Radiation Therapy & Diagnostic Imaging Equipment Market - Forecast(2021 - 2026)

Report Code: HCR 71929 Report Format: PDF + Excel (Delivery in 48 Hrs)

Radiation Therapy & Diagnostic Imaging Equipment Market Overview

Radiation Therapy & Diagnostic Imaging Equipment Market size is anticipated to reach $13,430 million by the end of 2026 growing at a CAGR of 6.0% during the forecast period 2021-2026. The radiation therapy & diagnostic imaging equipment industry growth rate is attributed to the rise in incidence of diseases, such as cancer and other chronic ailments requiring radiation therapy across the globe and is anticipated to bring new opportunities. 

Radiation therapy uses high energy rays to kill dysfunctional cells, such as cancer cells, and arrest the growth and division of these cells. Radiations are created from a computer (external radiation) such as Linear Accelerators (LINAC) or from a small container of radioactive material. Diagnostic imaging equipment uses electromagnetic radiation to create images of the human body's internal structures for accurate diagnosis using computed tomography (CT) scanners, magnetic resonance imaging (MRI) systems. Apart from this, the industry is being driven by a rise in demand for oncology information systems (OIS) and a steady increase in healthcare spending. 

However, the market's development is hampered by a scarcity of medical practitioners and systems. Nonetheless, advancements in technology, such as automation, and novel radiation therapies, such as plasma radiation therapy and diagnostic imaging equipment, is anticipated to open growth avenues for the radiation therapy & diagnostic imaging equipment market during the forecast period.

Radiation Therapy & Diagnostic Imaging Equipment Market Report Coverage

The report: “Radiation Therapy & Diagnostic Imaging Equipment Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Radiation Therapy & Diagnostic Imaging Equipment Market:

By Product Type: Radiation Therapy and Diagnostic Imaging.
By Applications: Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology and Others.
By End-Users: Hospitals/Clinics, Radiation Therapy & Diagnostic Imaging Centers and Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan, India, South Korea, Australia and Others), South America(Brazil, Argentina and Others) and RoW (Middle East and Africa).

Key Takeaways

  • North America dominated the radiation therapy & diagnostic imaging equipment market with a share of 35.60% in the year 2020.        
  • The factors such as growing aging population and rising number of diagnostic imaging are among the major factors projected to impel growth of radiation therapy & diagnostic imaging equipment market.
  • Additionally, factors such as development of automated diagnostic imaging systems for laboratories and hospitals to provide efficient, accurate, and error-free diagnosis and increasing government investments create opportunities paving a way for the growth in the market during forecast period 2021-2026.

Global Radiation Therapy & Diagnostic Imaging Equipment Market, By Product Type 2020(%)

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Radiation Therapy & Diagnostic Imaging Equipment Market Segment Analysis - By Application

In 2020, on the basis of application, oncology segment accounted for the largest segmental revenue of the radiation therapy & diagnostic imaging equipment market. The oncology segment held the largest market on account of the fact that diagnostic imaging plays a vital role in interventional oncology (with rising opportunities to diagnose and treat in a targeted and minimally or non-invasive manner) as well as in chemo and radiation therapy. This segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 6.80% as a result of vast range of applications in a variety of oncological fields coupled with advanced healthcare facilities and growing healthcare expenditure. 

According to recent studies by the National Cancer Institute in 2019, around 606,880 people died in United States only. In addition, one-third of deaths are owing to high body mass index, low fruit and vegetable intake, lack of physical activity, tobacco use (includes approximately 22% of cancer deaths), and alcohol use. All these factors are anticipated to fuel market growth during the forecast period 2021-2026.

Radiation Therapy & Diagnostic Imaging Equipment Market Segment Analysis - By End Users

On the basis of end use, hospitals segment accounted for the largest segmental revenue of the radiation therapy & diagnostic imaging equipment market in 2020. The large share can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, growing inclination of hospitals towards the automation and digitization of radiology patient workflow, increasing adoption of minimally invasive procedures in hospitals to improve the quality of patient care, and rising adoption of advanced imaging modalities to improve workflow efficiency in hospitals.. 

Furthermore, the ongoing development of healthcare infrastructure is anticipated to enhance the existing hospital facilities. On the other hand, radiation therapy & diagnostic imaging centers segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 6.50%. The radiation therapy & diagnostic imaging centers are to witness a healthy growth owing to the increasing global cancer prevalence, increasing advanced radiotherapy equipment installations in both developed and emerging areas, increasing government programs aimed at equipping radiation therapy & diagnostic imaging centers with newer and advanced systems, and the funding available for the implementation of advanced cancer treatment technologies. All these factors are to drive the segmental market growth.

