Seattle, Washington May 10, 2019 (Issuewire.com) - The Philippines Radiotherapy Market Size, by Product Type (External Beam Radiotherapy Device, (Linear Accelerators (LINAC), Advanced Radiotherapy Device, and Cobalt-60 Teletherapy System), Internal Radiotherapy (Brachytherapy) Device, and Systemic Radiotherapy), by Procedure Type (External Beam Radiotherapy, (3-D Conformal Radiation Therapy, Intensity-modulated Radiation Therapy (IMRT), Image-guided Radiation Therapy (IGRT) & Tomotherapy, Stereotactic Radiosurgery & Stereotactic Body Radiation Therapy, and Others), Internal Radiotherapy (Brachytherapy), & Systemic Radiotherapy), by Application (Breast Cancer, Lung Cancer, Cervical Cancer, Prostate Cancer, Head & Neck Cancer, Hematologic Cancer, and Others), and by End User (Hospitals and Cancer Research Institutes) was valued at US$ 17.6 Mn in 2018 and is projected to exhibit a CAGR of 5.8% during the forecast period (2018–2026), as highlighted in a new report published by Coherent Market Insights.
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Major players operating in the Philippines Radiotherapy market include Elekta AB, Accuray Incorporated, Varian Medical Systems, Inc., RaySearch Laboratories AB, Mevion Medical Systems, Inc., Isoray, Inc., Nordion, Inc., Becton, Dickinson and Company, Ion Beam Applications SA, and Hitachi, Ltd.
Key players in the market are working on installing and increasing access of their technologically advanced radiotherapy products in the Philippines market. For instance, in 2015, Elekta installed new version Gamma Knife Perfexion stereotactic radiosurgery system at the Philippines Gamma Knife Center. Installment of such novel devices in Philippines is expected to support the Philippines radiotherapy market growth over the forecast period.
In 2012, TomoTherapy, system a fully-integrated, 3D image-guided intensity modulated radiation therapy (IG-IMRT) manufactured by Accuray Incorporated, was made available in Makati Medical Center in Manila, Philippines.
Moreover, the high prevalence of cancer in Philippines is expected to increase the demand for radiotherapy treatment and support the Philippines radiotherapy market growth in the near future. For instance, according to the data published by the World Health Organization (WHO), in 2014, around 28,700 males and 27,900 females in the Philippines died from cancer.
Browse 30 Market Data Tables and 31 Figures spread through 160 Pages and in-depth TOC on Philippines Radiotherapy Market, by Product Type (External Beam Radiotherapy Device, Linear Accelerators (LINAC), Advanced Radiotherapy Device, Cobalt-60 Teletherapy System, Internal Radiotherapy (Brachytherapy) Device, and Systemic Radiotherapy), by Procedure Type (External Beam Radiotherapy, 3-D Conformal Radiation Therapy, Intensity-modulated Radiation Therapy (IMRT), Image-guided Radiation Therapy (IGRT) & Tomotherapy, Stereotactic Radiosurgery & Stereotactic Body Radiation Therapy, and Others), by Application (Breast Cancer, Lung Cancer, Cervical Cancer, Prostate Cancer, Head & Neck Cancer, Hematologic Cancer, and Others), and by End User (Hospitals and Cancer Research Institutes) – Philippines Forecast to 2026
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Various organizations are taking initiatives to increase awareness regarding different types of cancers and their treatment. Such initiatives are expected to support and increase the adoption of novel cancer treatment methods including radiotherapy. For instance, in February 2018, MSD Philippines in partnership with Philippines Society of Oncologists (PSO) and Philippines Society of Medical Oncology (PSMO) launched World Cancer Day forum to spread awareness regarding cancer and its treatment.
Key Takeaways of the Philippines Radiotherapy Market:
The Philippines radiotherapy market is expected to exhibit a CAGR of 5.8% during the forecast period (2018–2026), owing to the high prevalence of cancer, frequent initiatives by various organizations for cancer treatment, and increasing focus of key players to install novel radiotherapy devices in the region
Breast cancer is expected to hold a dominant position over the forecast period in the application segment. This is majorly due to the high prevalence of breast cancer in the Philippines is expected to aid in the growth of the segment. For instance, according to the data published by Philippine Cancer Society in 2015, the prevalence of breast cancer is the highest as compared to other cancers and it accounts for 19% of all cancer cases in the Philippines.
The cost of radiotherapy is high and is not easily affordable to low and middle-income population. However, benefits and reimbursements provided by PhilHealth may support the adoption of radiotherapy in the Philippines and drive the market growth over the forecast period.
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