The rise in a number of people suffering from cancer along with the increasing investment in healthcare has resulted in new diagnostics and treatment options. Innovation in technologies such as imaging technologies, linear accelerators and diagnostic devices have made the radiotherapy treatment highly effective. However, to introduce more cost-effective and better treatments, radiotherapy device manufacturers are using software solutions and are also combining technologies to improve outcome and provide better patient care.
Companies are working towards introducing cost-effective solutions. While researchers are studying the various mode of treatment that will offer the best outcome. Researchers are trying to reach the point where it will be easy to suggest particular treatment for the specific type of cancer.
According to the latest report by Future Market Insights (FMI), North America radiotherapy device market is anticipated to gain 34% market share between 2017 and 2027. While Western Europe is expected to have 30% market share by the end of 2027. The North America market is projected to exceed $3,500 million market valuation by 2027 end. By the end of 2027, Western Europe is estimated to exceed $3,100 market value. Radiotherapy device market is a well-structured market and poses a good opportunity for growth. As the market is governed by strict regulations such as the U.S. Food and Drug Administration (FDA) Medical Device Regulatory Approval Process and more such regulations in different countries.
New technologies to drive demand for radiotherapy devices
New devices made using innovative technologies are gaining popularity among healthcare providers and patients. However, more research is being conducted to validate these devices before being used. For instance, IsoRay, a medical technology company has received a response from FDA for its GammaTile radiation therapy system. FDA has asked the company to submit additional data to secure clearance for GammaTile device. According to the company, additional testing of the device is expected to be completed by 2017 end. Once the clearance is received, GammaTile device will be able to address the need for the treatment of recurrent brain tumors. In the clinical trials, around 80 patients have been treated using the GammaTile device.
Elekta, an equipment and software provider to improve cancer and brain disorders, along with clinicians developed Venezia, an advanced gynecological applicator to be used in the treatment of advanced stage cervical cancer.
Next-gen MRI guided radiation therapy device
FDA recently approved ViewRay’s MRIdian Linac system, the first kind of device combining MRI guidance along with linear accelerator radiation. This device helps to visualize the movement of tumors and organs in real time during radiation treatment. The new device can be used to plan treatment during radiation procedures. The device uses magnetic resonance imaging to differentiate between different types of tissue while delivering more radiation to the tumor than to the surrounding tissue.
Governments of various countries are also allocating budget for cancer research and treatment. This is resulting in the development of new radiotherapy devices using advanced technology. This is also leading to the development of cost-effective solutions with enhanced treatment capabilities.