Radiation Therapy & Diagnostic Imaging Equipment Market Segment Analysis - By Geography

North America is the major region dominating the radiation therapy & diagnostic imaging equipment market with a market share of 35.60% in the year 2020. This can be attributed to the presence of well-established healthcare facilities, an increasing demand for advanced healthcare systems among the aging population, and increasing prevalence of chronic diseases in North America have fueled the regional market. Moreover, with rising demand for advanced technologies such as 3D, 4D & mobile scanner and increasing need for early-stage diagnose of various types of cancer & cardiovascular diseases thereby, driving regional market growth.

However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026. Asia Pacific consists of developing and developed economies. Expanding geriatric population, which has lower immunity levels, and reforming reimbursement strategies in the medical imaging industry, leads to an increase public and private hospital funding that is anticipated to fuel the market. Apart from these, the rising demand for advances diagnostic techniques and rising awareness regarding the need for early-stage diagnosis are few factors estimated to propel the market in the region.

Radiation Therapy & Diagnostic Imaging Equipment Market Drivers

Rising Prevalence Of Cancer Coupled With Technological Advancement

The radiation therapy & diagnostic imaging equipment market is poised to receive upswing owing to the fact that the radiotherapy and diagnostic imaging equipment market has seen significant technological advancements. These advancements have helped in the development of more effective, low-cost, and easy-to-use radiotherapy products with improved and precise radiation dose delivery to offer increased efficiency in targeting tumors. The advancement from 2D to 3D conformal radiotherapy with real-time imaging has enabled high conformity of radiation to the target (with minimal exposure to normal tissue) and dose escalation with improved tumor control. Products that provide these benefits are to have a very high growth potential in a short time span, especially in mature markets where the adoption rate of technologically advanced products is high. augmenting factors that will affect the global market.

Radiation Therapy & Diagnostic Imaging Equipment Market Challenges

Shortage Of Trained Personnel

Despite several drivers, one of the major factor hindering is the shortage of trained personnel which is restraining the population in opting such treatment facilities. Moreover, implementation of such advanced devices requires high standards that can only be achieved and maintained by full-time specialists thereby, challenging the regional market growth.

Radiation Therapy & Diagnostic Imaging Equipment Market Landscape

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Radiation Therapy & Diagnostic Imaging Equipment Market. In 2020, Radiation Therapy & Diagnostic Imaging Equipment market share is fragmented by the top ten players present in the market. Radiation Therapy & Diagnostic Imaging Equipment Market top 10 companies are Varian Medical Systems, Elekta AB, Accuray Incorporated, Nordion, Isoray Medical, Raysearch Laboratories AB, Mevion Medical Systems, C.R. Bard, Mitsubishi Electric Corporation, Theragenics Corporation, P-Cure Ltd., Viewray Inc., Panacea Medical Technologies Pvt. Ltd., Pronova Solutions, LLC and others.

Acquisitions/Product Launches

In May 2019, GE Healthcare and World Courier combined their expertise in manufacturing and logistics for providing of an efficient of cell and gene therapies. This collaboration would help in the commercialization of advanced therapies and to create end-to-end supply chain of the treatments so as to meet the increasing demands.

In February 2019, Philips announced that they have launched EPIQ Elite premium ultrasound system for general imaging and obstetrics & gynecology. This launch promises to deliver a new ultrasound solution as it comprises of specific medical specialties. With this launch, company aims in expanding its portfolio in the global market.

