Radiotherapy Market

Radiotherapy Market Size (2023 to 2028)

As per our report, the global radiotherapy market size is estimated to grow to USD 9.20 billion by 2028 from USD 6.87 billion in 2023. This market is expected to be growing at a CAGR of 6% during the forecast period

Radiotherapy Market Share Insights:

• Based on type, Intensity-modulated radiation therapy (IMRT) held the largest share of the global market in 2022.
• Based on application, the prostate cancer segment occupied a substantial share of the worldwide market in 2022.
• The Asia Pacific market accounted for a considerable share of the global market in 2022 and is projected to grow at the highest CAGR of 7.92% during the forecast period.

MARKET DRIVERS:

The growing cancer patient population worldwide is driving the radiotherapy market growth.

The need for radiotherapy services is growing significantly due to the growing prevalence of cancer. According to the data published by the World Health Organization (WHO), cancer is one of the leading causes of mortalities worldwide and an estimated 10 million deaths were due to cancer in 2020. In the United States, an estimated 1.9 million new cancer cases were recorded in 2021 and this number is gradually over the last ten years. The American Cancer Society predicts that an estimated 27.5 new million cancer cases are expected to report annually by 2040 due to the growing aging population. According to International Atomic Energy Agency (IAEA), radiotherapy is an effective treatment option for cancer and a widely adopted treatment option for cancer in developing countries. In recent years, radiotherapy has experienced several technological developments and resulting in the increasing usage of radiotherapy for cancer treatment. For instance, intensity-modulated radiation therapy (IMRT) and image-guided radiation therapy (IGRT) have gained popularity for their improved treatment accuracy and reduced side effects. Other than traditional external beam radiotherapy, radiotherapies such as brachytherapy and proton therapy have become effective treatment options for cancer treatment in recent years.

Increasing demand for radiation therapy in emerging economies is promoting the radiotherapy market growth.

As per the data published by the International Atomic Energy Agency (IAEA), an estimated 60% of cancer deaths occur in underdeveloped and developing countries and at the same time, these countries have a significant shortage of radiotherapy facilities and have become a significant opportunity for the market participants to capture the untapped market potential. WHO says underdeveloped and developing countries have access to only a 5% of the world's equipment for radiotherapy. As a result, governmental organizations and key market participants have been focusing on developing radiotherapy treatment services in emerging economies. In addition, the adoption of modern radiotherapy therapy technologies in emerging economies has also increased in recent years and contributed to market growth. For instance, the availability and adoption of modern radiotherapy therapy technologies such as intensity-modulated radiation therapy (IMRT) and image-guided radiation therapy (IGRT) have increased notably in emerging economies such as India, China, and Brazil.

Rising healthcare expenditure and growing funding by governments for cancer treatment are propelling the radiotherapy market growth.

The governments of various countries have been increasing their expenditure to develop effective treatment options for cancer, including radiotherapy. For instance, the National Cancer Institute in the United States has increased its budget significantly in the last 10 years. Similarly, the NHS increased its Cancer Drugs Fund from 280 million Euros for 2014/15 to 340 million Euros for 2015/16 to use for radiotherapy, cancer diagnoses, cancer surgery, and other important NHS services for other patient groups.

In addition, the increasing number of advancements in radiotherapy technology, rising preference for non-invasive cancer treatments, and increasing awareness regarding the benefits of radiotherapy among people and healthcare providers are contributing to the growth of the radiotherapy market. Furthermore, factors such as technological innovations in imaging and radiation delivery systems, rapid adoption of intensity-modulated radiation therapy (IMRT) and image-guided radiation therapy (IGRT) techniques, growing usage of proton therapy for cancer treatment, and the growing number of cancer treatment facilities and radiation oncologists are fuelling the growth rate of the radiotherapy market. In addition, the growing number of clinical trials for radiotherapy and rising usage of combination therapies involving radiotherapy, increasing integration of radiotherapy with other treatment modalities like chemotherapy and surgery, development of new radiotherapy drugs and pharmaceuticals, increasing usage of brachytherapy for internal radiation therapy and rising adoption of artificial intelligence and machine learning in radiotherapy treatment planning and delivery are other notable factors supporting the growth of the radiotherapy market.

