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

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).

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. '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)'

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. 

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. 

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.