,
tuberculosis, and malaria combined. This indicated the growing demand for adopting advanced
technologies for cancer management. According to the World Cancer Research Fund Organization,
2015, lung cancer is among the most prevalent cancers worldwide contributing 1.9 million or 13%
of the total number of new cases diagnosed in 2012. It further states that breast cancer is the second
most common cancer prevalent among women, with 1.7 million new cases diagnosed in 2012.
Moreover, increasing prevalence of cancer among children is expected to increase the demand for
radiation therapy, as it is a highly recommended therapy due to fewer adverse effects associated
with it than chemotherapy to accelerate growth of the market as considering the major adverse
effects of chemotherapy. According to the International Union against Cancer (UICC) Report, 2017,
around 160,000 children are estimated to be diagnosed with cancer and at least 90,000 children are
estimated to die of cancer globally.
North America is the major market for radiotherapy equipment providers
North America is expected to hold a dominant position in the radiotherapy market, owing to the
increasing prevalence of cancer recorded in the U.S. and increasing preference of the novel
therapies in comparison to the traditional chemotherapies to minimize side effects associated with
chemotherapies. According to the survey conducted by the National Cancer Institute, 2016, an
estimated 1,685,210 new cases of cancer were diagnosed in the U.S. and 595,690 deaths due to
cancer were reported. The survey also stated that the public expenditures for cancer care in the U.S.
totaled to US$ 125 billion in 2010 and is estimated to reach to US$ 156 billion in 2020, thus raising
the demand for radiotherapy for cancer management which will further minimize the economic
burden in the region. Furthermore, radiotherapy may cause damage to organs such as the stomach,
bowel, liver, and kidneys, which are near the site of treatment, in turn posing as restraining factor
for growth of the radiotherapy market.
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Higher efficacy of radiotherapy equipment with enhanced clinical outcomes to drive growth
of the global radiotherapy market
Radiotherapy is increasingly being adopted for cancer treatment due to its cost-effectiveness.
According to the report by The Mesothelioma Center, radiation therapy accounts for an average
US$ 2,000 per treatment, whereas the initial treatment cost of chemotherapy is around US$ 7,000.
Also, according to a study published in the Journal named Frontiers of Oncology, 2014, the impact
of radiotherapy for cancer cure was 40%, compared to 11% of patients by systemic treatments
globally. Also, the Royal College of Radiologists states that radiotherapy is a safe, modern, and an
efficient targeted cure, contributing to the cure of 40% of cancers, while drug therapy accounts for
10% of cancer cure among patients. Europe is expected to be the fastest-growing region in the
radiotherapy market, owing to the increasing number of government initiatives being undertaken for
cancer care, in turn increasing the introduction of novel therapies in the global market. For instance,
in 2015, the Swedish Government launched the National Cancer Program to make cancer care more
equitable and accessible. Moreover, in 2017, the Swedish Testbed for Innovative Radiotherapy was
launched as a collaborative platform to enable healthcare providers and market players in Sweden,
to test new technology and methods in clinical settings for the development of innovative
radiotherapies for cancer treatment. Also, in 2016, National Health Service, England announced