Philippines Radiotherapy Market, By Radiation Therapy Type {External-Beam Radiation Therapy [Three-dimensional conformal radiation therapy (3D-CRT), Intensity modulated radiation therapy (IMRT), Proton beam therapy, Image-guided radiation therapy (IGRT), Stereotactic radiation therapy (SRT)], Internal Radiation Therapy (Permanent Implants, Temporary Internal Radiation Therapy], Others, [Intraoperative Radiation Therapy (IORT), Systemic Radiation Therapy, Radioimmunotherapy, Radiosensitizers and Radioprotectors]} By Application (Breast Cancer, Lung Cancer, Cervical Cancer, Prostate Cancer, Head & Neck Cancer, Others), By End User (Hospitals & Clinics, Cancer Centres, Research & Academic Institutes) is estimated to be valued at US$ 22.4 Mn in 2023, and is expected to exhibit a CAGR of 5.7% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The growing geriatric population is the major driving factor for the market development over the forecast period. Aging populations often experience a higher incidence of cancer. As the population ages, the demand for cancer treatment, including radiotherapy, is likely to increase. According to an article published on August 29, 2023, by the Phillipine Information Agency, the official public information arm of the Government of the Republic of the Philippines, the Commission on Population and Development projects that in 2035, 14% of the population will be senior citizens, up from 8.5% in 2023. Furthermore, the Philippine Statistics Authority (PSA) reported that the number of Filipinos aged 60 and up has more than doubled to 9.22 Mn in 2020, up from 4.6 Mn in 2000.
Philippines Radiotherapy Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
The COVID-19 pandemic led to disruptions in routine healthcare services, including cancer screenings and treatments. Elective procedures, including some cancer treatments, were delayed or rescheduled to prioritize resources for COVID-19 patients. According to an article published in 2023 by Acta Medica Philippina, an open-access health science journal, the Philippines, like other countries, was compelled to redirect the majority of its health resources to the COVID-19 pandemic when Enhanced Community Quarantine (ECQ) was announced on March 16, 2020. Except for health care personnel and the military, everyone was confined to their houses under ECQ. To cope up with pandemic, all institutions followed global guidelines, such as infection control measures, telemedicine, and changes to radiotherapy programs. Despite this, most institutions experienced greater treatment interruptions during ECQ. The percentage of patients who had interruptions was likewise significantly higher during the ECQ (66.37%) than during the pre-COVID month (30.56%). To conclude, the COVID-19 pandemic negatively affected the market growth.
Philippines Radiotherapy Market: Key Developments
On May 22, 2023, Cordillera Hospital of the Divine Grace (CHDG), a 74-bed tertiary hospital in the hilly location of La Trinidad, Benguet, announced the installation of the region's first MRI with the new MAGNETOM Free.Star. The MAGNETOM Free.Star scanner from Siemens Healthineers, a medical equipment manufacturer, belongs to a new generation of scanners that give high image quality by combining AI-based digital technologies and a new field strength of 0.55 Tesla on the company's innovative and unique High-V MRI platform.
In February 2022, The Dagupan Doctors Villaflor Memorial Hospital (DDVMH), a partner hospital of Mount Grace Hospitals, Inc., brought new technology in treating cancer patients using the VitalBeam radiotherapy system from Varian Medical Systems (a Siemens Healthineers company), bringing intensity-modulated radiotherapy (IMRT) capabilities to Pangasinan and the rest of Northern and Central Luzon. VitalBeam delivers powerful cancer therapies with pinpoint precision and accuracy.
Browse 36 Market Data Tables and 26 Figures spread through 180 Pages and in-depth TOC on “Philippines Radiotherapy Market”- Forecast to 2030, Philippines Radiotherapy Market, By Radiation Therapy Type {External-Beam Radiation Therapy [Three-dimensional conformal radiation therapy (3D-CRT), Intensity modulated radiation therapy (IMRT), Proton beam therapy, Image-guided radiation therapy (IGRT), Stereotactic radiation therapy (SRT)], Internal Radiation Therapy (Permanent Implants, Temporary Internal Radiation Therapy], Others, [Intraoperative Radiation Therapy (IORT), Systemic Radiation Therapy, Radioimmunotherapy, Radiosensitizers and Radioprotectors]} By Application (Breast Cancer, Lung Cancer, Cervical Cancer, Prostate Cancer, Head & Neck Cancer, Others), By End User (Hospitals & Clinics, Cancer Centres, Research & Academic Institutes)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/philippines-radiotherapy-market-2601
Key Takeaways of the Philippines radiotherapy market:
- The Philippines radiotherapy market is expected to exhibit a CAGR of 5.7% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the Philippines radiotherapy market.
- Among application, the lung cancer segment is expected to hold the second highest share in the Philippines radiotherapy market during the forecast period, owing to the rise in the number of lung cancer cases. According to the Glbocan 2022 report, 19,180 lung cancer cases were reported in the Philippines in 2020, which accounted for 12.5% of the total cancer cases.
- The major players operating in the Philippines radiotherapy market are 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, Hitachi Ltd., GE HealthCare, RefleXion Medical, Canon Medical Systems Corporation, ALCEN (PMB), and Siemens Healthineers.
