Linear accelerators are medical devices used for external beam radiation therapy to treat cancers such as breast, lung, prostate and many other types of cancers. These accelerators use microwaves or radio frequency fields to accelerate electrons that generate high-energy X-ray beams to destroy cancer cells with focused radiation. The need for linear accelerators is rising owing to increasing number of cancer cases globally and benefits like reduced risk of side effects compared to surgery or chemotherapy.
The global Linear Accelerators for Radiation Market is estimated to be valued at US$ 6.9 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The market opportunity lies in the increasing number of cancer cases across the globe. According to World Health Organization, cancer burden has risen to 19.3 million cases and 10 million cancer deaths in 2020. Rapid rise in cancers due to sedentary lifestyle, smoking and improper diet is propelling demand for radiotherapy treatments using linear accelerators. The accelerators play a vital role in non-surgically treating tumors and malignancies. The growing cancer patients worldwide hence presents lucrative growth opportunity for linear accelerators market over the forecast period. Porter's Analysis Threat of new entrants: Low as this market requires extensive R&D, regulatory compliances and building customer loyalty which pose high entry barriers. Bargaining power of buyers: Moderate as few medical device companies control this market however growing health awareness increases buyers options. Bargaining power of suppliers: Low due to patented technologies and supplier dependency of manufacturers for components. Threat of new substitutes: Low as linear accelerators are the primary treatment mode for specific cancers and no close substitute exist yet. Competitive rivalry: High as major brands compete on technological innovations increasing applications and lowering costs. SWOT Analysis Strength: Extensive R&D and new product launches expanding applications. Regulatory approvals accelerating commercialization. Weakness: High costs limiting accessibility in low income regions. Stringent compliance standards delay new approvals. Opportunity: Growing cancer incidence worldwide along with aging population and lifestyle changes. Emerging economies increasing healthcare spends. Threats: Trade barriers and currency fluctuations impact supply chains. Shortage of trained oncologists limits market expansion. Key Takeaways The Global Linear Accelerators For Radiation Market Size is expected to witness high growth at a CAGR of 5.7% during the forecast period of 2023 to 2030. It is projected to reach a market size of US$ 6.9 Bn by 2023 from US$ 5.2 Bn in 2018. Regional analysis indicate highest growth rates in Asia Pacific region owing to increasing healthcare access and expenditure in major economies like China and India. Europe currently dominates the market due to supportive regulatory approvals and reimbursement policies. Key players operating in the linear accelerators for radiation market are Varian Medical Systems, Elekta AB, Accuray Incorporated, Sameer, Siemens Healthcare, Brainlab AG, and GE Healthcare. Major brands are focusing on multi-cavitiy machines to treat larger volumes faster and reduce costs per fraction. Get more insights on this topic: https://www.marketwebjournal.com/linear-accelerators-for-radiation-market-share/
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