Radiotherapy Market: Key Insights
According to our latest study on “Radiotherapy Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Product, Application, End User, and Geography,” the market is expected to reach US$ 10,170.80 million by 2028 from US$ 6,474.78 million in 2020; it is expected to grow at a CAGR of 5.9% from 2021 to 2028. The radiotherapy market growth is attributed to key driving factors such as the increasing prevalence of cancer and the rising number of conferences and symposiums to boost awareness about radiation therapy. These drivers are expected to have significant short-, mid-, and long-term impacts on the radiotherapy market size. However, the increased risk of adverse effects due to radiation therapy is expected to hamper the growth of the radiotherapy market, but the overall impact of this on the radiotherapy market scope is expected to be low.
Radiotherapy is majorly used to control the growth of the tumor with minimum exposure to the surrounding normal and healthy tissue. Radiotherapy uses high-energy radiation, generally X-rays, to destroy the cancer cells and treat tumors in prostate, breast, head and neck, lung, and any other parts of the body where radiation treatment is indicated. Advances in radiotherapy have been made in the last few years, as improvements in imaging modalities, powerful computers, and software and delivery systems have enabled technologies.
Radiotherapy Market Size and Forecasts (2020 - 2028), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (External Beam Radiation Therapy, Internal Radiation Therapy, and Systemic Radiation Therapy), Application (Skin and lip Cancer, Breast Cancer, Prostate Cancer, Cervical Cancer, Lung Cancer and Others), End User (Hospitals, Research Institutes and Ambulatory and Radiotherapy Centers) and Geography
Radiotherapy Market Share Report | Trends, Size & Forecasts 2028
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The primary types of radiotherapy in the market are external-beam radiation therapy, internal radiation therapy, and systemic radiotherapy/radiopharmaceuticals. The external-beam radiation therapy held the largest share of the market in 2020. The growth of the segment is attributed to the benefits and safety associated with the radiotherapy type. The external-beam radiation therapy offers computer-controlled precision for radiation exposure, reduced treatment toxicity, and high stability.
Health systems across the globe are witnessing a substantial increase in the prevalence of cancer. According to the data published by the World Health Organization (WHO), in 2019, around 9.6 million deaths were caused by cancer across the globe. Furthermore, according to a study published by the National Cancer Institute, in 2021, the incidence of cancer in the US is likely to reach 1.9 million. In addition, around 0.6 million people were anticipated to die in 2021 in the US due to cancer. Moreover, according to data published by Cancer Research UK in 2020, around 0.16 million people in the UK die each year due to cancer. Moreover, as per the Globocan report, in 2018, there were 911,014 breast cancer cases and 310,577 deaths due to breast cancer, of which 367,900 and 162,468 breast cancer cases were reported in China and India, respectively. Such a high prevalence of cancer is anticipated to drive the adoption of radiotherapy. For instance, according to data published by the WHO in March 2021, over 50% of cancer patients involve radiotherapy as part of cancer management and care. Moreover, according to the same data, radiotherapy is prominently used to treat the most common types of cancer, such as breast, cervical, colorectal, and lung cancer. This factor will ultimately boost the growth of the global radiotherapy market during the forecast period.
Radiotherapy Market: Competition Landscape and Key Developments
Siemens Healthineers AG; Accuray Inc.; Sumitomo Heavy Industries, Ltd.; Elekta AB; Hitachi, Ltd.; Koninklijke Philips NV; Brainlab AG; PROTOM INTERNATIONAL; Varian Medical Systems, Inc.; Maastro; and Mevion Medical Systems are among the key companies operating in the radiotherapy market. The companies adopt product innovation strategies to meet the evolving customer demands worldwide, permitting them to maintain their brand name in the global radiotherapy market. Also, market players create partnerships, collaborations, and contracts with hospitals, diagnostic centers, and academic and research institutes to provide various products and services for multiple applications, which further boosts the radiotherapy market growth.
Some of the recent developments in the radiotherapy market include:
In January 2021, Accuray Inc. received 510(k) clearance from the US Food and Drug Administration (FDA) for its ClearRT Helical kVCT Imaging for the Radixact System, the next-generation TomoTherapy platform. ClearRT is a cutting-edge imaging solution integrated with a powerful, precise, and adaptive delivery platform for radiotherapy.
In November 2020, Siemens Healthineers received US FDA 510(k) clearance for its AI-based radiation therapy planning platform, AI-Rad Companion Organs RT. AI-Rad Companion Organs RT leverages deep-learning AI algorithms to automatically contour at-risk organs on CT scans during radiation therapy. It helps clinicians to deliver more targeted, precision medicine to their patients.
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