by The Radiotherapy Market is estimated to be valued at US$ 7560.28 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Radiotherapy involves the use of high-energy radiation to treat cancer and tumor by damaging their DNA. It uses radiation beams such as X-rays, gamma rays, and other particles to destroy cancer cells. There are mainly two types of radiotherapy: external beam radiotherapy which uses a machine external to the body to deliver radiation beams and internal radiotherapy where a radioactive material is sealed in a needle, catheter, or wire and placed inside or next to the cancer. Common cancer types treated with radiotherapy include prostate cancer, breast cancer, lung cancer, skin cancer, and head & neck cancer.
Market Dynamics:
The growth of the radiotherapy market is driven by rising incidence of cancer across the globe. According to WHO, cancer is one of the leading causes of death worldwide, with around 10 million deaths in 2020. Increasing preference for non-invasive and painless treatment procedures is also fueling the adoption of radiotherapy. Further, technological advancements such as image-guided radiotherapy, intensity modulated radiotherapy, stereotactic radiotherapy, and particle therapy are assisting in delivering high and more precise radiation doses to tumor sites. These advances have led to wider applicability of radiotherapy over traditional chemotherapy and surgery. However, high costs associated with advanced radiation technologies and unaffordability in low-income countries limit market growth to some extent.
Segment Analysis
The radiotherapy market is dominated by the external beam radiotherapy sub-segment. External beam radiotherapy held around 80% share of the overall radiotherapy market in 2022. This is because external beam radiotherapy is considered to be more effective than other radiotherapy options due to several technological advancements such as IMRT, IGRT, stereotactic radiosurgery, stereotactic body radiotherapy and particle therapy.
PEST Analysis
Political: Governments across countries are supporting the advances in radiotherapy technologies through funding and reimbursements policies to make cancer treatment affordable and accessible to more patients.
Economic: The rising per capita healthcare expenditures are driving the demand for advanced cancer treatment technologies. Moreover, the market sees significant investments from private players for R&D in radiotherapy.
Social: Growing awareness about various cancer treatment options and rising cases of cancers are increasing the adoption of radiotherapy significantly. Rapid urbanization and lifestyle changes have also increased the risk of developing cancers.
Technological: Significant development in irradiation techniques such as Intensity-modulated radiation therapy (IMRT), Image-guided radiation therapy (IGRT), stereotactic radiosurgery and particle therapy have improved the precision and efficiency of radiation treatment.
Key Takeaways
The global Radiotherapy Market Share is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing preference for non-invasive cancer treatment options and technological advancements. North America region is expected to dominate the radiotherapy market during the forecast period owing to the increasing prevalence of cancer, rising adoption of advanced treatment procedures and presence of major players in the region.
Regional analysis
North America is expected to lead the radiotherapy market during the forecast period. This is attributed to increasing prevalence of cancer, rising geriatric population, strong reimbursement policies and technological advancements in the region. For instance, according to the National Cancer Institute, the total annual costs for cancer in the United States is estimated to reach $173 billion in 2022.
Key players operating in the radiotherapy market are Accuray Incorporated, Elekta, Isoray Inc., CIVCO, Hitachi, Ltd., Mevion Medical Systems, ProTom International, VIEWRAY TECHNOLOGIES, INC., Panacea Medical Technologies Pvt. Ltd., Optivus Proton Therapy, Inc., RefleXion, MacroMedics, Vision RT Ltd., and Qfix. Key players are focusing on new product launches, expanding their regional presence and collaborations with hospitals and cancer institutes to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
