Report: Cancer rates, growth in emerging markets to drive rad therapy equipment sales
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.
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.
Evan Godt, Writer
Evan joined TriMed in 2011, writing primarily for Health Imaging. Prior to diving into medical journalism, Evan worked for the Nine Network of Public Media in St. Louis. He also has worked in public relations and education. Evan studied journalism at the University of Missouri, with an emphasis on broadcast media.