The global radiotherapy market was valued at $6,484.3 million in 2021, and is projected to reach $11,945.03 million by 2031, registering a CAGR of 6.3% from 2022 to 2031.
Radiotherapy is also known as radiation therapy, which utilizes high-energy radiation to kill cancer cells and reduce the size of tumor. It involves the use of various rays, including X-rays, gamma rays, and charged particles. During radiotherapy, radiation can be delivered to the body tissues internally as well as externally. According to the National Cancer Institute, around half of all the cancer patient population receives some type of radiation therapy during their treatment.
The market is driven by growth in number of cancer patients, increase in geriatric population, rise in adoption of radiotherapy devices and procedures, surge in number of awareness campaigns about the benefits of radiotherapy, and technological advancements in radiotherapy devices. However, lack of skilled personnel and difficulty in tumor visualization restrict the market growth. Conversely, growth opportunities in emerging markets and rise in demand for cancer treatment are expected to provide several opportunities for market growth during the forecast period.
According to the report of National Cancer Institute 2020, an estimated 1,806,590 new cases of cancer diagnosed in the U.S. and 606,520 people died from the disease in 2020. Prostate, lung, and colorectal cancers account for an estimated 43% of all cancers diagnosed in men in 2020. For women, the three most common cancers are breast, lung, and colorectal, and accounted for an estimated 50% of all new cancer diagnoses in women in 2020. By 2040, the number of new cancer cases per year is expected to rise to 29.5 million and the number of cancer-related deaths to 16.4 million.
The radiotherapy market is segmented on the basis of type, end user, and region. By type, it is divided into external beam radiotherapy therapy, internal radiotherapy/brachytherapy, and systemic radiotherapy. On the basis of end user, it is categorized into hospitals & clinics and Others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the radiotherapy market include Accuray Incorporated, Becton, Dickinson and Company, Elekta AB, IBA (Ion Beam Applications SA), Isoray Medical Inc., Eckert & Ziegler Group, ICAD INC., Nordion, Inc., Siemens Healthineers and Mevion Medical Systems, Inc.
Radiotherapy is also known as radiation therapy, which utilizes high-energy radiation to kill cancer cells and reduce the size of tumor. It involves the use of various rays, including X-rays, gamma rays, and charged particles. During radiotherapy, radiation can be delivered to the body tissues internally as well as externally. According to the National Cancer Institute, around half of all the cancer patient population receives some type of radiation therapy during their treatment.
The market is driven by growth in number of cancer patients, increase in geriatric population, rise in adoption of radiotherapy devices and procedures, surge in number of awareness campaigns about the benefits of radiotherapy, and technological advancements in radiotherapy devices. However, lack of skilled personnel and difficulty in tumor visualization restrict the market growth. Conversely, growth opportunities in emerging markets and rise in demand for cancer treatment are expected to provide several opportunities for market growth during the forecast period.
According to the report of National Cancer Institute 2020, an estimated 1,806,590 new cases of cancer diagnosed in the U.S. and 606,520 people died from the disease in 2020. Prostate, lung, and colorectal cancers account for an estimated 43% of all cancers diagnosed in men in 2020. For women, the three most common cancers are breast, lung, and colorectal, and accounted for an estimated 50% of all new cancer diagnoses in women in 2020. By 2040, the number of new cancer cases per year is expected to rise to 29.5 million and the number of cancer-related deaths to 16.4 million.
The radiotherapy market is segmented on the basis of type, end user, and region. By type, it is divided into external beam radiotherapy therapy, internal radiotherapy/brachytherapy, and systemic radiotherapy. On the basis of end user, it is categorized into hospitals & clinics and Others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the radiotherapy market include Accuray Incorporated, Becton, Dickinson and Company, Elekta AB, IBA (Ion Beam Applications SA), Isoray Medical Inc., Eckert & Ziegler Group, ICAD INC., Nordion, Inc., Siemens Healthineers and Mevion Medical Systems, Inc.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis, current trends, and future estimations of the market to elucidate the imminent investment pockets.
- It provides a quantitative analysis from 2021 to 2030 to enable stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of the market based on products helps understand the type of devices used to treat diabetic problems.
- Competitive intelligence highlights the business practices followed by leading players across various regions.
- Key players and their strategies are analysed to understand the competitive outlook of the overall market.
- Market analysis is conducted by following key product positioning and monitoring the top contenders within the market framework.
Key Market Segments
By Type
- External Beam Radiation Therapy
- Internal Radiation Therapy
- Systemic Radiation Therapy
By End User
- Hospitals and Clinics
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Accuray Incorporated
- Eckert & Ziegler Group
- Elekta AB
- Ion Beam Applications SA
- Becton, Dickinson and Company
- ICAD INC.
- ISORAY, INC.
- MEVION MEDICAL SYSTEMS, INC.
