USD 7.7 billion
Radiotherapy Market Size, Share, Growth Analysis, By Product & Service(Products, Software & Services), By Technology(External Beam Radiotherapy, Linacs [Conventional Linacs, Stereotactic Advanced Electron/Cobalt-60 Linacs (Cyberknife, Gamma Knife), By Application(External Beam Radiotherapy Applications [Prostate Cancer, Breast Cancer, Lung Cancer, Head & Neck Cancer), By Procedure(External Beam Radiotherapy [IMRT, IGRT, 3D Conformal Radiotherapy, SRT), By End User(Hospitals, Independent Radiotherapy Centers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35D2187 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
59
|Figures:
75
Radiotherapy Market Insights
Radiotherapy Market size was valued at USD 6.4 billion in 2022 and is poised to grow from USD 6.73 billion in 2023 to USD 10.01 billion by 2031, growing at a CAGR of 5.10% during the forecast period (2024-2031).
The radiotherapy market outlook discusses several critical variables that have led to a tremendous surge in demand for radiotherapy in cancer treatment over the past few years. As cancer patients have increased tremendously across the globe, demand for potent treatment techniques has also risen. This fact is further supported by the declining population with healthy ages, who are an increasing victim of many types of cancer. Moreover, there is a considerable awareness campaign underway to educate the public on the advantage and efficacy of radiation as treatment. Moreover, there has been an uptrend in the use of modern radiotherapy equipment and technologies. For instance, technology inputs in the high-technology radiotherapy equipment-precision targeting and advanced imaging methods-have provided better safety and efficacy for the treatment, which further attracts patients and doctors. However, the radiotherapy market growth in the use of radiation is not without challenges. The availability of qualified workers who are trained in the latest radiation procedures is critically limited to date. Certain tumor vision issues further complicate the administration and planning of therapies, thus reducing the efficacy of the treatments. On the contrary, massive development prospects lie in these emerging nations, where improved cancer treatment alternatives are made possible by greater access to the infrastructure of health care. The demand for cancer treatment is increasing day by day, and, thus, the radiation market is expected to grow in numerous ways throughout the forecast period.
US Radiotherapy Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
12.3% CAGR
Global Radiotherapy Market ($ Bn)
Country Share for North America Region (%)
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Radiotherapy Market Segmental Analysis
Global Radiotherapy Market is segmented by Product & Service, Technology, Application, Procedure, End User, and region. Based on Product & Service, the market is segmented into Products, and Software & Services. Based on Technology, the market is segmented into External Beam Radiotherapy, Linacs, Particle Therapy, Conventional Cobalt-60 Teletherapy, Internal Beam Radiotherapy/Brachytherapy, Seeds, Afterloaders, IORT Systems, Applicators, Systemic Radiotherapy. Based on Application, the market is segmented into External Beam Radiotherapy Applications, and Internal Beam Radiotherapy/Brachytherapy Applications. Based on Procedure, the market is segmented into External Beam Radiotherapy, Internal Beam Radiotherapy/Brachytherapy, Systemic Radiotherapy. Based on End User, the market is segmented into Hospitals, and Independent Radiotherapy Centers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Radiotherapy Market Analysis by Application
As per the radiotherapy market analysis, the breast cancer market led the market in 2023. Since radiation is typically used post-surgery to eliminate remaining cancer cells and reduce rates of recurrence, this segment benefits from well-established treatment protocols. Advances in radiotherapy techniques, for instance, IMRT and SBRT, have further improved the accuracy and results in the process. Already, growing awareness and an increasingly active screening system add to the demand for radiation in this market. Thus, breast cancer remains one of the key areas of focus on radiation research and development.
However, the skin and lip cancer segment within the radiotherapy industry is anticipated to grow tremendously during the forecast period. Exposure by cells of the skin to ultraviolet light causes squamous cell carcinoma, melanoma, and basal cell carcinoma-the principal causes of skin cancer. The main causes of lip cancer are exposure to UV radiation, smoking, and compromised immune systems. Skin and lip cancer is expected to grow highly in the projection period. Huge incidence rates for skin and lip cancer, large R&D pipeline, advancements in radiotherapy technologies, increasing needs for non-invasive cancer therapies such as radiotherapy, and higher accessibility to radiotherapy services across the globe are the growth driver of this segment. As an instance, the diagnosis of melanomas would amount to nearly 97,610 by the end of 2023. It would include 58,120 men and 39,490 women as the reported figures from January 2023 published by the American Cancer Society go. Skin and lip cancer would therefore depict an increasingly steady incidence. A great deal would thus be witnessed in the demand for the equipment in radiation therapy.
