The global superficial radiation therapy system market is projected to reach a valuation of USD 43.3 million in 2022, with a positive growth trajectory expected over the coming years. Expanding at a compound annual growth rate (CAGR) of 3.8% through the forecast period, the market is set to witness steady development driven by increased demand for non-invasive cancer treatments.
Superficial radiation therapy (SRT) systems are gaining traction due to their effectiveness in treating non-melanoma skin cancers and other superficial skin conditions. The market is witnessing growth as healthcare providers and patients increasingly prefer less invasive treatment options with minimal recovery times and fewer side effects.
Key Drivers of Market Growth:
- Rising Prevalence of Skin Cancer: As the incidence of non-melanoma skin cancers continues to rise globally, the demand for superficial radiation therapy as a treatment option is increasing.
- Non-Invasive Treatment Preference: Patients are increasingly opting for non-invasive treatments like SRT, which offers a safe and effective alternative to surgical procedures with less downtime and fewer complications.
- Advances in Radiation Therapy Technology: Ongoing advancements in radiation therapy systems, such as improved targeting and delivery methods, are making SRT a more attractive option for healthcare providers, further driving market expansion.
- Increased Awareness and Accessibility: Growing awareness of the benefits of superficial radiation therapy, coupled with expanded access to advanced cancer care, is expected to fuel market growth during the forecast period.
As the global healthcare industry continues to shift toward less invasive treatment methods, the superficial radiation therapy system market is expected to witness steady growth, making it a key segment in the broader oncology treatment landscape.
The global coronavirus outbreak is anticipated to have a moderate impact on the industry throughout the pandemic crisis. The essential nature of basal and squamous cell cancer treatments will support demand. Strict procedures to screen COVID-19 patients before superficial radiation therapy treatments hold back application rates during this period.
“Growing efforts for the testing and approval of superficial radiation therapy by government bodies are key factors contributing to growth prospects. Further, growing consumer bias against invasive treatment options and research investments for oncology will help the long-term growth of the industry,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Global Superficial Radiation Therapy System Industry – Key Takeaways
- Basal cell carcinoma applications account for a significant revenue share, owing to high incidence rates, particularly among fair-skinned populations.
- Targeted therapy systems are witnessing major growth, supported by minimal risks of side effects.
- North America is a prominent market for superficial radiation therapy systems, owing to higher numbers of treatment centers, and clinical trials in the region.
Global Superficial Radiation Therapy System Industry – Key Driving Factors
- Major investments towards the development of non-invasive skin cancer treatments, and portable devices are key to market developments.
- Rising numbers of awareness programs run by governments on skin cancer and treatment options are bolstering growth prospects.
Global Superficial Radiation Therapy System Industry – Key Constraints
- The debate about the efficacy of superficial radiation therapy in healthcare circles is holding back adoption.
- Prohibitive costs of operating superficial radiation therapy systems restrict market growth.
The Anticipated Impact of Coronavirus
The superficial radiation therapy systems market has been moderately limited in applications during the coronavirus pandemic. Lockdown restrictions and social distancing guidelines have resulted in delayed appointments for superficial radiation therapy treatments. Disinfection requirements and strict screening for COVID-19 cases, restrict access to patients and hurt operation rates limiting demand for superficial radiation therapy systems in the short term. Recovery is highly dependent on the timeline to bring the pandemic under control.
Competition Landscape
Major manufacturers in the Global Superficial Radiation Therapy System Industry include but are not limited to Nordion Inc., Sensus Healthcare, Xstrahl Ltd., SkinCure, IsoRay Inc., Mevion Medical Systems, Mitsubishi Electric Corp., Varian Medical Systems, Electa AB, Ion Beam Applications, and RaySearch Laboratories.
Superficial radiation therapy system manufacturers have been investing in strategic collaborations and acquisitions for product innovation and manufacturing capability enhancements.
For instance, Sensus Healthcare has announced the acquisition of Aesthetic Laser Partners and Aesthetic Mobile Laser Services for dermatology capabilities including superficial radiation therapy systems. IntraOp Medical Corp. has entered into a partnership with the Lausanne University Hospital for clinical trials of FLASH radiotherapy which includes superficial radiation therapy functionality. Also, Stratpharma Inc. has joined hands with Sensus Healthcare for the development of topical medical products including superficial radiation therapy systems.
Global Superficial Radiation Therapy System Industry By Category
By Product Type:
- Superficial Radiation Therapy Systems
- Software
By Application:
- Basal Cell Carcinoma
- Squamous Cell Carcinoma
- Keloid scars
- Psoriasis
- Kaposi Sarcoma (Plaque Stage)
- Bowen’s Disease
- Cutaneous T-cell Lymphoma
- Soft Tissue Metastases
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Cancer Research Institutes
- Dermatology Centers
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle-East & Africa
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 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.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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