Radiotherapy Devices Market Opportunities and Strategies to 2033

This report describes and explains the radiotherapy devices market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global radiotherapy devices market reached a value of nearly $5.68 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.38% since 2018. The market is expected to grow from $5.68 billion in 2023 to $8.61 billion in 2028 at a rate of 8.70%. The market is then expected to grow at a CAGR of 9.20% from 2028 and reach $13.38 billion in 2033.

Growth in the historic period resulted from the increasing number of clinical trials, rising demand for proton therapy, increased focus on patient-centered care and favorable government initiatives. Factors that negatively affected growth in the historic period include low healthcare access in developing countries and stringent regulations for approval of medical devices.

Going forward, the rising cancer incidence, increasing aging population, rising healthcare expenditure and strong economic growth will drive the market. Factors that could hinder the growth of the radiotherapy devices market in the future include high costs.

The radiotherapy devices market is segmented by product type into external beam radiation therapy devices, internal beam radiation therapy devices and systemic radiation therapy devices. The external beam radiation therapy devices market was the largest segment of the radiotherapy devices market segmented by product type, accounting for 73.28% or $4.16 billion of the total in 2023. Going forward, the internal beam radiation therapy devices segment is expected to be the fastest growing segment in the radiotherapy devices market segmented by product type, at a CAGR of 10.36% during 2023-2028.

The radiotherapy devices market is segmented by application into stomach, colon, liver and intrahepatic bile ducts, trachea, bronchus and lung, non-melanoma skin cancer (NMSC), breast, prostate and other applications. The other applications market was the largest segment of the radiotherapy devices market segmented by application, accounting for 43.86% or $2.49 billion of the total in 2023. Going forward, the trachea, bronchus and lung segment is expected to be the fastest growing segment in the radiotherapy devices market segmented by application, at a CAGR of 12.67% during 2023-2028.

The radiotherapy devices market is segmented by end users into hospitals, ambulatory surgical centers, oncological treatment centers and other end users. The hospitals market was the largest segment of the radiotherapy devices market segmented by end user, accounting for 50.63% or $2.87 billion of the total in 2023. Going forward, the oncological treatment centers segment is expected to be the fastest growing segment in the radiotherapy devices market segmented by end user, at a CAGR of 9.40% during 2023-2028.

North America was the largest region in the radiotherapy devices market, accounting for 38.04% or $2.16 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the radiotherapy devices market will be Asia-Pacific and Africa, where growth will be at CAGRs of 10.78% and 10.50% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 9.95% and 9.13% respectively.

The global radiotherapy devices market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 23.67% of the total market in 2023. IBA (Ion Beam Applications S.A.) Worldwide was the largest competitor with a 6.60% share of the market, followed by Siemens Healthineers with 5.46%, Elekta with 4.45%, Mevion Medical Systems Inc. with 1.97%, Shinva Medical Instrument Company Limited with 1.94%, Hitachi Ltd. with 1.93%, Provision Healthcare with 0.74%, Optivus Proton Therapy, Inc. with 0.34%, BEBIG Medical Group with 0.13% and P-Cure Ltd. with 0.09%.

The top opportunities in the radiotherapy devices market segmented by product type will arise in the external beam radiation therapy devices segment, which will gain $2.0 billion of global annual sales by 2028. The top opportunities in the radiotherapy devices market segmented by application will arise in the other applications segment, which will gain $1.01 billion of global annual sales by 2028. The top opportunities in the radiotherapy devices market segmented by end users will arise in the hospitals segment, which will gain $1.45 billion of global annual sales by 2028. The radiotherapy devices market size will gain the most in the USA at $826.56 million.

Market-trend-based strategies for radiotherapy devices market include focus on innovative technologies transforming radiotherapy devices, introduction of next-generation radiation therapy with imaging technology, advanced radiation therapy systems that enhance precision and protection of healthy tissues and new robotic radiosurgery systems that offer a non-invasive option for complex tumor treatment.

Player-adopted strategies in the radiotherapy devices market include focus on strengthening business operations through strategic partnerships and new product launches.

To take advantage of the opportunities, the analyst recommends the radiotherapy devices companies to focus on innovative radiotherapy technologies, focus on next-generation radiation therapy technologies, focus on advanced radiation therapy systems, focus on robotic radiosurgery systems, focus on internal beam radiation therapy devices, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on trachea, bronchus and lung segment and focus on oncological treatment centers.