As per our report, the global radiotherapy market size is estimated to grow USD 8.68 billion by 2027 from USD 6.49 billion in 2022. This market is expected to be growing at a CAGR of 6% during the forecast period. North America is projected to be the leading market in 2020 in the global radiotherapy market. Asia-Pacific is anticipated to rise at the highest rate during the forecast period from 2021 to 2026. The growing number of cancer patients in the Asia-Pacific region is predicted to drive the radiotherapy market in this region.
The science of radiotherapy has changed over the years due to substantial advancements in medical technology. A gradual transition is observed from traditional technologies towards sophisticated techniques such as intensity-modulated radiotherapy (IMRT), stereotactic body radiation therapy, 4D imaging, and proton therapy. These procedures are improving the precision and accuracy of radiotherapy.
MARKET DRIVERS:
Technological developments in radiotherapy products, an increase in the number of the aged population, growing prevalence of cancer cases worldwide, rising symposiums, compelling investments in radiotherapy, and increasing acceptance of radiotherapy devices and processes will mainly drive the radiotherapy market. A few other factors which are fuelling this market growth are rising preference for non-surgical procedures and an increase in demand for replacement as hospitals are replacing older equipment with newer therapy systems that offer better facilities.
An essential requirement for improved and extremely accurate radiation therapy is to use the radiation beam to accurately hit just the affected tumor and avoid damage to the surrounding tissue. Image-Guided Radiotherapy is the work aimed at incorporating improved imaging techniques to promote more precise cancer tumor visualization. The primary driver projected to accelerate this market's growth over the next decade is further advancements in tumor imaging for radiotherapy applications. The recent CT implementation developments are anticipated to drive market growth across the forecast period with frequency-modulated radiotherapy and image-guided techniques.
MARKET RESTRAINTS:
The inadequate resources to meet the needs of the radiotherapy and lack of experienced professional to carry out the workload is slowly degrading the growth rate of the market. The unavailability of skilled personnel to conduct a radiotherapy procedure and the complexity of the treatment are impeding the market growth of the Radiotherapy market. High standards in radiotherapy can only be achieved and maintained by specialists, a primary challenging factor for the radiotherapy market. The increasing cost of the devices due to fluctuations in the prices of the raw materials is also a factor impeding the demand of the market.
Also, the lack of proper training procedures is additionally limiting the growth rate of the market. Along with this, reluctance to adopt new technologies in undeveloped countries is hampering the market demand.
Impact of COVID-19 on the global radiotherapy market:
The 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 either postponed or canceled. During this period, several hospitals were shut, and some hospitals 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 come into the usual state.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2027 |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2027 |
|
Segments Covered |
By Type, Application, Equipment Type, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
This market research report on the global radiotherapy market has been segmented based on the type, application, equipment type, and region.
Radiotherapy Market - By Type:
Based on type, Intensity-modulated radiation therapy (IMRT) in external beam radiation therapy is set to hold a substantial market share. IMRT is by far the most common type of radiation therapy with external beams. It has the largest market share of all external beam therapy types. IMRT's primary benefit is that it can provide high doses of radiation to sites of cancer.
Radiotherapy Market - By Application:
Based on the application, the prostate cancer application segment is estimated to hold the largest share in both the external beam radiotherapy market along the internal radiotherapy market.
Radiotherapy Market - By Equipment Type:
Based on equipment type, the Radiation Therapy Simulators segment is anticipated to hold the largest market share throughout the forecast period. Radiation therapy simulators are the devices that generate the primary images for use in radiation therapy treatment planning. The area is overgrowing due to recent developments in the technologies used for diagnosis, care planning, provision of medication, and patient compliance confirmation.
Radiotherapy Market - By Region:
Geographically, the North American 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. The increasing occurrences rate of rare diseases across North America is also enhancing the demand of the market.
Globally, Europe was the second-largest market in 2019, and it is 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 major contributors to the market shares in this region. Constant economic growth is one of the major factors for the market to grow tremendously.