- Siemens Healthineers
- NORDION INC.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: RADIOTHERAPY MARKET, BY TYPE
CHAPTER 5: RADIOTHERAPY MARKET, BY END USER
CHAPTER 6: RADIOTHERAPY MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Radiotherapy Market," the radiotherapy market size was valued at $6.5 billion in 2021, and is estimated to reach $11.9 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.Radiotherapy, commonly known as radiation therapy, is used for cancer patients to cure cancer by destroying the cancer cells and reducing the size of tumors. X-rays, gamma rays, and charged particles are commonly used radiations during radiotherapy.
At high doses, radiation therapy kills cancer cells or slows their growth by damaging their DNA. Cancer cells whose DNA is damaged beyond repair stop dividing or die. When the damaged cells die, they are broken down and removed by the body. Radiation therapy does not kill cancer cells right away. It takes days or weeks of treatment before DNA is damaged enough for cancer. The benefits of radiation therapy depend on the type of cancer and if and how far it has spread. Radiation therapy can be given alone or as a part of a treatment plan that includes different treatments. Some of the ways radiation therapy is used include, as the primary treatment for cancer or to relieve the sign and symptoms of the cancer (this is called "palliative radiation therapy.")
There are two main types of radiotherapy treatment, external beam and internal. External beam radiation therapy is a local treatment, which means it treats a specific part of the body. For example, if the patient has cancer in the lung, then the patient will have radiation only to the chest, not to the whole body. Whereas, internal radiation therapy with a solid source is called brachytherapy. In this type of treatment, seeds, ribbons, or capsules that contain a radiation source are placed in the body, in or near the tumor. Like external beam radiation therapy, brachytherapy is a local treatment and treats only a specific part of the body. Some other types of radiation therapy are intraoperative radiation therapy, systemic radiation therapy, radioimmunotherapy and radiosensitizers & radioprotector.
The demand for the radiotherapy has increased considerably in the recent years owing to increase in the number of cancer patients, increase in geriatric population, rise in adoption of radiotherapy devices and procedures, surge in number of awareness campaigns about the benefits of radiotherapy, and technological advancements in radiotherapy devices. However, dearth of skilled personnel and difficulty in tumor visualization restrict the radiotherapy market growth. Furthermore, growth opportunities in emerging markets and increase in demand for cancer treatment are expected to provide numerous opportunities for market growth during the forecast period.
By type, the external beam radiation therapy segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to accuracy of the direct beams at the cancerous cells, thus causing less damage to normal tissues, allowing oncologists to use higher doses of radiation for treatment and increase in cancer population. In addition, rise in awareness among people regarding the new and advanced methods for radiotherapy is also expected to boost the market growth.
Based on end users, the hospital & clinics segment dominated the market in 2021. Generally, hospitals are well equipped with radiotherapy units to cater to the various needs of radiotherapy procedures. Hospitals and clinics have radiotherapy devices that are used for treatment of a variety of cancerous tumors, as a part of adjuvant therapy, to prevent recurrence of tumor after surgery and to remove a primary malignant tumor.
Region-wise, North-America garnered a major radiotherapy market share in 2021, and is expected to continue to dominate during the forecast period, due to increase in incidence of cancer patients, presence of key players, and development in R&D activities in the healthcare sector in the region.
Asia-Pacific is expected to register highest CAGR from 2021 to 2030, owing to increase in healthcare expenditure, rise in awareness about the treatment of cancer and the use of radiotherapy market therapy, increase in prevalence due to presence of a high population base (with India and China being the most populated countries), presence of unmet medical needs, and increase in disposable incomes of people in this region.
The COVID-19 outbreak is anticipated to have a negative impact on the growth of the radiation therapy market. Lockdown were imposed to control the spread of COVID-19. Many hospitals are converted into COVID-19 centers. Hence, cancer patients faced difficulty to get their radiotherapy on time. Furthermore, entire healthcare sector focus shift towards COVID-19. Thus, COVID-19 has a negative impact on radiotherapy market.
Key Findings of the Study
- The study provides an in-depth analysis of the radiotherapy industry, and the current radiotherapy market trends & future estimations to elucidate imminent investment pockets.
- By type, the external beam radiotherapy segment was the highest contributor to the market in 2021.
- By end user, the hospital and clinics segment was the highest contributor to the market in 2021.
- By region, North America garnered largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 7.4% during the review period.
Companies Mentioned
- Accuray Incorporated
- Eckert & Ziegler Group
- Elekta Ab
- Ion Beam Applications Sa
- Becton, Dickinson and Company
- Icad Inc.
- Isoray, Inc.
- Mevion Medical Systems, Inc.
- Siemens Healthineers
- Nordion Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 210 |
| Published | June 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 6484.3 million |
| Forecasted Market Value ( USD | $ 11945.03 million |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
