Total global revenue for the radiation therapy device market is expected to reach $3.6 billion by 2018, according to a report by GlobalData, a business intelligence and consulting firm.
Driven by increases in cancer rates and demand from emerging markets, the report estimates the radiation therapy device market to grow at a compound annual growth rate of 9.1 percent.
Growth in developed countries will largely be sales to replace existing systems, while countries such as China and India currently have a low penetration of radiation therapy equipment. As purchasing power increases in these emerging economies, radiation therapy device sales are expected to grow, though the high equipment costs could limit accessibility in rural areas, according to the report’s executive summary.
The report also sized up vendors in the market, tabbing Varian Medical Systems as the market leader for external beam radiation therapy systems with a 49 percent market share. Elekta came in second with a 30 percent share, followed by Accuray/Tomotherapy and Siemens Healthcare.