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.

Radiation is used in radiation therapy, commonly known as radiotherapy, as a cancer treatment to eradicate cancer cells and reduce tumour size. As with X-rays of your teeth or broken bones, radiation is utilised at low doses in X-rays to see inside your body. Radiation therapy damages cancer cells' DNA, which either kills them or limits their growth at high dosages. Cancer cells that have DNA damage that cannot be repaired either cease proliferating or die. When the injured cells expire, the body degrades and eliminates them. Radiation therapy does not instantly eradicate cancer cells. Before cancer cells experience enough DNA damage to cause them to die, days or weeks of treatment are required. After radiation therapy is finished, cancer cells continue to perish for a few weeks or months.

Consequently, this technique is referred to as local treatment. A radiation source that has been implanted inside the body is used in internal radiation therapy. Brachytherapy and Systemic therapy use liquid sources that travel via the blood to tissues all over the body, while solid sources of radiation, such as seeds or capsules, are put close to the tumour. Internal radiation therapy is available in two different forms, each of which targets a certain area of the body locally.

The last few years have seen numerous developments in the field of radiotherapy as a result of advancements in imaging modalities, computing software, and radiation delivery systems. The purpose of this study is to better understand the breadth and trends of the radiotherapy market.

MARKET DRIVERS:

Rising Cancer patient population worldwide and awareness initiatives

By 2040, it is anticipated that there will be more than 30 million new cases of cancer annually, up from less than 20 million in 2020. In terms of the annual number of new cases, breast cancer surpassed lung cancer in 2020. The National Cancer Registry Programme (ICMR-NCRP) of the Indian Council of Medical Research (ICMR) predicts that there will be 1.57 million cancer cases in India by 2025, up from 1.46 million in 2022. By the end of 2022, global oncology spending will exceed $200 billion USD. The need for radiotherapy will rise as there are more cancer patients worldwide.

Increasing demand for radiation therapy

There is a critical need for advancements in treatment technology that can lower the cost and increase the accessibility of radiotherapy services given the rising incidence of cancer worldwide and significant discrepancies in radiotherapy treatments. Megavoltage treatment units, simulators (X-ray or computed tomography), brachytherapy treatment units, dosimetry equipment for QA, shielding blocks, port films, and immobilisation devices are a few examples of the equipment required for radiation. Millions of people in underdeveloped nations could have their lives changed by less expensive technologies. Physics, engineering, and other scientists must now concentrate on creating such technologies or adapting existing technologies so that radiotherapy might be more reasonably priced and accessible in developing nations in order to keep up with the growing global radiation oncology movement.

Government funding in the healthcare sector for cancer treatments

The Global Breast Cancer Initiative (GBCI) was launched by the WHO (World Health Organisation) in 2023 with the goal of evaluating, bolstering, and expanding services for the early diagnosis and management of breast cancer. The Department of Atomic Energy and its grant-in-aid organisation, the Tata Memorial Centre, spearheaded the establishment of the National Cancer Grid (NCG), a network of cancer treatment facilities, research facilities, patient organisations, and charitable organisations with the aim of establishing uniform standards of patient care for cancer prevention, detection, and treatment throughout India. These might act as market catalysts for radiotherapy.

Market Restraints:

Some of the noticeable restraints in this market are the high cost of operation, the requirement of a skilled or trained workforce that is human resources and the maintenance of equipment. The expense of setting up new radiotherapy facilities or updating outdated equipment continues to be a significant impediment to expanding access to cancer treatment in low- and middle-income nations (Developing countries). In fact, due to financial constraints, radiotherapy has not been included in the construction of cancer centres in Rwanda and Kenya (Africa). It is difficult to estimate the cost of providing safe and effective radiation since it involves so many factors, such as building infrastructure and purchasing equipment, hiring staff, managing patient throughput, maintaining equipment, and paying for individual patients. The costs of opening and operating a radiation centre fluctuate greatly between nations due to a variety of reasons, including political unrest and geographic location. A sizable portion of the cost of administering radiotherapy goes towards equipment, such as teletherapy machines, brachytherapy after loaders, and the necessary ancillary elements, such as planning software, radioactive isotopes, and staffing, such as doctors, medical physicists, radiation therapists, and nurses. Perhaps even more difficult than paying employees is financing equipment in developing nations. In low-income nations, the cost of capital equipment can be as high as 81%, while in high-income nations, salaries make up the majority of costs while equipment only makes up 30% of them. Without competent labour, cancer control programmes meant to lower cancer-related morbidity and death cannot be effectively carried out. In underdeveloped nations, particularly in Africa, and particularly in the sub-Saharan region, the availability of human resources for the delivery of radiation presents a significant difficulty.

Impact of COVID-19 on the global radiotherapy market:

Following WHO's declaration that COVID-19 was an emerging disease in the healthcare sector, the radiation market declined in the first few months of 2020. Because specialised hospitals were becoming emergency COVID-19 care facilities during its peak months, cancer treatment decreased. Activities related to cancer treatment had been rescheduled or abandoned. However, practically all governments' unlocking regulations have had a favourable impact on the radiotherapy market. By taking precautions, all activities were resumed. Hospitals must adhere to tight regulations since COVID-19 infection might cause negative effects on cancer patients. Even after receiving cutting-edge medical care, many coronavirus-infected cancer patients have died. Significant growth is being seen in post-covid.

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         

By type, the external beam radiation therapy category will hold the biggest market share in 2022. Throughout the forecast period, this market sector is probably going to continue to rule. The rising number of cancer patients and technological developments in radiation therapy are the main drivers of this segment's increased market share. This market sector is being driven towards a high market share by rising awareness among cancer patients and healthcare professionals. The most popular therapy, IMRT, is predicted to account for a sizeable portion of the global radiation industry. The IGRT category, which is anticipated to account for a sizeable portion of the radiotherapy market, comes next.

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 growing at a higher rate and will keep rising during the forecast period. It is frequently used to lower the danger of radiation exposure for medical professionals. New technologies are aiding segment expansion through innovation and development. The market for linear accelerators, which are frequently employed in radiation procedures, accounted for a sizeable portion of the global market in 2022. As a result, there is a big market need for it. Radiation therapy treatments are now more accurate and precise thanks in large part to the treatment planning system. Consequently, predicted to rise significantly over the projection period

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 Sep 2022, in order to expand patients' access to cutting-edge precision cancer therapy, Elekta announced that Karkinos Healthcare, a famous healthcare organisation in India, will buy more than ten linear accelerators (linac) systems. These systems will be strategically placed around the nation.

• In June 2021, Elekta (Sweden)'s Elekta Harmony radiation therapy system has been given US FDA 510(k) clearance.

• In June 2020, The CyberKnife S7 System, a cutting-edge tool combining speed, superior precision, and real-time AI-driven motion tracking and synchronisation treatment delivery for all stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments, was introduced by Accuracy Incorporated (US).