The radiation therapy devices market is growing as the global number of cancer patients increases, according to a newly published report by market research group GlobalData.
The report attributes a surge in cancer patients to a rising elderly population and increased consumption of tobacco, particularly in the world's most populous nation, China. This is leading to a greater demand for cancer treatments, which GlobalData expects to trigger a corresponding increase in worldwide radiotherapy equipment and supplies.
The report provides an overview of the current market, key competitors, and market trends, and forecasts that radiation therapy device sales will increase at a compound annual growth rate of 9.1%. Sales were just under $2 billion (1.59 billion euros) in 2011 but are expected to rise to $3.5 billion (2.78 billion euros) in 2018.
Equipment sales in economically advanced countries are expected to be driven by replacement orders. There is the potential for a large increase in China and India, due to improved economies, aging populations, and the spread of smoking.
GlobalData reported that Varian Medical Systems is the global leader in external-beam radiation therapy systems, with 49% of the market in 2011. Swedish radiation oncology firm Elekta had 30% of the market share after acquiring Nucletron. Accuray and Siemens Healthcare held the third and fourth positions, at 10% and 6%, respectively.
