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Preliminary research of Fairfield Market Research indicates a promising growth outlook for global radiotherapy simulators market during the course of next few years.
Radiotherapy Simulators Market Receives an Impetus from Rising Demand for Effective Cancer Treatment
The medical industry is now able to offer accessible, affordable, and efficient tools to target tumors because of recent technological breakthroughs. Global radiotherapy simulators market expansion is accelerating with rising rate of per capita income. Another significant aspect driving the market growth rate is unprecedented increase in the number of cancer cases. The WHO ranks cancer as the sixth most common cause of death worldwide. According to the CDC, the second most common cause of death in the U.S. is cancer. Statistics provided by the Canadian government indicate that cancer is the leading cause of death in the nation. Cancer treatment with radiation therapy has been proven to be successful. There will be more demand for various cancer therapies involving radiation treatment as cases of the disease rise globally. Tumor control is being aided by the development of real-time imaging, which exposes normal tissues to the least amount of radiation possible.
The radiotherapy simulators market is driven by expanding technological advancements in this field. The Royal Australian and New Zealand College of Radiologists' Faculty of Radiation Oncology reports that 75% of patients saw a considerable reduction in pain from their bone malignancy or no change at all. Radiation therapy has demonstrated over 90% success rates in the treatment of prostate cancer, according to Memorial Sloan Kettering Cancer Center. Therefore, the market would grow as radiotherapy success rates for different cancers increased. However, there is expansion potential in the medical industry globally due to the increased demand for cancer treatment. Even the increase in healthcare spending, which is a major factor in raising living standards, will increase the market value. The market will be able to reach its estimated value with a higher GDP.
Radiotherapy Simulators Market: COVID-19 Impact
The worldwide COVID-19 pandemic has impacted every area of the medical industry, and the market, which deals with radiotherapy simulation, has seen a significant decline in the market share. Due to a widespread pandemic, the number of cancer patients has increased by about 20% due to the postponement of various surgeries and the government's increased focus on providing resources for COVID patients. Another factor that reduced the market share in the global radiotherapy simulators market is the rules for preserving the PPE (personal protective equipment) kit. Additionally, it is anticipated that by the end of the upcoming year's third quarter, the market share of radiotherapy simulation will have recovered from this pandemic situation.
Rising Cancer Rates Will Fuel Radiotherapy Simulators Market Expansion
An important industry driver is a rise in cancer patients worldwide. Nearly 1.9 million new cases of cancer and more than 608,000 cancer-related deaths were reported in 2021, according to the American Cancer Society. These numbers represent around 11.7% increase in new cases and a 0.16% increase in cancer deaths from the previous two years. The sector's size is anticipated to increase with the rise in cancer complaints. More than 18 million cases of cancer are reported annually, according to the World Cancer Research Fund International (WCRF). Breast cancer affects 2.26 million individuals, lung cancer affects 2.6 million people, and colon cancer affects 1.93 million people. The radiotherapy simulators market will rise due to the variety of applications available. Recently, more nations have increased their healthcare spending to provide better facilities for more people. This might boost demand for radiotherapy equipment and encourage the market growth.
Technological Advancements to Boost Radiotherapy Simulators Market
As technology develops, more patients can access cutting-edge equipment, which boosts the radiotherapy simulators market. Furthermore, more patients can obtain cutting-edge technology due to rising technical breakthroughs, which boosts the radiation sector. To treat diseases like gastroenteropancreatic metastatic breast cancer, neuroendocrine tumors, and other conditions that are becoming more common, radiotherapy techniques like an external beam, immunotherapy, intrabeam, proton therapy, intensity-modulated, 3D conformal, internal, brachytherapy, targeted radionuclide, chemotherapy, image-guided, particle therapy, volumetric modulated arc therapy, and temporally feathered use radiopharmaceuticals and devices like the gamma. Patients are more likely to choose radiotherapy due to the high cure rate and metastasis-free survival rate, which boosts demand for radiation therapy equipment and promotes growth. In the treatment of prostate cancer, radiotherapy had a 93.3% cure rate and a 96.9% metastasis-free survival rate, according to Targeting Cancer Australia.
Lack of Healthcare Infrastructure Remains a Deterrent Facing Radiotherapy Simulators Market
The industry's growth is hampered by the low installation of radiotherapy devices caused by the limited healthcare spending in developing countries. For instance, the United States spent about US$4.8 Tn on healthcare, compared to US$34 Bn spent by India. Furthermore, the high price of radiotherapy makes patients look for alternative forms of treatment, which slows the expansion of the radiotherapy simulators market. A study found that the median cost of radiation therapy per patient for breast, lung, and prostate cancer was US$8600, US$9000, and US$18,000, respectively.