Radiotherapy Market Analysis by End User
The hospitals segment is the leader in the radiotherapy industry. Several reasons exist for it. These include hosting interdisciplinary cancer therapy, large cancer care facilities, and well-established infrastructures. Because hospitals commonly offer a wide range of medical specializations and support services, radiation therapy can be conducted jointly with other therapies such as surgery and chemotherapy. Hospitals can afford state-of-the-art technologies and equipment in radiation, which is also able to accommodate many patients. Due to this reason, they are in a position to offer as comprehensive and modernized radiology services as can be and, therefore, they attract many patients and medical personnel.
However, the radiotherapy centers segment is expected to gain the highest radiotherapy market share. These facilities are separated from other hospital services and specialize only in radiation services. The growth of these centers is catalyzed by various factors. Primarily, they have specialized experience in radiotherapy because they specialize solely in radiotherapy. This allows them to administer patients with reduced and effective treatments more often with reduced waiting times. Independent facilities can also be more flexible when it comes to making an appointment and administering tailored treatment. Because they tend to have less overhead than hospitals, they can also be less expensive for patients. Their rapid growth in the market is attributed to increasing demand for radiation treatments and ease and special treatment that it offers.
Global Radiotherapy Market By End User
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Radiotherapy Market Regional Insights
The radiotherapy industry in North America would record significant growth in the projection period. The increase in cases and prevalence of cancers, presence of leading companies in the region, and innovative products are among the key factors driving the market growth. According to recent data released in January 2023 by the American Cancer Society, breast cancer is one of the most common cancers found in females in the United States. It constitutes 30% of all the new cases of malignancies among women in the country every year, which means it accounts for 1 in every 3 cases. The same source further stated that by the end of 2023, there will be a diagnosis of almost 297,790 new cases of invasive breast cancer, while approximately 55,720 new cases of ductal carcinoma in situ (DCIS) will emerge. It was assumed that the demand for the country's radiation will be triggered by the prevalence of cancer. As a result of the high incidence and prevalence of cancer in the country, it needs advanced radiation treatments, which also becomes a prime growth factor for the regional market.
However, Asia-Pacific is expected to achieve the highest CAGR of 7.4% during the radiotherapy market forecast period. Several significant factors have resulted in this growth, including a considerable rise in health expenditure that the governments had undertaken to up-grade the health facilities and provide access to state-of-the-art treatment options. Furthermore, there is growing knowledge about the treatment of cancer and efficacy of radiation that has added much value to the growth of the market. Moreover, the number of oncology cases originating from the vast population base of countries like China and India is also growing. To begin with, there is a growing medical need in the region that has only increased demand for effective treatment options.
Global Radiotherapy Market By Geography
- Largest
- Fastest
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Radiotherapy Market Dynamics
Radiotherapy Market Drivers
Increasing Cancer Cases
- This is one of the major drivers for the radiotherapy industry. Globally, high rising cases of cancer have been major factors in the growth of the industry. The factors that contribute to higher rates of cancer include aging populations, lifestyle changes, and increasing exposure to environmental pollutants. This increase in diagnosis increases the need for efficient treatment alternatives such as radiation therapy, which is essential for controlling all forms of cancer. It is anticipated that the demand for radiotherapy would increase with raised awareness on early diagnosis and treatment.
Advancements in Technology
- Advancements in technology regarding radiation are greatly improving the effectiveness of treatment and the outcome of patients. Technological developments such as SBRT and IMRT allow correct targeting of the tumors without damage to other normal cells. Radiations have become the preferred treatment for patients mainly because of higher survival rates and lower side effects associated with the treatment. The market as a whole is expected to grow significantly as health care organizations seek to embrace such sophisticated medical advancements that make use of improved functionalities in treatment. This market will therefore add up significantly over time.
Restraints
Expensive Medical Care
- Significant cost barriers can severely hinder access to radiation treatments when the costs of equipment and procedures are high, as in the case with low- and middle-income countries. Healthcare institutions are not eager to invest in high-cost technology, and patients struggle to pay for such treatments. This cost barrier; therefore, limits access to radiation, mainly in under resource-rich healthcare provision areas, thus hindering the radiotherapy market growth and patient access to critical cancer treatment.
