The radiotherapy market is expected to grow substantially worldwide, reaching $5.8 billion by 2016, according to a report by Market and Markets.
The report analyzes the market potential for devices used in radiotherapies, which encompasses devices for external beam radiation, brachytherapy, and systemic radiation therapy.
The global radiotherapy devices market, consisting of devices used in both systemic and blood-borne oncology treatment procedures, was valued at $4.4 billion in 2011 and is expected to reach $5.8 billion by 2016, at a CAGR of 5.3% from 2011 to 2016. Reimbursement support for radiotherapy procedures and improving technology are the major factors for growth.
External beam therapy devices contribute the maximum share (81.5%) to the global radiotherapy devices market, followed by internal radiotherapy devices (9.6%) and systemic radiotherapy devices (8.9%).
External beam radiation therapy in radio-oncology represents the largest segment of the market. In the global radiotherapy market, the linear accelerator devices market contributed the largest share (65%) of the total market with $2.8 billion in 2011 and is expected to reach $3.7 billion by 2016.
North America is the biggest market for vascular interventional devices, followed by Europe. However, Asian countries represent the most promising and fastest growing markets as low procedural and infrastructural costs have attracted more patients from developed regions towards Asian countries such as India and China.