Superficial Radiation Therapy System: Redefining the Treatment of Benign Conditions
Radiation, as a viable treatment for cancer, has been around for more than a century now. Wilhelm Conrad Roentgen, a German physics professor, presented a lecture titled “Concerning a New Kind of Ray” in the 1890s wherein he introduced the X-ray and its relevance with respect to the global healthcare space. What followed were multiple research processes carried out by scientists and physicians to make use of X-ray for effective cancer diagnosis and, within the next few years, radiation successfully made its way into the cancer treatment scene.
In the recent past, the healthcare industry has been spectating the debut of new treatment models for cancer patients at an unprecedented rate. Some of the major trends that warrant this pursuit include growing pipeline of cancer-drug candidates, evolution of clinical trial landscape, and overflow of available clinical & real-world data. Superficial radiation therapy systems, on account of their claimed benefits, gained massive popularity as non-invasive options for efficacious treatment of skin cancer. Along with seamless elimination of the risk of post-surgical infections and associated complications, superficial radiation therapy (SRT) has proved to be a breakthrough to appropriately deal with benign conditions.
Superficial Radiation Therapy Market - Key Research Findings
- The global superficial radiation therapy market size in 2019 is estimated to reach ~ 39 Mn.
- The superficial radiation therapy market is expected to grow at a CAGR of ~4% during the forecast period 2019-2029.
- With rising incidence rate of non-melanoma skin cancers, superficial radiation therapy is increasingly being adopted to treat skin-related disorders, which has been driving the sales of superficial radiation therapy systems.
- Collectively, North America and Europe are likely to account for major revenue shares in the superficial radiation therapy industry by the end of 2029.
- Oceania region, due to the high prevalence of non-melanoma skin cancer, is expected to be the most prominent market for superficial radiation therapy.
- Basal cell carcinoma and squamous cell carcinoma are expected to remain prominent application areas to invest in for superficial radiation therapy market players.
- The superficial radiation therapy market has witnessed significant growth over the past few years, and the rising patient pool with skin cancer is the key factor driving the market growth.
- Remarkable application growth potential of superficial radiation therapy has been recognized in non-melanoma skin cancer.
Key Factors Shaping the Superficial Radiation Therapy Market
Increase in Funding for Cancer Research
Cancer research funding has increased in the past few years. The funding for R&D activities for cancer research mainly comes from governmental organizations and private or commercial funding organizations. In April 2016, the global government apportioned approximately US$ 5.2 Bn to a Federal Government agency i.e. the National Cancer Institute for cancer research and training. The budget was increased by 5.3% as compared to the previous year. In March 2018, in the U.S., the Congress passed an omnibus appropriations bill, which increased the funding to US$ 3 Bn for the NIH for fiscal year (FY) 2018, which runs through September 30, 2018. This funding growth will bring the total NIH investment to approx. US$ 37.1 Bn for FY 2018, which is expected to provide a much-needed push to cancer research following a decade of stagnant funding. This increasing cancer research funding is expected to propel the growth of the superficial radiation therapy market in the forecast period.
Collaborative Efforts and Initiatives to Identify Therapies for Difficult-to-Treat Illnesses
Collaborative efforts such as Cancer MoonShot 2020 across government, academic oncology, pharmaceutical community, and scientific communities, are providing researchers with essential testing materials, which subsequently is expected to drive the growth of the research and development activities, globally. Additionally, the R&D investments by governmental and other non-profit organizations are likely to increase, which will boost research in cancer field and propel the growth of the superficial radiation therapy market. Various biopharmaceutical and pharmaceutical companies are focusing more on a research-based collaborative approach for breakthrough therapy in cancer and cancer-related illness. Such approaches to reduce the financial burden of cancer are expected to boost the growth of the superficial radiation therapy market in the forecast period.
Investments in Educational Programs
Many countries are focusing more on educational courses, which are essential to perform effective superficial radiation therapy and ensure positives outcome. The main goal of such educational courses is to improve the skills and knowledge of healthcare and medical professionals as well as medical students. Educational courses mainly focus on well-versing healthcare professionals with delivery and planning of advanced superficial radiation therapy for the treatment of cancer. It is an important way to increase the pool of qualified professionals and maximize the use of superficial radiation therapy technology to fight against skin cancer.
Wide Availability and Portability of Machines
Superficial radiation therapy technology, which is widely used to treat non-melanoma skin cancers and other skin-related disorders is being adopted by several end-user segments such as dermatology clinics, cancer research institutes, and outpatient centers. Superficial radiation therapy systems have become easily available in end-user segment settings through which superficial radiation therapy has been performed with positive and effective outcomes. With the introduction of portable superficial radiation therapy systems, the appropriate employment of dermatology practices in an office-based setting has increased from the past few years.
