The radiotherapy market is growing due to several factors, like an increase in the amount of new cancer cases and technological progress in the hardware and software used in radiotherapy. The current foreign markets are underequipped to address new cases of cancer. In low- and middle-income nations, only 10% of the populace has access to radiotherapy. Therefore, there exists a wide gap between the demand and the installed base of equipment, which provides a huge opportunity for the businesses to grow in the radiotherapy marketplace. Expansion of the radiotherapy market can be both lifesaving and profitable.
Effective planning for the treatment
It is necessary, and continuous technological developments are taking place to minimize the exposure to radiation of healthy tissue, in order to avoid any side effect. Software plays an increasingly significant role in cancer care. Population growth and increased life expectancy are adding to the incidences of cancer. The software & services segment includes applications, which is used for treatment planning, analysis, and services, which are needed for the maintenance and efficient utilization of radiotherapy devices. The software & services section of these companies are expected to grow, as software products help improve physician engagement and clinical knowledge-sharing, patient care management, and the management of cancer clinics, radiotherapy facilities, and oncology practices for superior performance. Businesses like Varian are continuously increasing their software portfolio. Software plays an increasingly significant role in cancer care. At exactly the exact same time, health care systems are subject to harsh budgetary constraints in nearly every country. Because of this, healthcare providers face the challenge of achieving more while using fewer resources. To achieve this goal, hospitals have a strong need for software platforms which make radiotherapy treatment cost-effective. The development of effective software will enhance the delivery of innovative radiotherapy in the future.
Introduction of new technology
Technology is another salient feature. Radiation therapy remains a significant modality for cancer treatment, that’s the primary driving factor for the designing of new techniques to enhance the survival rate of cancer patients. New technology, like proton beam therapy, are available in developed countries such as the United States, Germany, and United Kingdom, because of well-established reimbursement policies. Proton therapy can be used on tissues that are highly sensitive, like brain, spine, and eye tumors. It is more accurate, as compared to other X-ray radiation treatments.
Advancement from the technology is also helping to execute the preparation of the radiation treatment.
Technological advancement in existing technologies, such as CT imaging, is making imaging more precise and consistent. For instance, Varian is developing a software, which is used to create better planning tools, where statistical models can be used to compute the quality of an IMRT treatment for a patient. This is predicted to boost the usage of IMRT for treating cancer. IGRT is the type of radiotherapy. Research is much more focused on IGRT, to be able to show its fewer side-effects. IGRT may include electronic portal imaging, fluoroscopy, ultrasound, CT scan reconstruction, and respiratory gating technology. SBRT is also growing as an alternative for treating cancer. SBRT is used to boost the dose to the targeted tumor, which can increase local management while limiting the dose to nearby critical structures and normal tissues. This will cause minimum damage to the surrounding tissues and hence, will experience strong growth in the forecast period.
Internal radiation therapy holds a low share in the radiotherapy marketplace . Containing Yttrium 90, a radioactive substance, this is also an emerging technology. There are only two manufacturers that offer commercialized forms of SIRT, as of April 2015. SIRT is becoming more of a mainstream treatment; other manufacturers are actively looking toward its own marketing, leading to the growth of the inner radiation therapy segment. However, SIRT isn’t yet widely available in the United Kingdom.
Internal radiation therapy is more precise in targeting cancerous cells because it’s placed near a tumor, which lessens the risk of damaging healthy cells and organs, thereby contributing to the rise of the inner radiation therapy market segment.
To increase the market share, companies are continuously investing in R&D. The positive results of the extensive R&D and strategic partnerships can help the businesses gain a substantial boost from the emerging field of radiotherapy.