The Asia Pacific is projected to witness the highest growth during the forecast period. The introduction of new radiation oncology therapy systems in healthcare centers and hospitals in emerging countries like Japan, China, and India drives the demand of the market. 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 one leading countries with a rapidly increasing diagnosis rate. Rising initiatives by the government for creating awareness among the people about the importance of diagnosis are fuelling the demand of the radiotherapy market.
The Middle East & Africa is anticipated to have better growth in the radiotherapy market during the forecast period. The Radiotherapy market is considered to be driven by an increase in healthcare expenditure, advanced radiotherapy systems, and increasing disposable income to improve healthcare infrastructure facilities.
KEY MARKET PARTICIPANTS:
List of key market players dominating the global radiotherapy market profiled in this report are 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. Mitsubishi transferred its particle therapy systems business to Hitachi, which expanded the product portfolio of the 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. Varian’s particle therapy group will promote quality treatment for patients with fully integrated ProBeam and enhanced workflow efficiency for healthcare professionals.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 External Beam Radiation Therapy
5.1.1.1 Intensity-Modulated Radiation Therapy (IMRT)
5.1.1.2 Image-Guided Radiation Therapy (IGRT)
5.1.1.3 Tomotherapy
5.1.1.4 Stereotactic Radiosurgery
5.1.1.5 Stereotactic body Radiation Therapy
5.1.1.6 Proton Therapy
5.1.2 Internal Beam Radiation Therapy
5.1.3 Systemic Radiation Therapy
5.2 By Application
5.2.1 Skin & Lip Cancer
5.2.2 Head & Neck Cancer
5.2.3 Breast Cancer
5.2.4 Prostate Cancer
5.2.5 Cervical Cancer
5.2.6 Lung Cancer
5.2.7 Spine Cancer
5.3 By Equipment Type
5.3.1 Linear Accelerators
5.3.2 Radiation Therapy Simulators
5.3.3 Treatment Planning Systems
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.3.6 Australia
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Mexico
6.4.4 Argentina
6.4.5 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Pipeline Product Analysis
7.1 Overview
7.2 Pipeline Development Landscape
7.3 Molecular Targets in the Pipeline
7.4 Clinical Trials
7.4.1 Failure Rate by Stage of Development, Indication, Molecule Type and Molecular Target
7.4.2 Clinical Trial Duration by Stage of Development, Indication, Molecule Type and Molecular Target
7.4.3 Clinical Trial Size by Stage of Development, Indication, Molecule Type and Molecular Target.
8. Strategic Analysis
8.1 PESTLE analysis
8.1.1 Political
8.1.2 Economic
8.1.3 Social
8.1.4 Technological
8.1.5 Legal
8.1.6 Environmental
8.2 Porter’s Five analysis
8.2.1 Bargaining Power of Suppliers
8.2.2 Bargaining Power of Consumers
8.2.3 Threat of New Entrants
8.2.4 Threat of Substitute Products and Services
8.2.5 Competitive Rivalry within the Industry
9. Market Leaders' Analysis
9.1 Nordion Inc.
9.1.1 Overview
9.1.2 Product Analysis
9.1.3 Strategic Evaluation and Operations
9.1.4 Financial analysis
9.1.5 Legal issues
9.1.6 Recent Developments
9.1.7 SWOT analysis
9.1.8 Analyst View
9.2 RaySearch Laboratories AB
9.3 Ion Beam Applications SA
9.4 C. R. Bard Inc.
9.5 Mevion Medical Systems Inc.
9.6 Varian Medical Systems Inc.
9.7 IsoRay Medical Inc.
9.8 Elekta AB
9.9 Accuray Incorporated
9.10 Mitsubishi Electric Corporation
10. Competitive Landscape
10.1 Market share analysis
10.2 Merger and Acquisition Analysis
10.3 Agreements, collaborations and Joint Ventures
10.4 New Product Launches
11. Expert Opinions
11.1 Market Outlook
11.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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