Multi-slice Simulators Category to Dominate Radiotherapy Simulators Market
In 2021, the multi-slice radiotherapy simulators category held a sizable market share. Multi-slice radiation simulators are an example of a piece of medical technology used in the treatment of cancer. This simulator is perfect for treating big tumors since it has MRI, and computed tomography (CT) capabilities. Smaller tumors can also be treated with multi-slice radiation simulators. However, this is less usual. Besides, the large bore radiotherapy simulators are anticipated to grow significantly over the forecast period. A form of the simulator in radiotherapy that provides high-definition images and a broad field of view is known as a large-bore simulator. It is appropriate for cancer patients who need more precise imaging or has larger bodies. The best option for cancer patients receiving radiation therapy is large-bore radiotherapy simulators because they provide superior image quality and accuracy compared to other simulators.
Breast Cancer Retains Lead in Radiotherapy Simulators Market
The breast cancer category held the largest radiotherapy simulators market share, and it is anticipated that it will continue to rule the market during the forecast period. The segment's expansion is aided by the rising incidence of breast cancer cases and the rising need for radiotherapy equipment to treat breast cancer. Breast cancer is most prevalent type of cancer, with more than 287,000 cases (or 15% of all cancer cases) and more than 43,000 fatalities (or 7.1% of all cancer-related deaths), respectively, predicted for 2022, according to the National Cancer Institute. On the other hand, the prostate cancer category is anticipated to grow at a significant rate over the forecast period. A cutting-edge prostate cancer treatment is prostate brachytherapy. Treatment for prostate cancer involves the use of both LDR, and HDR brachytherapy. Additionally, brachytherapy is used more frequently worldwide to treat high-risk prostate cancer. It can be used on its own or with EBRT or hormone therapy.
North America to Spearhead Radiotherapy Simulators Market with Ascending Number of Cancer Patients
Over the forecast period, it is anticipated that the North American radiotherapy simulators market will account for the largest revenue share. The number of cancer patients is rising, and more qualified medical experts are available to treat these instances, which has increased the region's market share. The Canadian Cancer Statistics predicted that over 230,000 people would receive a cancer diagnosis and approximately 85,000 would pass away from the condition. With a prevalence of 25%, lung cancer was predicted to be the most prevalent cancer diagnosed, followed by colorectal cancer (11%), and pancreatic cancer (7%). In addition, the North American area holds the largest market share in the global market as a result of the rise in cancer incidence in nations like Canada, and the U.S. Another factor fueling its growth is an increase in per capita income. The growing investment in the healthcare industry is another motivating factor.
The Asia-Pacific radiotherapy simulators market is anticipated to experience stable revenue growth throughout the forecast period due to the growing number of patients in the Asia-Pacific area and government initiatives for healthcare reforms. The aging population will fuel the segment's expansion, technological developments in radiation products, increased conferences boosting radiotherapy investments, and rising radiotherapy equipment and treatment acceptance rates. By 2022, China is predicted to have 3.2 million cancer-related fatalities and 4.8 million new cancer cases, based on NCBI studies. In China, lung cancer is the most prevalent type of cancer. Between 2015 and 2030, there will be an expected 40% increase in lung cancer mortality.
Global Radiotherapy Simulators Market: Competitive Landscape
In April 2022, the collaboration in radiation oncology between Elekta and G.E. Healthcare was announced. As a result of their partnership, Elekta and G.E. Healthcare hope to offer hospitals a complete range of imaging and treatment options for patients who need radiotherapy. Additionally, in February 2022, Ion Beam Applications S.A. (IBA) announced a collaboration with the SOGAZ insurance group to install its Proteus ONE proton therapy system in Saint-Petersburg, Russia. IBA, and Sogaz think this alliance will make radiotherapy more widely available to Russian patients.
A few of the players in the radiotherapy simulators market GE Healthcare, Toshiba Medical Systems, Siemens Healthcare, Fluke Biomedical, Ziehm Imaging, Koninklijke Philips N.V., Hologic, Inc., Shimadzu Corporation, Huestis Machine Corp, and Modus Medical Devices Inc.
Global Radiotherapy Simulators Market is Segmented as Below:
By Product
By Application
By End User
By Region
Key Elements Included In The Study: Global Radiotherapy Simulators Market
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