The global radiotherapy devices market is scattered across major geographies and seems to be witnessing relatively good growth across the key regional markets. An increasing expenditure on healthcare and sudden rise in the occurrence of cancer across the globe are the main drivers boosting revenue growth of the radiotherapy devices market at a global level. Further, governments of several countries are allocating a large share of their healthcare budget towards cancer research and bolstering this by implementing several awareness campaigns at a national level. These ancillary drivers are also fuelling revenue growth of the global radiotherapy devices market to a significant extent.
The global market has several opportunities on offer for key players in the form of increasing government support for structured cancer R&D initiatives and a provision for up gradation of existing equipment and treatment capabilities based on technological advancements. The radiotherapy devices market is strictly governed by regulatory approvals that apply to the concerned regional markets such as the U.S. FDA Medical Device Regulatory Approval Process and the European Medicines Agency Regulatory Approval for Medical Devices; making it the most structured and well-scrutinised market for medical devices poised for good growth owing to all the factors listed above.
A US$ 4 Bn market, the global radiotherapy devices market will be distributed almost evenly across the top regional markets
In terms of market share, North America takes the cake in the global radiotherapy devices market, with an estimated 34% market share through the forecast period. Western Europe will occupy the second place, moving from an estimated 29% value share in 2017 to a little over 30% by the end of the forecast period. The Western Europe radiotherapy devices market will witness an increase of 93 basis points in its market share over the 10 year period while North America stands to lose 57 basis points in 2027 over 2017. High income nations especially in Northern-Western Europe are well-served with radiotherapy resources, which could probably explain the relatively high market share of Western Europe as compared to other regions. Countries in some of the developing economies still face shortages of both equipment and critical machinery capable of delivering high precision conformal treatments. Hence, the market share of regional markets such as Latin America and the Middle East & Africa are way low as compared to the share held by the developed economies such as North America and Western Europe.
Global Radiotherapy Devices Market Revenue Forecast by Region
The North America radiotherapy devices market was valued at US$ 1,357.9 Mn in 2016 and is slated to register a CAGR of 9.3% between 2017 and 2027, to move to a market valuation in excess of US$ 3,500 Mn by the end of 2027. Western Europe will follow suit with a projected market valuation in excess of US$ 3,100 Mn by 2027 end, up from an estimated US$ 1,231.3 Mn in 2017. In terms of CAGR, the Western Europe radiotherapy devices market will grow at 9.8% during the forecast period. The APEJ radiotherapy devices market – valued at over US$ 550 Mn in 2016 – will see a sudden peak in revenue growth between the years 2022 and 2027, resulting in an impressive CAGR of 10.0%, the highest among all the regional radiotherapy devices markets.
Regional Market Attractiveness & Absolute Dollar Opportunity Analysis
The North America regional market dominated the global radiotherapy devices market in terms of revenue in 2016, and the trend is projected to continue throughout the forecast period. North America is the most attractive regional market, recording an attractiveness index of 2.4 over the forecast period. Western Europe will be the second most lucrative regional market in the global radiotherapy devices market, exhibiting an attractiveness index of 2.2 during the assessment period.
North America is expected to create an absolute $ opportunity of US$ 118.85 Mn in 2018 over 2017
Western Europe will create an absolute $ opportunity of US$ 107.57 Mn in 2018 over 2017
APEJ is projected to create an absolute $ opportunity of US$ 52.87 Mn in 2018 over 2017
An identification of market dynamics is the crux of our new report
The global radiotherapy devices market is characterised by multiple factors that impact overall market revenue growth to a significant extent. In our new report titled “Radiotherapy Devices Market: Global Industry Analysis & Opportunity Assessment 2017 – 2027,” we present our readers with an in-depth view of the key market dynamics likely to influence the global radiotherapy devices market over a 10 year forecast period from 2017 to 2027. Our report contains a detailed section that explains the market dynamics governing the global market for radiotherapy devices and we have focussed on the macroeconomic indicators, supply side and demand side drivers, market restraints, trends, and future opportunities. This section also throws light on the regulatory approvals pertaining to medical devices across the different regional markets.
The other parts of the report focus on key sections such as global radiotherapy devices market analysis scenario (including a market share snapshot, market value forecast by region, and a global market overview) and the global radiotherapy devices market analysis and forecast for the different market segments – by product type, by end user, and by region. These chapters dive deep into key statistics that we have estimated for the global radiotherapy market such as market share analysis and value forecast, Y-o-Y growth, and market attractiveness analysis. The next set of chapters are exclusively dedicated to forecasting the various segments of the regional radiotherapy devices markets and besides the market estimations, include important information on the regional drivers and restraints and an analysis of their impact on the said regional market; as well as trends likely to rule the specific region during the forecasted period.
Once the regional forecasts have been made, the report manoeuvres into the most critical part of any research study – an analysis of the competition. Our competitive landscape is intended to provide the reader with a comprehensive view of the key player ecosystem, with useful information pertaining to the global radiotherapy devices market leaders. Here we present a dashboard view of the key players operating in this market and have also profiled some of the top companies with business operations across the various regional radiotherapy devices markets.
The last part of our report apprises the reader on the various assumptions and acronyms used throughout the report as well as the detailed research methodology followed to arrive at the market estimations. To help the reader capture the gist of the entire report in a nutshell, we have included a succinct and self-explanatory executive summary right at the beginning followed by an introduction to the global radiotherapy devices market and the market taxonomy. This is for the benefit of those readers pressed for time, to enable them to obtain an aerial view of the various facets of the global radiotherapy devices market.
By Product Type
By End User
To arrive at the market estimations of the global radiotherapy devices market, we have utilised the Future Market Insights tested and proven research methodology comprising market profiling, formulation of a discussion guide and creation of a list of respondents, data collection, validation, and analysis, and delivering of final insights pertaining to the qualitative and quantitative aspects of the global radiotherapy devices market. The above methodology makes it easy for us to leverage in-depth secondary research to ascertain the overall market size, top industry players, and top products; and conduct extensive interviews with key stakeholders in the market to obtain the necessary inputs. Data thus acquired from both primary and secondary research is put through a validation and scrutiny funnel to extract the relevant metrics based on which our analysts derive comprehensive and eye-opening insights into the global radiotherapy devices market performance over the said forecast period.