Radiation therapy equipment global market to reach nearly $4B by 2015

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U.S. has chunk of global radiation therapy equipment market. Image Source: Mayo Clinic  

The global market for radiation therapy equipment is projected to reach $3.9 billion by 2015, driven by emerging demand from new economies, such as Asia-Pacific, Eastern Europe and Latin America, enhanced replacements and surfacing of new applications, according to report from Global Industry Analysts (GIA).

Radiation therapy is the leading non-surgical technique, utilized in the treatment of cancer patients, according to GIA. An aging population, increasing life expectancies and rising incidence of cancer continue to enhance the global demand for radiation therapy. Further, technological advancements are driving the market for radiation therapy equipment, owing to the development of sophisticated screening methods that facilitate early cancer detection.

The United States, Western Europe and Japan dominate the worldwide radiation therapy equipment market with combined share exceeding 80 percent, according to the report. Growth in the relatively mature markets would be driven by the advent of precise conformal technologies. Emerging markets of Asia-Pacific, Eastern Europe and Latin America hold opportunities for market participants, with growth expected stem from increased replacements and emergence of additional applications for the equipment. In Asia-Pacific, treatment planning systems market is estimated at $54 million for 2008.

GIA analysts wrote that the U.S. radiation therapy market is expected to grow, riding on the enhanced adoption of new and advanced treatment methods such as image-guided radiation therapy and stereotactic radiation therapy, favorable reimbursement levels, and increasing competition among hospitals. Segment-wise, the U.S. market for linear accelerators is projected to reach $750 million by 2010.

Cancer continues to be a major concern for public healthcare systems across Europe, primarily due to the rapidly aging population, according to the report. Germany represents the single largest regional market for radiation therapy equipment in Europe, with sales projected to reach $204.7 by 2010.