Superficial Radiation Therapy Market Structure Analysis
- The global superficial radiation therapy market represents prominent market growth potential for the future, where key companies maintain their strategic focus on the growth of distribution partnerships and expansion of product portfolio, targeting a stronger global footprint.
- The superficial radiation therapy market has been comparatively moderate in size, which remains a key factor for its dynamic competitive nature.
- Manufacturers of superficial radiation therapy are currently prioritizing R&D and new product launches to reverberate with the booming of superficial technology in radiotherapy in North America, Europe, and Oceania regions.
- Portfolio expansion is also recognized as one of the key developmental strategies adopted by manufacturers of superficial radiation therapy.
- A better understanding of the market trends and rising adoption rate of superficial radiation therapy systems by end users across various regions are likely to create a potential market for prominent players looking forward to untapped opportunities in the superficial radiation therapy market.
What is Shaping the Demand?
According to recent studies, skin cancer remains the most common cases of cancer in the U.S. alone, with over five million cases diagnosed every year. This widespread prevalence has further propelled the pipeline of cancer treatment options and associated investments. Increasing preference for non-invasive procedures is an overarching factor that has impelled the shift to superficial radiation therapy systems. Increasing reliance on radiotherapy devices for treatment of skin cancer is further offering tailwinds to adoption of superficial radiation therapy, bringing new opportunities for the vendors to capture and gain benefits from.
SRT is carving its place as an ideal alternative of Mohs surgery, which is well popular for being the gold standard for skin cancer treatment. Adoption of superficial radiation therapy is being increasingly considered as a treatment option for challenging cases, thereby laying growth grounds for market vendors in the coming 10 years. However, the key market vendors would have to scale up the R&D efforts along with production capabilities, given that SRT has still a long way to go in terms of massive adoption over the conventional surgical procedures.
Decoding the Opportunities in North America
With skin cancer being one among the primary concerns in North America, a significant transformation of cancer care delivery systems in the region is well underway. The core objective behind this transformation is to not only ensure successful outcomes but also enable effective treatment with minimum post-operative complications. This is where superficial radiation therapy system comes into play, setting the stage for the market vendors to tap into untapped opportunities and reap profits. Additional efforts put in place to ensure that advances in cancer treatment are widely accessible and affordable to skin cancer patients in North America will further underpin the lucrativeness of this regional market through 2029.
Artificial Intelligence (AI) in SRT: Marking the Dawn of New Possibilities
Artificial intelligence (AI) has been one of the most prominent buzzwords in every other vibrant field, with radiotherapy being one of the prominent ones. The use of artificial intelligence in healthcare in superficial radiation therapy isn’t anything new. However, the changing face of artificial intelligence is likely to have deeper influences on the product development space of superficial radiation therapy market, as it will make way for the debut of new features and attributes into the existing systems.
Integration of AI in superficial radiotherapy comes with profound influences on multiple areas, some of them being treatment planning, automated image, and clinical decision support. Rising need for personalized radiation therapy will also add impetus to the penetration of AI in superficial radiation therapy systems, wherein AI can make use of historical data to personalize the dosage for independent patient cases.
Systems to see high adoption
Software to see sluggish demand
Basal cell carcinoma sustains high demand
Use for squamous cell carcinoma to grow
Hospitals remain top end user
High demand from cancer research
How Growth will Unfold
Key vendors in the superficial radiation therapy market are focused on delivering superficial radiation therapy systems that ensure outstanding clinical accuracy with excellent outcomes. Constant innovations remains a key focal point for the vendors to carve out their own niche in the superficial radiation therapy market. For instance, in 2018, Sensus Healthcare, Inc. installed the SRT-100+ system at the Hillcrest Plastic Surgery in Orlando, Fla., dedicated to the treatment of keloid scars.
Strategic alliances, including mergers and acquisitions, will hold utmost significance in the market players’ growth agendas. Key companies operating in the superficial radiation therapy market will also focus on participation in seminars and conferences to expand their relations with fellow market players and expand their sphere of influence. For instance, in 2019, Sensus Healthcare came up with a presentation at the ‘Raymond James Inaugural Life Sciences and MedTech Conference’.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Superficial Radiation Therapy Market Assessment 2019 - 2029
A recent market study published by FMI on the superficial radiation therapy market includes global industry analysis 2014-2018 & opportunity assessment 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical as well as current growth parameters of the superficial radiation therapy market, the growth prospects of the market are obtained with maximum precision.
Superficial Radiation Therapy Systems Market Taxonomy
The global superficial radiation therapy market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
By Product Type
- Superficial Radiation Therapy Systems
- Superficial Radiation Therapy Software
- Basal Cell Carcinoma
- Squamous Cell Carcinoma
- Keloid Scars
- Kaposi Sarcoma (Plaque Stage)
- Bowen’s Disease
- Cutaneous T-cell Lymphoma
- Soft Tissue Metastases
By End User
- Ambulatory Surgical Centers
- Cancer Research Institutes
- Dermatology Centers
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa
The report initiates with the executive summary of the superficial radiation therapy market, which includes a summary of key findings and statistics of the market. It also includes the market trends pertaining to the superficial radiation therapy market.
