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Albany, New York, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Owing to the technological developments in vivo molecular and cellular imaging, the global Radiation Therapy Market is expected to provide better detection of cancer cells and helps deciding the treatment that has to be opted. Since these developments allow early detection of cancer, patients can opt for radiation therapy as treatment to cure the cancer. As a result of early cancer detection, radiation therapy is expected to experience a major boost in coming years, says Transparency Market Research.
Rising Prevalence of Cancer to Propel the Market with 5.2%CAGR
According to the report, the global radiation therapy market is expected to witness a 5.2% CAGR during the forecast period of 2018 to 2026. The growth of the market is the result of advancements of technologies that can provide early detection of the cancer. Also, due to rising number of cancer patients in countries across the globe.
The report also predicts that global radiation therapy market is anticipated to reach to the value of US$ 8,609.7 mn by the end of 2026. The hike in the revenue of the market is the result of development of various technologies in oncology sector that can detect, monitor, and cure cancer tissues efficiently. As per the historical analysis of the global radiation therapy market, experts at Transparency Market Research state that the market stood strong at US$ 5,445.3 Mn in 2017.
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Looking at the potential that the market has for the businesses, various players are entering at global level in the market.
Asia Pacific to Emerge as a Leading Region in the Market
Geographically, Asia Pacific is expected to dominate all the region of global radiation therapy market. The dominance of the region is the result of rising cancer patients in the various countries across the region. Moreover, development of various cancer specialty hospitals in India is another factor that is promoting the growth of the region in the radiation therapy market.
Additionally, various flexible insurance claims to support the patients in cancer treatments in countries like China and India is also fueling the growth of Asia Pacific in radiation therapy market. Also, increasing investments by various governments in the healthcare sector the country is also expected to support the growth of Asia Pacific in radiation therapy market.
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Rising Incidences of Cancer to Drive the Growth of the Market
The prevalence of cancer has increased over last decade. Almost every country has humungous number of cancer patients. This rising prevalence of cancer is one of the most prominent factor that is driving the growth of global radiation therapy market. This factor accounts for more than 50% share responsible for growth of the market. Moreover, rising demand or therapeutics delivery system is also an important aspect that is driving the growth of global radiation therapy market.
Furthermore, the rising demand for an efficient radiation therapy system is also expected to fuel the growth of global radiation therapy market. The demand for cancer treatment and new product approvals are anticipated to augment the growth of global radiation therapy market in the forecast period of 2018 to 2026.
Though, high cost of radiation therapy may hamper the growth of the market in the forecast period, the availability various options to pay the bill and flexibility provided by various hospitals for the payment can help the global radiation therapy market to retain its growth in the forecast period of 2018 to 2026.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, “Radiation Therapy Market (Type - External beam Radiation Therapy (Conformal Radiation Therapy, Proton Beam Therapy, Image Guided Radiation Therapy, Stereotactic Radiation Therapy), Internal Radiation Therapy (Brachytherapy, Systemic Radiation Therapy); End user - Hospitals, Specialty Clinics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026.”
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