In late 2015, the Lancet Commission Report was published, which provided data on the global cancer burden and radiation therapy. As per the report, the global cancer burden will double by 2030, growing to 24.6 million new cancer cases. As per the estimates, approximately 50% to 60% of the cancer patients need radiotherapy, but a large pool of those patients don’t have access to radiotherapy treatments. In low-income countries, only 10% of the total patients have access to radiotherapy. Thus, the low and mid-income countries are expected to have the highest need for radiotherapy treatment equipment.
Some of the Varian’s peers like C R Bard (BCR), Boston Scientific (BSX), and Accuray (ARAY) will also be able to leverage the market opportunities in cancer treatment around the world. Investors can invest in the iShares S&P 500 Growth ETF (IVW), which accounts for ~0.05% of its total holdings in VAR.
As per the Lancet report, more than 20,000 linear accelerators are expected to be needed by 2035. These include the new machines as well replacements. Along with the equipment gap, additional software and services are also necessary. As per the report, an additional 150,000 healthcare practitioners including physicians, radiographers, nurses, and physicists will be required to meet the treatment needs by 2035.
Varian Medical Systems has a large number of initiatives to leverage the expansion opportunities in this market. The company continues to expand its global team and establish partnerships with governments, healthcare service providers, and other relevant organizations with the aim of expanding access to cancer care. The company also engages in continuous training and education programs to impart the necessary skills for efficient and safe utilization of the radiation equipment.