The radiation therapy is also known as RTx, RT or ERT as well. Radiation therapy market is expected to witness a robust growth in the near future, thanks to growing incidences of tumors. The therapy can also be applied in eliminating several different cancerous cell. However, it has conventionally played an important role in treating tumors.
Radiation controls cell growth of cancerous tumors by damaging the DNA tissue. The therapy has become safer in recent times as new medical process enable practitioners to apply it from different angles and reduce the exposure of healthy tissue to the radiation. Additionally, it can also target lymph nodes, if they are adversely affected. The therapy is also used as an adjuvant therapy. This prevents the reoccurrence of cancerous tumor. Its effective application in treating cancer is expected to propel the radiation therapy market in the near future.
Growing Incidences of Cancer to Propel the Radiation Therapy Market
According to Center for Disease Control and Prevention (CDC), the number of cancer cases in the US are expected to reach 1 million in 2020, increasing by 24% between 2010 and 2020 among men. On the other hand, over 900,000 cases among women will be reported, increased by about 21%. Additionally, many cancers including prostate, liver, kidney, bladder, melanoma, lung, uterine, breast, and thyroid are expected to register an increase. Furthermore, the deaths due to cancers are also expected to go up by 15.2% among men between 2007 and 2020. 8.1% deaths due to cancer are expected among women. Hence, the growing number of cancer cases, growing unhealthy lifestyle patterns such as unhealthy eating, and increased damage by UV radiation are expected to boost the radiation therapy market.
On the other hand, cancer rates in (per person among 100,000) is expected to reduce for many cancers, thanks to better diagnosis and treatment. The growing awareness about cancer treatments, and diagnosis are expected to lower the total deaths and create many opportunities for growth in the radiation therapy market.
Radiation Therapy Market: Asia Pacific Region Presents an Emerging Opportunity
The growth of cancers worldwide opens many opportunities for players in the global radiation therapy market. Additionally, the market is expected to grow significant growth in Asia Pacific region, thanks to growing disposable income, increasing awareness, and significant investments by private and public entities in healthcare sector. Major emerging economies like India and China are adopting private-insurance models, which are in their nascent stages. It is important for private insurance players to establish trust and credibility in the market. Additionally, large number of players in the reimbursement business are making ways for more choice and more satisfaction for patients in the radiation therapy market. Favorable reimbursement policies, growing cases of cancers, and increasing disposable income in the region are expected to drive significant growth for the radiation therapy market in the near future.
The increasing integration of technology is also expected to reduce other medical costs in the treatment of radiation therapy. Treating cancers can be extremely expensive as doctors and hospitals are required to keep updated documentation consistently. Earlier, due to physical limitations, this task often fell back on hospital administration and nurses. However, growing application platforms are reducing the burden on medical systems and hand-held devices today can help various diagnosis at extremely cheap costs. These lowered costs are expected to drive higher profit margins in the radiation therapy market.