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Global Radiotherapy Market Size, Share, Trends, COVID-19 Impact, Growth Analysis Report – Segmented By Type, Application, Equipment Type and Region – Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 757
Pages: 175
Formats: report pdf report excel report power bi report ppt

Radiotherapy Market Size (2022 to 2027)

As per our report, the global radiotherapy market size is estimated to grow to 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. However, 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.

Some of the key insights from the report:

  • Based on type, Intensity-modulated radiation therapy (IMRT) held the largest market share in 2021.
  • Based on application, the prostate cancer application segment emerged to be the fastest-growing segment in 2021.
  • The North American radiotherapy market dominated and is expected to be worth USD 2.88 Billion by 2027
  • The Asia Pacific radiotherapy market is projected to grow with the highest CAGR of 7.92% during the forecast period.

MARKET DRIVERS:

Technological developments in radiotherapy products, an increase in the number of the aged population, a 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 fuelling this market growth are a rising preference for non-surgical procedures and an increased demand for replacement as hospitals are replacing older equipment with newer therapy systems that offer better facilities.

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:

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 of Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, the 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:

  • 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, Intensity-modulated radiation therapy (IMRT) in external beam radiation therapy is set to hold a substantial market share.

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 in the external beam radiotherapy market and the internal radiotherapy market.   

Radiotherapy Market - By Equipment Type:

  • Linear Accelerators              
  • Radiation Therapy Simulators         
  • Treatment Planning Systems

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:

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

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. In addition, the increasing occurrences rate of rare diseases across North America is also enhancing the market's demand.

Globally, Europe was the second-largest market in 2019, 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 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 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.

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FAQ's

How much is the global radiotherapy market going to be worth by 2027?

As per our research report, the global radiotherapy market size is projected to be USD 8.68 billion by 2027. 

Which region is growing the fastest in the global radiotherapy market?

Geographically, the North American radiotherapy market accounted for the largest share of the global market in 2021. 

At What CAGR, the global radiotherapy market is expected to grow from 2022 to 2027?

The global radiotherapy market is estimated to grow at a CAGR of 6% from 2022 to 2027. 

Which are the significant players operating in the radiotherapy market?

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.) are some of the significant players operating radiotherapy market.

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