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1. Radiation Therapy & Diagnostic Imaging Equipment Market - Overview
    1.1 Definitions and Scope
2. Radiation Therapy & Diagnostic Imaging Equipment Market - Executive Summary
    2.1 Market Revenue and Key Trends by Company
    2.2 Key trends by Product Type
    2.3 Key trends by End Users
    2.4 Key trends by Geography
3. Radiation Therapy & Diagnostic Imaging Equipment Market – Comparative Analysis
    3.1 Product Benchmarking – Key Companies
    3.2 Financial Analysis – Key Companies
    3.3 Market Value Split by Key Companies
    3.4 Patent Analysis – Key Companies
    3.5 Pricing Analysis
4. Radiation Therapy & Diagnostic Imaging Equipment Market - Startup Companies Scenario Premium
    4.1 Key Startup Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5. Radiation Therapy & Diagnostic Imaging Equipment Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Radiation Therapy & Diagnostic Imaging Equipment Market Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Radiation Therapy & Diagnostic Imaging Equipment Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Radiation Therapy & Diagnostic Imaging Equipment Market - By Product Type (Market Size –$Million/$Billion)
    8.1 Radiation Therapy
        8.1.1 External Beam Radiotherapy Products
            8.1.1.1 Linear Accelerators (LINAC)
            8.1.1.2 Conventional LINAC
            8.1.1.3 Stereotactic Advanced Electron/Cobalt-60 LINAC
            8.1.1.4 Others
        8.1.2 Internal Beam Radiotherapy/Brachytherapy Products
        8.1.3 Systemic Radiotherapy
    8.2 Diagnostic Imaging
        8.2.1 MRI
        8.2.2 Computed Tomography
        8.2.3 Ultrasound
        8.2.4 X-Ray
        8.2.5 Nuclear Imaging
        8.2.6 Others
9. Radiation Therapy & Diagnostic Imaging Equipment Market - By Application (Market Size –$Million/$Billion)
    9.1 Cardiology
    9.2 Oncology
    9.3 Neurology
    9.4 Orthopedics
    9.5 Gastroenterology
    9.6 Gynecology
    9.7 Others
10. Radiation Therapy & Diagnostic Imaging Equipment Market - By End-Users (Market Size –$Million/$Billion)
    10.1 Hospitals/Clinics
    10.2 Radiation Therapy & Diagnostic Imaging Centers
    10.3 Others
11. Radiation Therapy & Diagnostic Imaging Equipment Market - By Geography(Market Size –$Million/$Billion)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Mexico
        11.1.3 Canada
    11.2 Europe
        11.2.1 U.K.
        11.2.2 France
        11.2.3 Germany
        11.2.4 Russia
        11.2.5 Italy
        11.2.6 Spain
        11.2.7 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 India
        11.3.3 Japan
        11.3.4 South Korea
        11.3.5 Australia & New Zealand
        11.3.6 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Others
    11.5 Rest of the World
        11.5.1 Middle East
        11.5.2 Africa
        11.5.3 South America
12. Radiation Therapy & Diagnostic Imaging Equipment Market - Entropy
13. Radiation Therapy & Diagnostic Imaging Equipment Market – Industry/Segment Competition Landscape Premium
    13.1 Market Share Analysis
        13.1.1 Global Market Share – Key Companies
        13.1.2 Market Share by Region – Key companies
        13.1.3 Market Share by Countries – Key Companies
        13.1.4 Best Practices for Companies
14. Radiation Therapy & Diagnostic Imaging Equipment Market – Key Company List by Country Premium Premium
15. Radiation Therapy & Diagnostic Imaging Equipment Market Company Analysis
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
"*Financials for private companies would be provided on a best efforts basis”.