Lack of Qualified Experts
- The shortage of qualified professionals to work in the field of radiotherapy, including radiation therapists, medical physicists, and radiation oncologists, poses a problem for the radiotherapy market. Advanced procedures in radiation are often very complex and require specialized knowledge and skills, which are lacking in many healthcare systems. The deficiency in such skills may result in delayed patient care and inadequate access to treatment, thus ultimately limiting the growth of the market and lowering the standards of cancer therapy patients receive.
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Radiotherapy Market Competitive Landscape
Radiotherapy is an industry characterized by the presence of key players such as international corporations and specialty biotechnology firms. Businesses are looking to innovate using the latest technologies and treatment methodologies. As businesses look for improvement in product offerings and expand their market base, strategic partnerships, mergers, and acquisitions are commonly used tools to fuel growth and push the bar in improving patient care about cancer treatment.
Radiotherapy Market Top Player’s Company Profiles
- Elekta (Sweden)
- Accuray Incorporated (USA)
- IBA Worldwide (Ion Beam Applications Sa) (Belgium)
- ViewRay Technologies, Inc. (USA)
- Perspective Therapeutics, Inc. (USA)
- Hitachi Ltd. (Japan)
- Sumitomo Heavy Industries Ltd. (Japan)
- Carl Zeiss Meditec Ag (Germany)
- Mim Software Inc. (USA)
- Panacea Medical Technologies Pvt. Ltd. (India)
- Provision Healthcare (USA)
- Mevion Medical Systems (USA)
- Optivus Proton Therapy, Inc. (USA)
- P-Cure (Israel)
- Intraop Medical, Inc. (USA)
- Bebig Medical (Germany)
- Koninklijke Philips N.V. (Netherlands)
- Raysearch Laboratories (Sweden)
- Theragenics (USA)
- Protom International (USA)
- Dosisoft SA (France)
- Isoaid (Canada)
- Magnettx Oncology Solutions Ltd. (UK)
- Brainlab AG (Germany)
Radiotherapy Market Recent Developments
- In May 2023, GE HealthCare launched three radiotherapy solutions including auto segmentation, intelligent radiation therapy, and an upgraded magnetic resonance (MR) radiation treatment solution branded as the AIR Open Coil Suite.
- In February 2023, The US Food and Drug Administration (FDA) approved SCINTIX biology-guided radiation for early- and late-stage cancer applications for RefleXion Medical.
- In February 2022, IAEA unveils plan to address unprecedented shortage of cancer care capability in lower-middle-income countries by focusing on the first phase, in Africa, which accounts for the largest number of cancer-related deaths globally, mostly due to no access to potentially life-saving nuclear medicine and radiotherapy.
Radiotherapy Key Market Trends
- Transition to Personalized Healthcare: One of the major radiotherapy market trends includes transition to personalized healthcare. The way therapies are developed and delivered is changing with the movement toward personalized medicine in radiotherapy. With genetic and molecular profiling, healthcare providers can tailor radiation regimens based on the unique characteristics of the individual, improving the effectiveness of the treatment but with fewer side effects. Such an individualized approach results in better tumor targeting and thus better outcomes. Future radiation procedures will surely be highly influenced by the progress of research on personalized medicine.
- Increase in Combination Treatments: Radiation therapy is increasingly being used in combination with other treatments including immunotherapy and chemotherapy. This movement acknowledges the potential synergistic benefits of combining medicines to improve patient outcomes. Since combination medicines attack cancer cells from several different approaches, they can increase treatment efficacy and reduce the risk for resistance. Further market expansion is expected as the techniques of treatment of cancer through integrated methods are studied by health care providers, which has been an aspect driven by the need for all-inclusive therapeutic methods.
Radiotherapy Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the radiotherapy industry will grow significantly because of higher incidence levels of cancer, technological advances, and increased awareness regarding effective treatment alternatives. How the whole scope of cancer care is evolving is that while some segments, including breast cancer dominate the demand, areas such as prostate cancer are growing rapidly. Problems such as extremely high prices for the treatment and low professionalism levels of some treatment facilities, however, need to be confronted so that equitable distribution of the available treatments is ensured. With doctors engaged in constant improvement of patient results, huge potential is opening in the way of combination medicines and personalized medicine. Overall, the radiotherapy market holds many untapped potentials and growth prospects for the near future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.4 billion |
| Market size value in 2031 | USD 10.01 billion |
| Growth Rate | 5.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Radiotherapy Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Radiotherapy Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Radiotherapy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Radiotherapy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Radiotherapy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Radiotherapy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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