Radiotherapy Market

Varian Medical Systems (US) and Elekta (Sweden) are Leading Players in the Radiotherapy Market

The global radiotherapy market is valued at USD 5.9 billion in 2021 and is expected to reach USD 7.3 billion by 2026, at a CAGR of 4.2% during the forecast period. Technological advancements in radiotherapy and the rising incidence of cancer are the major factors driving the growth of this market. Additionally, the growing adoption of radiotherapy procedures for cancer treatment, increasing use of particle therapy for cancer treatment, and the rising number of conferences and symposia focusing on the advancements in radiotherapy are some of the other major factors driving the growth of this market. However, the underdeveloped public health infrastructure in emerging countries, shortage of trained and skilled radiation oncologists, and the limited access to and affordability of various radiotherapy treatment options are the major factors that are expected to restrain the growth of this market during the forecast period.

The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2018–2020 to expand their global presence and increase their market shares in the radiotherapy market. The key growth strategies adopted by the top players in the market include product launches and approvals, agreements, expansions, and acquisitions. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. In 2020, the radiotherapy market was dominated by Varian Medical Systems, Inc. (US), Elekta (Sweden) and Accuray Incorporated (US).

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Varian Medical Systems (US) is one of the leading players in the global radiotherapy market. Its broad portfolio of radiotherapy systems and brachytherapy products is the key factor accounting for its large share in this market. The company is focused on organic strategies such as product launches and introduced a number of new and advanced radiotherapy systems and received regulatory approvals for products in the past three years, such as the ProBeam 360 single-room proton therapy system, ProBeam 360 with multi-room configuration, Halcyon 2.0 system, and Calypso Anchored beam transponder system for LINACS, among others. It also adopted inorganic strategies such as agreements, partnerships, collaborations, and contracts to enhance its market presence. The company is also focused on providing training and conducting workshops to increase the adoption of its products. With its strong product portfolio and wide geographic presence, the company is expected to grow at a high rate in the radiotherapy market during the forecast period. In April 2021, Siemens Healthineers AG (Germany) completed the acquisition of Varian Medical Systems, Inc. Through this acquisition, Siemens will be able to provide end-to-end solutions for oncology treatment. The acquisition is expected to further increase the global footprint of Varian’s radiotherapy product portfolio.

Elekta AB offers an extensive range of products, including radiosurgery & brachytherapy solutions and radiotherapy systems. Elekta provides its radiotherapy products to more than 6,000 hospitals and cancer research institutes worldwide. It has a strong presence and wide industry coverage in North America, Europe, and other regions. The company has a sound custom services support set up, which helps it to strengthen its customer relationships and presence in the market. Elekta received several product approvals and launched multiple products in the last three years, including Unity, Harmony, Leksell Gamma Knife, Geneva, and Monaco systems. The demand for Elekta’s products is high among end users owing to their high quality and strong brand image.

Related Reports:

Radiotherapy Market by Product (LINAC, CyberKnife, Gamma Knife, Tomotherapy, Particle Therapy, Cyclotron), Procedure (External (IMRT, IGRT, 3D-CRT) Internal (LDR, HDR)), Application (Prostate, Breast, Lung), End User (Hospitals) - Global Forecasts to 2026

Mr. Aashish Mehra
MarketsandMarkets™ INC.
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USA : 1-888-600-6441
[email protected]

Report Code
MD 1773
RI Published ON
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