The radiotherapy market in Europe was worth USD 1.62 Billion in 2023 and is estimated to reach USD 2.13 billion by 2028, growing at a CAGR of 5.71% from 2023 to 2028.
The growing cancer patient population in Europe is majorly driving the radiotherapy market growth in Europe. An estimated 3 million people had cancer in 2020 in Europe. Cancer can be caused due to several reasons, such as genetic issues and damage to DNA caused by harmful substances such as tobacco and UV rays from the sun, and it can also be inherited from parents. Some common cancers seen in people are breast cancer, prostate cancer, colon cancer, lung cancer, melanoma cancer, bladder cancer, pelvic cancer, liver cancer, etc. As a result, due to the increasing mortality rate among cancer patients, people are adopting radiotherapy, which helps kill cancer cells and shrink tumors.
The growing awareness regarding radiation therapy and the increasing benefits of radiotherapy for cancer patients fuel the growth of the European radiotherapy market. Owing to the growing number of advancements in cancer therapy, several programs have been conducted by the government and healthcare organizations to motivate cancer patients to undergo radiotherapy for their cancer problem, which helps increase the patient's lifespan. In addition, they also provide information regarding the cause of cancer and respective treatments for cancer reduction.
The rising adoption of technological advancements in radiation therapy is anticipated to boost the growth rate of the European market. Due to the increasing demand for radiotherapy by many people, manufacturers are focusing on developing different types of radiotherapy, which increase the success rate of cancer cases and decrease the mortality rate. Some of the advanced therapies for radiotherapy are flash therapy, image-guided radiotherapy, etc. In addition, advanced technology such as artificial intelligence and deep learning are used in radiotherapy, which helps in having accurate time and improves the image quality, which helps radiotherapy. AI also improves the precision, efficiency, and quality of radiation therapy for cancer patients.
High costs associated with radiotherapy treatments are one of the major factors hampering the market growth in Europe. Due to the high cost and number of sittings for cancer therapy, ordinary people cannot afford the costs. In addition, the need for more professional oncologists in Europe hinders regional market growth. Furthermore, factors such as the high complexity of the radiation therapy, lack of proper infrastructure facilities, and side effects such as fatigue, skin changes, headache, vision disturbance, memory, vomiting, and hair loss are further impeding the regional market growth. Furthermore, increasing difficulties in the visualization of tumors during radiation therapy are showcasing a negative impact on the European market growth.
This research report on the Europe Radiotherapy market has been segmented and sub-segmented into the following categories:
By Equipment Type:
The European region accounted for the second largest share of the worldwide market in 2022 and is estimated to register a notable growth rate during the forecast period owing to the presence of an advanced healthcare system.
The German market is predicted to hold a major share of the European market in the coming years. The growing number of hospitals and clinics majorly drives the growth of the German market. In Germany, a huge budget has been invested in the research department of radiotherapies. The most common cancers in Germany are breast, prostate, lung, and bladder. Cancer cases are high in men compared to women in the year 2022. All these factors help the development of the market growth in this country.
The UK market is predicted to grow at a healthy CAGR during the forecast period. The growing number of radiotherapy centers in the UK is majorly propelling the UK market growth. In addition, the availability of skilled radiotherapists in the country and the increasing number of regional clinical centers are fuelling the market’s growth rate in the UK.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the European radiotherapy market profiled in this report are Nordion Inc., RaySearch Laboratories AB, Ion Beam Applications SA, C. R. Bard Inc., Mevion Medical Systems Inc., Varian Medical Systems Inc., IsoRay Medical Inc., Elekta AB, Accuray Incorporated and Mitsubishi Electric Corporation.
The European radiotherapy market is estimated to grow at a CAGR of 5.71% from 2023 to 2028.
The growing prevalence of cancer in the European region, rising demand for advanced cancer treatments, and the development of new technologies and techniques for delivering radiation therapy are propelling the European radiotherapy market.
The adoption of new technologies such as proton therapy and MR-guided radiation therapy, the integration of artificial intelligence and machine learning in treatment planning, and the development of personalized radiation therapy treatments are some of the notable trends in the European radiotherapy market.
Varian Medical Systems, Elekta AB, Accuray Incorporated, ViewRay, Inc., and Siemens Healthineers are some of the notable companies in the European radiotherapy market.
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