Market Restraints:

On the other side, the high costs associated with radiotherapy treatments are unaffordable to many patients, limiting the adoption of these treatments and hampering the market’s growth rate. The availability and accessibility of radiotherapy services are limited in many underdeveloped and developing countries, diluting the global market's growth rate. The scarcity of skilled healthcare professionals such as radiation oncologists, medical physicists, and radiation therapists is limiting the availability of radiotherapy services in many countries and negatively affecting the overall market’s growth rate. Side effects and complications associated with using radiotherapy are further hindering the radiotherapy market growth. In addition, the availability of alternative treatment options for cancer is impeding the market growth slightly. The lack of specialized equipment and infrastructure required to provide radiotherapy services in some countries and poor awareness among patients and healthcare providers regarding the benefits of radiotherapy are showcasing a negative impact on the growth rate of the radiotherapy market.

Impact of COVID-19 on the global radiotherapy market:

COVID-19 was announced as the emergence of healthcare by the world health organization. The radiotherapy market had a downfall in the initial months of 2020 because all the treatment activities had been postponed or canceled. Several hospitals were shut down during this period, and some were converted to COVID-19 care centers. However, the unlock guidelines by the government in almost every country have positively affected the radiotherapy market. All the activities were resumed by taking preventive measures. It is mandatory to follow the strict guidelines in the hospitals as cancer patients may have adverse effects due to COVID-19 once infected. Many cancer patients infected with the coronavirus have lost their lives even after having advanced treatment procedures. By 2021, the market shares are expected to enter the normal state.

REPORT COVERAGE:

This market research report on the global radiotherapy market has been segmented based on the type, application, equipment, and region.

Radiotherapy Market - By Type:

• External Beam Radiation Therapy
  • Intensity-Modulated Radiation Therapy (IMRT)
  • Image-Guided Radiation Therapy (IGRT)
  • Tomotherapy
  • Stereotactic Radiosurgery
  • Stereotactic body Radiation Therapy
  • Proton Therapy
• Internal Beam Radiation Therapy  
• Systemic Radiation Therapy         

Based on type, the external beam radiation therapy segment held the most significant share of the worldwide radiotherapy market in 2022. The segment’s domination is likely to continue during the forecast period. The segment's growth is driven by the growing cancer patient population and the increasing number of advancements in radiation therapy technologies. In addition, the growing awareness among healthcare providers and cancer patients contributes to the segment’s growth. Intensity-modulated radiation therapy (IMRT) occupied a substantial share of the global radiotherapy market in 2021 and the same trend is predicted to continue in the years ahead. The effectiveness of IMRT and the increasing demand for precision radiotherapy are propelling segmental growth.

On the other hand, the IGRT segment is predicted to hold a considerable share of the worldwide market during the forecast period. The growing number of advancements in imaging technologies is promoting segmental growth. Furthermore, the proton therapy segment is estimated to witness a noteworthy CAGR in the coming years owing to the growing availability of proton therapy technologies and the increasing number of proton therapy centers.

Radiotherapy Market - By Application:

• Skin & Lip Cancer  
• Head & Neck Cancer           
• Breast Cancer        
• Prostate Cancer    
• Cervical Cancer      
• Lung Cancer            
• Spine Cancer       

Based on the application, the prostate cancer application segment is estimated to hold the largest share of the global radiotherapy market during the forecast period. Prostate cancer is prevalent among men. The American Cancer Society says prostate cancer is the second most common cancer among men in the United States and consumes a significant number of lives every year. External beam radiation therapy is a popular and effective treatment option for cancer. Factors such as the growing prostate cancer population worldwide, increasing awareness among people regarding the treatment options and screening programs for prostate cancer, and the growing aging population are propelling the growth of the prostate cancer segment. In addition, high accuracy and minimal side effects with radiotherapy to treat prostate cancer are boosting the adoption and contributing to segmental growth.

