Pharmaceuticals
Canada Radiotherapy Market Analysis
Canada radiotherapy market is likely to grow at a CAGR of 6% from a market size of $552.8 Mn in 2022 to $881 Mn in 2030. The rising incidence of cancer and the technological advancements in radiotherapy acts as a market growth driver. This report is segmented by type, technology, application, and by end user. Some key players in this market include Siemens Healthineers, Elekta Accuray Incorporated, Hitachi, IsoRay, Zeiss group, and others.
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Canada Radiotherapy Market Executive Summary
Canada radiotherapy market size is at around $552.8 Mn in 2022 and is projected to reach $881 Mn in 2030, exhibiting a CAGR of 6% during the forecast period 2022-2030. One of the largest nations in the globe and the largest in the western hemisphere is Canada. With firms ranging from little owner-managed businesses to multinational corporations, it boasts a thriving free-market economy. In the past, the export of agricultural staples, primarily grain, as well as the production and sale of natural resource exports, such as minerals, oil and gas, and forest products, were the foundations of Canada's economy.
The public sector, which supports healthcare services, and the private sector, which provides these services, make up Canada's hybrid public-private healthcare system. There is currently no national procurement model that is uniform. Each province has its own set of regulations, which can vary significantly between regions or service providers. Provincial government agencies are implementing or looking at health care procurement reforms, including centralized approaches.
Radiotherapy, also known as radiation therapy and radiation treatment, is used almost exclusively to treat cancer and is employed in an estimated 50% of all cancer cases. In Canada, radiotherapy services are provided by both private healthcare facilities and the publicly funded healthcare system. The availability and accessibility of radiotherapy services may vary by province or territory, with some regions having more advanced or specialized facilities than others. Overall, the radiotherapy market in Canada is expected to continue to grow in the coming years, driven by the increasing demand for cancer treatment and the ongoing development of new radiotherapy technologies and techniques.
Market Dynamics
Market Growth Drivers
The radiotherapy market is expanding in Canada due to a number of factors, including:
1. Rising Cancer Prevalence: As was already said, one of the main factors propelling the radiotherapy market in Canada is the rising cancer prevalence. One in two Canadians, according to the Canadian Cancer Society, will have cancer at some point in their lives. One of the most popular forms of treatment for cancer patients, radiotherapy is a major market driver.
2. Technical Developments: The radiotherapy industry is expanding as a result of the quick advancements in technology. Innovative medical techniques like intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), and proton therapy are enhancing patient results and lowering adverse effects. As a result, there is a desire for more sophisticated and cutting-edge radiation equipment.
3. Demand for Non-Invasive Therapies is Growing: Patients who want to avoid invasive surgery or chemotherapy are increasingly choosing radiotherapy as a non-invasive treatment option. As a result, there is a rising need for radiotherapy treatment, which is propelling market expansion.
4. Government Support: The money and assistance provided by the Canadian government for cancer research and treatment are what spurs the market for radiotherapy's innovation and growth. Radiotherapy services are also provided by publicly funded healthcare institutions in Canada, making it available to a larger population.
Market Restraints
The radiotherapy market's expansion in Canada may be constrained by a number of factors, including the high cost of radiation equipment, access to treatment, and others. Certain healthcare facilities may find it difficult to implement radiotherapy because of the equipment's high cost. Access to radiation treatment may be hampered by high equipment costs, especially in rural or developing parts of the nation. Access to treatment may be restricted in some areas, even though radiation is provided through Canada's publicly financed healthcare systems. It may be necessary for certain patients to travel a great distance for treatment, which can be both expensive and difficult.
Radiation therapy is generally safe and effective, but it can also have side effects including exhaustion, rashes on the skin, and nausea. Radiotherapy occasionally also has more severe side effects, like harm to organs or healthy tissue. For some individuals and healthcare professionals, these safety worries may be a deterrent to adoption. Health Canada regulates the radiation market, which might make it difficult for new competitors to enter the market. Before items may be used in Canada, companies may need to go through a protracted regulatory process, which can impede market innovation and expansion.
Competitive Landscape
Key Players
- Siemens Healthineers
- Elekta Accuray Incorporated
- Hitachi
- IsoRay
- Zeiss group
- Optivus Proton Therapy
Healthcare Policies and Regulatory Landscape
Health Canada, the government agency in charge of national public health, will be in charge of regulating radiotherapy in Canada starting in September 2021. Health Canada monitors the safety and efficacy of all radiotherapy products and services, and it also grants permission for the use of novel radiotherapy approaches and procedures. The provision of radiotherapy services in Canada is governed not only by federal law but also by provincial and territorial laws. The healthcare systems in each province and territory may differ in terms of rules and guidelines for the use of radiation.
For cancer research and treatment, including radiotherapy, the Canadian government provides funds and support. Both privately owned healthcare facilities and the publically supported healthcare system offer radiotherapy services. The expense of radiation treatment is covered by the publicly financed healthcare system in Canada for qualified patients, while the accessibility and availability of treatment may differ depending on the region and kind of cancer. The goal of Canada's radiation health policy is to guarantee that patients receive efficient and safe care. Health Canada oversees the use of radiation products and services to make sure they adhere to high standards for safety and effectiveness as well as for the planning and management of patient care.
1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
Canada Radiotherapy Market Segmentation
By Type (Revenue, USD Billion):
- External Beam Radiation Therapy
- Linear Accelerators
- Compact Advanced Radiotherapy Systems
- Cyberknife
- Gamma Knife
- Tomotherapy
- Proton Therapy
- Cyclotron
- Synchrotron
- Internal Beam Radiation Therapy
- Brachytherapy
- Seeds
- Applicators and Afterloaders
- Electronic Brachytherapy
- Systemic Radiation Therapy
- Others
By Technology (Revenue, USD Billion):
- External Beam Radiotherapy
- Intensity-Modulated Radiation Therapy (IMRT)
- Image-Guided Radiation Therapy (IGRT)
- Stereotactic Radiation Therapy (SRT)
- 3D Conformal Radiation Therapy (3D-CRT)
- Particle Therapy
- Internal Beam Radiotherapy
- Brachytherapy
- High-Dose Rate Brachytherapy
- Low-Dose Rate Brachytherapy
- Image-Guided Brachytherapy
- Pulse-Dose Rate Brachytherapy
- Systemic Radiation Therapy
- Intravenous Radiotherapy
- Oral Radiotherapy?
By Application (Revenue, USD Billion):
- Breast Cancer
- Cervical Cancer
- Colon and rectum Cancers
- Stomach Cancer
- Lung Cancer
- Prostate Cancer
- Skin Cancer
- Liver Cancer
- Other types of cancer
By End User (Revenue, USD Billion):
- Hospitals
- Radiotherapy Centers & Ambulatory Surgery Centers
- Cancer Research Institutes
Insights10 will provide you with the reports within 10 key parameters which are:
- Market Overview
- Market Growth Drivers & Restraints
- Epidemiology of Disease Type
- Market Segmentation
- Market Share
- Competitive Landscape
- Key Company Profiles
- Healthcare Policies & Regulatory Framework
- Reimbursement Scenario
- Factors Driving Future Growth
Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.
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Stage II: Market Data Analysis and Statistical Model
Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.
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The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.
The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.
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We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.
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Stage III: Interpretation and Presentation
Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)
- Establishing market drivers and trends
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- Market Segment based analysis to obtain revenue/volume
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