Growing Prevalence of Cancer and Precision Radiotherapy Treatment Offered by Stereotactic Radiation Therapy to Boost the Global Market: Future Market Insights, Inc.
Stereotactic Radiation Therapy Market Poised for US$ 7.9 Billion Valuation by 2033, CAGR Set at 7.3%. The rising prevalence of cancer disorders and the growing geriatric population is driving the growing need for rapid improvement in SRT technology around the world.
NEWARK, Del, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global market for stereotactic radiation therapy (SRT) is expected to grow at a significant rate in the coming years, driven by several factors such as increases prevalence of cancers and growing demand for personalized treatment option. The global market currently stands at *US$ 3.7 Billion* in 2022, and it is further projected to expand at a *CAGR of 7.3%* over the forecast period (2023-2033).· According to the American Cancer Society, about 24,810 malignant tumors of the spinal cord or brain will be detected in the United States in 2023.Stereotactic radiation therapy provides good tumor control rates while delivering precise doses. In comparison to conventional radiation therapy, it allows for larger radiation doses to be provided in fewer treatment sessions. This leads to better outcomes, such as higher tumor control rates and higher survival rates for some malignancies. The possibility of shorter treatment sessions and fewer side effects leads to the growing use of stereotactic radiation therapy.
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Stereotactic radiation therapy is a non-invasive or minimally invasive therapeutic option that, in some situations, avoids the need for surgery. It can be used to treat both primary and metastatic tumors, offering a non-invasive alternative to invasive methods. Stereotactic radiation therapy is appealing to patients and physicians due to its ability to deliver targeted radiation without requiring open surgery.
Leading players in this market are continuing to hold the global market share by promoting their product and associated benefits. By improving state-of-the-art technology in the stereotactic radiation systems, companies are offering optimized treatment plans and delivery of radiation therapy.
*Key Takeaways from **Stereotactic Radiation Therapy Market** Study:*
· By technology, linear accelerator radiosurgery systems accounts for *US$ 2.5 billion *in 2022 owed to targeted therapy and lesser adverse effect.
· By indication, CNS cancer accounts for more than* 24.0% *of the market share globally in 2022. Women have a slightly higher likelihood of acquiring any form of brain or spinal cord tumor than males, while men have a little higher risk of developing a malignant tumor. Thus, for non-surgical CNS cancer treatment option, the SRT is in high demand.
· Hospitals held around *42.2%* of the global market share in 2022. This can be ascribed to the fact that large population globally suffers from various diseases, which can be adequately identified in this setting with qualified assistance.
· By region, North America held dominant share in world in 2022. The U.S. leads in this region with high prevalence of cancer and high requirement of radiation therapy.
*“The growing cancer burden and increase in adoption of personalized therapy contribute to higher demand for stereotactic radiation therapy systems**.” **says **Sabyasachi Ghosh **(Associate Vice President at Future Market Insights, Inc.)*
*Stereotactic Radiation Therapy Market** Competition*
The stereotactic radiation therapy market is highly competitive, with key players like Ion Beam Applications (IBA), Elekta and Sumitomo Heavy Industries. These companies are constantly participating partnerships, award competition with their products and launching new products to gain a larger market share, with a focus on affordability, convenience, and effectiveness.
· In March, 2023, a research partnership has been started by IBA (Ion Beam Applications S.A., EURONEXT) for the creation of the ConformalFLASH clinical proton treatment system.
· In June, 2023, the choice to invest in Alpha Fusion Inc. ("AF"), a producer of radiopharmaceuticals based on astatine for targeted alpha therapy ("TAT"), was made official by Sumitomo Heavy Industries, Ltd.
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*What Does the Report Cover?*
Future Market Insights offers a unique perspective and actionable insights on the stereotactic radiation therapy market in its latest study, presenting a historical demand assessment of 2017 – 2022 and projections for 2023 – 2033. The global stereotactic radiation therapy market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader
The analysis is based on technology (linear accelerator radiosurgery systems, GammaKnife radiosurgery systems, proton beam therapy, and CyberKnife), indication (CNS cancer, prostate cancer, head and neck, breast cancer, lung cancer, and others), and end user (hospitals, imaging centers, cancer research centers and oncological treatment centers), across seven key regions around the world.
*Key Companies Profiled in the Stereotactic Radiation Therapy Market:*
1. Mevion Medical Systems, Inc.
2. Hitachi, Ltd. (Mitsubishi Electric Corporation)
3. Accuray Incorporated
4. MASEP Medical Science & Technology Development (Shenzhen) Co
5. Akesis, Inc
6. Elekta
7. Siemens Healthineers AG (Varian Medical Systems, Inc.)
8. Ion Beam Applications
9. ProTom International
10. Pronova Solutions
11. Sumitomo Heavy Industries, Ltd.
12. Provision Cares
13. Optivus Proton Therapy Inc.
14. Advanced Oncotherapy
15. Sun Nuclear Corporation
16. B dot Medical Inc. (partnered with Toshiba)
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*Key Market Segments Covered in the Stereotactic Radiation Therapy Industry Research:*
*By Technology:*
· Linear Accelerator Radiosurgery Systems
· GammaKnife Radiosurgery Systems
· Proton Beam Therapy
· CyberKnife
*By Indication:*
· CNS Cancer
· Prostate Cancer
· Head and Neck
· Breast Cancer
· Lung Cancer
· Other
*By End User:*
· Hospitals
· Imaging Centers
· Cancer Research Centers
· Oncological Treatment Centers
*By Region:*
· North America
· Latin America
· Europe
· South Asia
· East Asia
· Oceania
· Middle East and Africa *About Healthcare Division at Future Market Insights*Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business.
*Author*
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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*About Future Market Insights (FMI)*
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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