Readers can find the definition and a detailed taxonomy of the superficial radiation therapy market in this chapter, which will help them understand the basic information about the superficial radiation therapy market. Along with this, comprehensive information pertaining to superficial radiation therapy and its properties is provided in this section. This section also highlights the inclusions and exclusions, which help the readers understand the scope of the superficial radiation therapy market report.
The superficial radiation therapy market report provides key market trends that are expected to significantly impact market growth during the forecast period. Detailed industry trends are provided in this section.
This section includes the factors that have emerged as key successful factors and the strategies adopted by key market participants.
This section explains the global market volume analysis and forecast for the superficial radiation therapy market between the forecast periods of 2019-2029. This chapter includes a detailed analysis of the historical superficial radiation therapy market, along with an opportunity analysis of the future.
This section highlights the average price of superficial radiation therapy systems in different regions across the globe.
This section explains the global market value analysis and forecast for the superficial radiation therapy market between the forecast period 2019-2029. This chapter includes a detailed analysis of the historical superficial radiation therapy market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019–2029). Along with this, pricing analysis of the superficial radiation therapy market at the regional level has been provided in this section.
This chapter explains the key macro-economic factors that are expected to influence the growth of the superficial radiation therapy market over the forecast period. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.
Based on the product type, the superficial radiation therapy market is segmented into superficial radiation therapy system and software. In this chapter, readers can find information about the key trends and developments in the superficial radiation therapy market and market attractiveness analysis based on the product type.
This chapter provides details about the superficial radiation therapy market based on the application, and has been classified into basal cell carcinoma, squamous cell carcinoma, keloid scars, psoriasis, kaposi sarcoma (plaque stage), Bowen’s disease, cutaneous t-cell lymphoma, and soft tissue metastases. In this chapter, readers can understand the market attractiveness analysis based on application.
This chapter provides details about the superficial radiation therapy market on the basis of end user, and has been classified into hospitals, ambulatory surgical centers, cancer research institutes, and dermatology centers. In this chapter, readers can understand the market attractive analysis based on the end user.
This chapter explains how the superficial radiation therapy market will grow across various geographic regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa (MEA).
This chapter includes a detailed analysis of the growth of the North America superficial radiation therapy market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the pricing analysis, regional trends, and market growth based on the application and countries in North America.
This chapter provides the growth scenario of the superficial radiation therapy market in Latin American countries such as Brazil, Mexico, Argentina, and the Rest of Latin America. Along with this, assessment of the market across target segments has been provided.
Important growth prospects of the superficial radiation therapy market based on its end users in several countries such as Germany, the U.K., France, Spain, Italy, Russia, BENELUX, and the Rest of Europe are included in this chapter.
In this chapter, India and ASEAN countries are the prominent countries in the South Asia region that are the prime subjects of assessment to obtain the growth prospects of the South Asia superficial radiation therapy market. Readers can find detailed information about the growth parameters of the South Asia superficial radiation therapy market during the forecast period 2019-2029.
This chapter highlights the growth of the superficial radiation therapy market in East Asia by focusing on China, Japan, and South Korea. This section also helps readers understand key factors that are responsible for the growth of the superficial radiation therapy market in East Asia.
This chapter highlights the growth of the superficial radiation therapy market in Oceania by focusing on Australia and New Zealand. This section also helps readers understand key factors that are responsible for the growth of the superficial radiation therapy market in Oceania.
This chapter provides information about how the superficial radiation therapy market will grow in major countries in the MEA region such as GCC Countries, South Africa, North Africa, Turkey, and the Rest of MEA, during the forecast period of 2019-2029.
In this chapter, readers can find detailed information about the market share analysis of key players in the superficial radiation therapy market, along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the superficial radiation therapy market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. The superficial radiotherapy market is a very niche market in which there are only two companies operating in the market, Sensus Healthcare, and Xstrahl Limited.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the superficial radiation therapy market report.
This chapter helps readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the superficial radiation therapy market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Product Managers
- Business Development Officers
- Production Managers
- Sales Executives and Head
- Industry Experts
- End Users
- C - Level Executives
- Marketing Directors
- Product Managers
- Business Development Officers
- Production Managers
- Sales Executives and Head
- Industry Experts
- End Users
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Trade Websites
- World Bank, WHO, OECD
- Country-specific Regulatory Authorities
- European Society of Radiotherapy and Oncology
- American Cancer Society
- Cancer Institutes
Primary Interview Splits