LIST OF TABLES

1.Global GLOBAL RADIATION THERAPY DIAGNOSTIC IMAGING EQUIPMENT MARKET, BY TYPE Market 2019-2024 ($M)
1.1 COMPUTED TOMOGRAPHY SCANNERS Market 2019-2024 ($M) - Global Industry Research
1.2 MAGNETIC RESONANCE IMAGING SYSTEMS Market 2019-2024 ($M) - Global Industry Research
1.3 LINEAR ACCELERATORS Market 2019-2024 ($M) - Global Industry Research
2.Global GLOBAL RADIATION THERAPY DIAGNOSTIC IMAGING EQUIPMENT MARKET, BY END USER Market 2019-2024 ($M)
2.1 HOSPITALS Market 2019-2024 ($M) - Global Industry Research
2.2 CLINICS Market 2019-2024 ($M) - Global Industry Research
3.Global GLOBAL RADIATION THERAPY DIAGNOSTIC IMAGING EQUIPMENT MARKET, BY TYPE Market 2019-2024 (Volume/Units)
3.1 COMPUTED TOMOGRAPHY SCANNERS Market 2019-2024 (Volume/Units) - Global Industry Research
3.2 MAGNETIC RESONANCE IMAGING SYSTEMS Market 2019-2024 (Volume/Units) - Global Industry Research
3.3 LINEAR ACCELERATORS Market 2019-2024 (Volume/Units) - Global Industry Research
4.Global GLOBAL RADIATION THERAPY DIAGNOSTIC IMAGING EQUIPMENT MARKET, BY END USER Market 2019-2024 (Volume/Units)
4.1 HOSPITALS Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 CLINICS Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America GLOBAL RADIATION THERAPY DIAGNOSTIC IMAGING EQUIPMENT MARKET, BY TYPE Market 2019-2024 ($M)
5.1 COMPUTED TOMOGRAPHY SCANNERS Market 2019-2024 ($M) - Regional Industry Research
5.2 MAGNETIC RESONANCE IMAGING SYSTEMS Market 2019-2024 ($M) - Regional Industry Research
5.3 LINEAR ACCELERATORS Market 2019-2024 ($M) - Regional Industry Research
6.North America GLOBAL RADIATION THERAPY DIAGNOSTIC IMAGING EQUIPMENT MARKET, BY END USER Market 2019-2024 ($M)
6.1 HOSPITALS Market 2019-2024 ($M) - Regional Industry Research
6.2 CLINICS Market 2019-2024 ($M) - Regional Industry Research
7.South America GLOBAL RADIATION THERAPY DIAGNOSTIC IMAGING EQUIPMENT MARKET, BY TYPE Market 2019-2024 ($M)
7.1 COMPUTED TOMOGRAPHY SCANNERS Market 2019-2024 ($M) - Regional Industry Research
7.2 MAGNETIC RESONANCE IMAGING SYSTEMS Market 2019-2024 ($M) - Regional Industry Research
7.3 LINEAR ACCELERATORS Market 2019-2024 ($M) - Regional Industry Research
8.South America GLOBAL RADIATION THERAPY DIAGNOSTIC IMAGING EQUIPMENT MARKET, BY END USER Market 2019-2024 ($M)
8.1 HOSPITALS Market 2019-2024 ($M) - Regional Industry Research
8.2 CLINICS Market 2019-2024 ($M) - Regional Industry Research
9.Europe GLOBAL RADIATION THERAPY DIAGNOSTIC IMAGING EQUIPMENT MARKET, BY TYPE Market 2019-2024 ($M)
9.1 COMPUTED TOMOGRAPHY SCANNERS Market 2019-2024 ($M) - Regional Industry Research
9.2 MAGNETIC RESONANCE IMAGING SYSTEMS Market 2019-2024 ($M) - Regional Industry Research
9.3 LINEAR ACCELERATORS Market 2019-2024 ($M) - Regional Industry Research
10.Europe GLOBAL RADIATION THERAPY DIAGNOSTIC IMAGING EQUIPMENT MARKET, BY END USER Market 2019-2024 ($M)
10.1 HOSPITALS Market 2019-2024 ($M) - Regional Industry Research
10.2 CLINICS Market 2019-2024 ($M) - Regional Industry Research
11.APAC GLOBAL RADIATION THERAPY DIAGNOSTIC IMAGING EQUIPMENT MARKET, BY TYPE Market 2019-2024 ($M)
11.1 COMPUTED TOMOGRAPHY SCANNERS Market 2019-2024 ($M) - Regional Industry Research
11.2 MAGNETIC RESONANCE IMAGING SYSTEMS Market 2019-2024 ($M) - Regional Industry Research
11.3 LINEAR ACCELERATORS Market 2019-2024 ($M) - Regional Industry Research
12.APAC GLOBAL RADIATION THERAPY DIAGNOSTIC IMAGING EQUIPMENT MARKET, BY END USER Market 2019-2024 ($M)
12.1 HOSPITALS Market 2019-2024 ($M) - Regional Industry Research
12.2 CLINICS Market 2019-2024 ($M) - Regional Industry Research
13.MENA GLOBAL RADIATION THERAPY DIAGNOSTIC IMAGING EQUIPMENT MARKET, BY TYPE Market 2019-2024 ($M)
13.1 COMPUTED TOMOGRAPHY SCANNERS Market 2019-2024 ($M) - Regional Industry Research
13.2 MAGNETIC RESONANCE IMAGING SYSTEMS Market 2019-2024 ($M) - Regional Industry Research
13.3 LINEAR ACCELERATORS Market 2019-2024 ($M) - Regional Industry Research
14.MENA GLOBAL RADIATION THERAPY DIAGNOSTIC IMAGING EQUIPMENT MARKET, BY END USER Market 2019-2024 ($M)
14.1 HOSPITALS Market 2019-2024 ($M) - Regional Industry Research
14.2 CLINICS Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
2.Canada Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
3.Mexico Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
4.Brazil Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
5.Argentina Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
6.Peru Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
7.Colombia Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
8.Chile Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
9.Rest of South America Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
10.UK Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
11.Germany Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
12.France Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
13.Italy Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
14.Spain Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
15.Rest of Europe Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
16.China Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
17.India Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
18.Japan Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
19.South Korea Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
20.South Africa Radiation Therapy & Diagnostic Imaging Equipment Market Revenue, 2019-2024 ($M)
21.North America Radiation Therapy & Diagnostic Imaging Equipment By Application
22.South America Radiation Therapy & Diagnostic Imaging Equipment By Application
23.Europe Radiation Therapy & Diagnostic Imaging Equipment By Application
24.APAC Radiation Therapy & Diagnostic Imaging Equipment By Application
25.MENA Radiation Therapy & Diagnostic Imaging Equipment By Application
26.ACCURAY INCORPORATED, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.ELEKTA AB, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.NORDION, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.ISORAY MEDICAL, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.RAYSEARCH LABORATORIES AB, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.MEVION MEDICAL SYSTEMS, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.C.R. BARD, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.MITSUBISHI ELECTRIC CORPORATION, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.THERAGENICS CORPORATION, Sales /Revenue, 2015-2018 ($Mn/$Bn)