The breast cancer segment is expected to grow at a promising CAGR during the forecast period. The growing prevalence of breast cancer and the increasing usage of radiotherapy to cure breast cancer by healthcare providers are propelling the segment’s growth rate.

The lung cancer segment is estimated to hold a considerable share of the worldwide market during the forecast period.

Radiotherapy Market - By Equipment Type:

• Linear Accelerators              
• Radiation Therapy Simulators         
• Treatment Planning Systems

The radiation therapy simulators segment is anticipated to hold the largest market share throughout the forecast period based on equipment type. The segment's growth is majorly driven by the growing usage of radiation therapy simulators by healthcare providers for cancer treatment. The radiation therapy simulators significantly reduce the risk of radiation exposure to healthcare providers. In addition, an increasing number of technological developments in radiation therapy simulators are contributing to segmental growth.

The linear accelerators segment held a considerable share of the worldwide market in 2022 and is anticipated to grow significantly during the forecast period. Line accelerators are used frequently in radiotherapy procedures. Factors such as the growing demand for radiation therapy and the growing number of technological developments in linear accelerator systems promote the segment's growth.

The treatment planning systems segment is expected to grow substantially during the forecast period as these systems play a key role in improving the accuracy and precision of radiation therapy treatments.

Radiotherapy Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American radiation therapy market held the majority share in the global radiotherapy market. The factors such as an increase in the prevalence of cancer, established radiotherapy system providers, replacement of older therapies with newer ones, and increasing healthcare expenditure are propelling the market's demand. However, improved healthcare infrastructure, the presence of key market players, and a significant increase in research and development activities carried out in radiation oncology are expected to drive the market growth of the radiotherapy market in this region. The United States is contributing the highest shares to the market, owing to increasing investments in developing new devices in healthcare. In addition, the increasing occurrences rate of rare diseases across North America also enhances the market's demand.

Globally, the Europe radiation therapy market was the second-largest market in 2022, expected to hike at a robust CAGR during the forecast period. Improving healthcare infrastructure, rising healthcare expenditure, and key market players are propelling the demand for the radiotherapy market over the forecast period. Germany and UK are significant contributors to the market shares in this region. Constant economic growth is one of the significant factors for the market to grow tremendously.

The Asia Pacific radiation therapy market is projected to witness the highest growth during the forecast period. Introducing new radiation oncology therapy systems in healthcare centers and hospitals in emerging countries like Japan, China, and India drives the market's demand. Many collaborations have been made in this region to provide advanced proton therapies. China is anticipated to dominate the radiotherapy market as it is the leading country with a rapidly increasing diagnosis rate. Rising initiatives by the government to create awareness among the people about the importance of diagnosis are fuelling the demand in the radiotherapy market.

The Middle East & Africa radiation therapy market is anticipated to have better growth in the radiotherapy market during the forecast period. The Radiotherapy market is driven by increased healthcare expenditure, advanced radiotherapy systems, and increasing disposable income to improve healthcare infrastructure facilities.

KEY MARKET PARTICIPANTS:

A list of key market players dominating the global radiotherapy market profiled in this report is Nordion Inc. (Canada), RaySearch Laboratories AB (Sweden), Ion Beam Applications SA (Belgium), C. R. Bard Inc. (U.S.), Mevion Medical Systems Inc. (U.S.), Varian Medical Systems Inc. (U.S.), IsoRay Medical Inc. (U.S.), Elekta AB (Sweden), Accuray Incorporated (U.S.) and Mitsubishi Electric Corporation (Japan).

RECENT HAPPENINGS IN THIS MARKET:

• In 2017, Mitsubishi and Hitachi collaborated to make a single entity. As a result, Mitsubishi transferred its particle therapy systems business to Hitachi, which expanded its product portfolio of Hitachi. Also, Hitachi acquired X-radiation therapy system technology with this collaboration and planning to strengthen its market standards.
• In 2017, Varian medical systems opened its new facility in Jundiai, Brazil, to increase advanced radiotherapy treatments in the country. In addition, Varian's particle therapy group will promote quality treatment for patients with fully integrated ProBeam and enhanced workflow efficiency for healthcare professionals.