Medical Irradiation Global Market Report 2024

The medical irradiation market size has grown rapidly in recent years. It will grow from $1.44 billion in 2023 to $1.69 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The expansion observed in the historical period can be attributed to several factors, including the increasing prevalence of cancer, a growing adoption of radiation therapy as a treatment modality, a rising geriatric population, an increasing demand for non-invasive treatment options, and the expansion of healthcare infrastructure. These factors collectively contributed to the growth of medical irradiation during that period.

The medical irradiation market size is expected to see rapid growth in the next few years. It will grow to $2.93 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The anticipated growth in the forecast period can be attributed to various factors, including government initiatives aimed at enhancing cancer care, increasing awareness about early detection and treatment, a rise in disposable income, a growing focus on precision medicine, and an increasing demand for targeted cancer therapies. Major trends in the forecast period encompass the integration of artificial intelligence in radiation therapy, the adoption of online adaptive radiotherapy, the popularity of hypo-fractionated radiation therapy, the use of proton therapy for precise cancer treatment, and a shift towards image-guided radiation therapy (IGRT).

The anticipated increase in the prevalence of cancer is expected to drive the growth of the medical irradiation market. Cancer, characterized by uncontrolled cell growth impacting various organs, poses a significant global health challenge with substantial morbidity and mortality. Medical irradiation plays a crucial role in cancer treatment, employing targeted radiation to damage or destroy cancer cells while minimizing the impact on healthy tissues. According to the European Cancer Information System (ECIS) in October 2023, approximately 2.74 million new cancer cases were diagnosed in 2022 in the European Union (EU), reflecting a 2.3% increase from 2020. Additionally, cancer-related fatalities increased by 2.4% in 2022 compared to 2020. The high prevalence of cancer is a key driver propelling the growth of the medical irradiation market.

Prominent companies in the medical irradiation market are actively developing innovative solutions to gain a competitive advantage. The Premium Dual-Energy Mobile System is one such example, representing a high-end medical imaging device that integrates dual-energy technology for enhanced diagnostic capabilities. This mobile system offers advanced imaging solutions at the point of care while ensuring mobility across various clinical settings. In July 2023, KA Imaging, a Canada-based manufacturer, introduced the Reveal Mobi Pro dual-energy mobile X-ray system. This comprehensive mobile X-ray solution combines SpectralDR technology with KA Imaging's Reveal 35C detector, allowing simultaneous capture of dual-energy and conventional images with a single exposure. The Reveal Mobi Pro enhances patient and hospital outcomes at the bedside, contributing to improved diagnostics and operational efficiency.

In October 2022, Halma plc, a UK-based technology company, successfully acquired IZI medical products for £138 million ($146 million). This strategic acquisition aims to diversify Halma's portfolio of physician-led innovations, strengthening its ability to meet patient demands and deliver high-quality healthcare services. IZI Medical Products, the acquired entity, is a US-based manufacturer specializing in radiation therapy, diagnostic radiology, and image-guided surgery medical devices.

Major companies operating in the medical irradiation market report are Hitachi Ltd., Thermo Fisher Scientific Inc., Toshiba Corporation, Siemens Healthcare GmbH, Koninklijke Philips N.V., GE Healthcare Company, Mayo Clinic Health System, Canon Medical Systems R&D (Dalian) Co. Ltd., PerkinElmer Inc., Varian Medical Systems Inc., Elekta AB, Accuray Incorporated, Ion Beam Applications S.A., Brainlab AG, ViewRay Technologies Inc., Mevion Medical Systems Inc., RaySearch Laboratories AB, NTP Radioisotopes SOC Ltd., RefleXion Medical Inc., Vision RT Ltd., Sun Nuclear Corporation, IZI Medical Products LLC, Eckert & Ziegler BEBIG GmbH, C-RAD AB, Panacea Medical Technologies Pvt. Ltd., Standard Imaging Inc., CIVCO Radiotherapy Inc., IntraOp Medical Corporation, RTsafe Solutions Ltd., ASG Superconductors S.p.A., Mirada Medical Corporation.

North America was the largest region in the medical irradiation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical irradiation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the medical irradiation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Medical irradiation refers to the purposeful application of radiation in the treatment of diseases, notably cancer. Controlled doses of radiation are precisely directed to damage or destroy specific cells, with the aim of minimizing the impact on surrounding healthy tissues. This therapeutic approach is widely used in oncology to target cancerous cells and inhibit their growth. Additionally, medical irradiation is employed in diagnostic settings, where radiation is used to produce images of internal structures or functions, aiding in the identification and diagnosis of various medical conditions.

Medical irradiation addresses various disease types, including conditions such as trisomy 21, which is a genetic disorder resulting in Down syndrome due to an extra copy of chromosome 21. Treatment options are classified into diagnostic and therapeutic categories. Distribution channels encompass direct tenders, retail sales, and other avenues. End-users of medical irradiation services include hospitals, clinics, homecare settings, therapy centers, and other healthcare facilities.

The medical irradiation research report is one of a series of new reports that provides medical irradiation market statistics, including the medical irradiation industry's global market size, regional shares, competitors with an Medical irradiation market share, detailed medical irradiation market segments, market trends and opportunities, and any further data you may need to thrive in the medical irradiation industry. This medical irradiation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The medical irradiation market includes revenues earned by entities by providing services such as diagnostic imaging services, radiation therapy, radiopharmaceutical and radiation safety, and dosimetry services. The market value includes the value of related goods sold by the service provider or included within the service offering. The medical irradiation market consists of sales of products such as radiation therapy equipment, diagnostic imaging devices, radiopharmaceuticals, and nuclear medicine devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.


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