Radiotherapy Market Size, Share, Growth Report | 2028

Radiotherapy Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (External-Beam Radiation Therapy, Internal Radiation Therapy, and Systemic Radiotherapy/Radiopharmaceuticals), Product (External Beam Radiotherapy Products, Internal Radiotherapy Products, Radiotherapy Software, and Others), Application (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Lymphoma, Liver Cancer, Thyroid Cancer, Brain Cancer, Cervical Cancer, Spine Cancer, and Others), and End User (Hospitals, Radiation Therapy Centers, and Specialty Clinics)

Publication Month : Apr 2021

  • Report Code : TIPMD00002668
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 217
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[Research Report] The radiotherapy market is projected to reach US$ 10,170.80 million by 2028 from US$ 6,474.78 million in 2020; it is estimated to grow at a CAGR of 5.9% from 2021 to 2028.

Radiotherapy is majorly used to control the growth of the tumor and with minimum harm to the surrounding normal and healthy tissues. Radiotherapy uses high-energy radiation, generally X-rays, to destroy the cancer cells and treat tumors in the prostate, breast, head and neck, lung, and any other parts of the body where radiation treatment is indicated. Apart from X-rays, protons, electron beams, gamma rays are also used in some instances to destroy or damage cancer cells. Various advances in the field of radiotherapy have been made in the last few years, as improvements in imaging modalities, computing software, and radiation delivery systems have enabled technological development. The market report aims to develop an understanding of the radiotherapy market scope and trends, which are expected to drive the market.

The radiotherapy market is segmented into product, application, end user, and geography. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market report offers insights and in-depth analysis of the market, emphasizing parameters such as market size, market trends, technological advancements in the market, and market dynamics, along with the global analysis of the competitive landscape of the leading market players that are driving the radiotherapy market growth.

The radiotherapy market growth is attributed to 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 market size. However, the increased risk of adverse effects due to radiation therapy is expected to hamper the growth of the market. The radiotherapy market report also studies the ongoing opportunities and radiotherapy market trends that can significantly impact the development of the market.

Lucrative Regions for Radiotherapy Market

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Market Insights

Increasing Number of Conferences and Symposiums to Boost Awareness About Radiation Therapy

In the last few years, there has been an increase in investments in research activities focused on the early detection of cancer and the development of new technologies for cancer treatment and management. Along with this, the education and research centers, healthcare authorities, and market players are actively participating in several conferences and symposiums for sharing knowledge, as well as showcasing new technologies. In addition, such programs are prominently contributing to spreading awareness about radiation therapy, which will eventually drive the market during the forecast period. In October 2019, a European symposium was conducted by ViewRay Inc. to present the benefits of MRI-guided radiation therapy. In addition, the program also featured updated information on Health Economics in Radiation Oncology Project (HERO). Further, the German Cancer-research Center announced its proposed plan to conduct the 8th MR in RT Symposium in Heidelberg, Germany in April 2021. The symposium will foster discussion among specialists about the recent developments in physics and technology of MR-guided radiotherapy. Moreover, in July 2019, the Department of Radiation Oncology at UCLA announced a conference of radiation therapists. The conference will allow therapists to share their ideas and new aspects of radiation therapy. Furthermore, in November 2018, Beijing Allcure Medical Technology Co. and Mevion Medical Systems jointly conducted a conference on Trends in Compact Proton Therapy in China at the annual meeting of the China Society for Radiation Oncology. Such conferences and meetings are likely to boost innovation and new product developments across the globe. In addition, the symposiums are anticipated to contribute to product enhancements, which will eventually drive the global radiotherapy market by 2028.

Type-Based Insights

The global radiotherapy market, based on type, is segmented into external-beam radiation therapy, internal radiation therapy, and systemic radiotherapy/radiopharmaceuticals. The external-beam radiation therapy segment held the largest market share during 2020 and is expected to continue its dominance of the radiotherapy market with the highest contribution to the radiotherapy market growth during the forecast period. The growth of the segment is attributed to the higher applications of external-beam radiation therapy compared to other types of radiotherapy.

Radiotherapy Market, by Type – 2020 and 2028

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Product-Based Insights

The global radiotherapy market, based on product, is segmented into external beam radiotherapy products, internal radiotherapy products, radiotherapy software, and others. The external beam radiotherapy products segment of the market, based on product, held the largest market share in 2020, encompassing more than three-fourths of the radiotherapy market share. The segment is expected to dominate the market during the forecast period. It is also likely to have the highest CAGR during 2021–2028, aiding the growth of the radiotherapy market size. The market growth of the external beam radiotherapy products segment is attributed to rising product adoption and technological innovation in the product by leading market players.

Application-Based Insights

Based on application, the radiotherapy market is segmented into breast cancer, lung cancer, prostate cancer, colorectal cancer, lymphoma, liver cancer, thyroid cancer, brain cancer, cervical cancer, spine cancer, and others. The breast cancer segment held the largest share of the market in 2020. However, the lung cancer segment is expected to see the highest CAGR during the forecast period. The increasing incidence of lung cancer and the development of personalized treatment therapies for lung cancer treatment are expected to aid the segment’s growth and the growth of the radiotherapy market size.

End User-Based Insights

Based on end user, the radiotherapy market is segmented into hospitals, radiation therapy centers, and specialty clinics. The hospitals segment held the largest share in 2020 and is expected to have the highest CAGR during the forecast period. The significant market share and high CAGR are attributed to hospitals being the primary care and treatment provider for cancer patients.

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Radiotherapy Market: Strategic Insights

Market Size Value inUS$ 6,474.78 million in 2020
Market Size Value byUS$ 10,170.80 million by 2028
Growth rateCAGR of 5.9% from 2021 to 2028.
Forecast Period2021-2028
Base Year2020
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Product launches and approvals are commonly adopted strategies by companies to expand their global footprints and product portfolios. Moreover, the radiotherapy market players also focus on the partnership strategy to enlarge their clientele, which, in turn, permits them to maintain their brand name across the world. Also, collaborations and acquisitions with other market players are common strategies that increase product development capabilities and global outreach. The market share is anticipated to flourish with the development of new innovative products by market players.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Product, Application, and End User, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What is radiotherapy?

Radiotherapy is majorly used to control the growth of a tumor while restricting the harm to nearby normal and healthy tissue. Radiotherapy uses high-energy radiation, generally x-rays, to destroy the cancer cells and treat tumors in the prostate, breast, head & neck, lung, and any other parts in the body where radiation treatment is indicated.

What are the driving factors for the radiotherapy market across the globe?

The growth of the market is attributed to a few key driving factors such as increasing prevalence of cancer and rising number of conferences and symposiums to boost the awareness about radiation therapy. However, increased risk of adverse effects due to radiation therapy restrains the market growth.

Who are the major players in the radiotherapy market?

The radiotherapy market majorly consists of the players such as Siemens Healthineers AG, Accuray Incorporated, Sumitomo Heavy Industries, Ltd., Elekta AB, Hitachi, Ltd., Koninklijke Philips N.V., Brainlab AG, PROTOM INTERNATIONAL, Varian Medical Systems, Inc., Maastro, and Mevion Medical Systems amongst others.

The List of Companies - Radiotherapy Market

  1. Siemens Healthineers AG
  2. Accuray Incorporated
  3. Sumitomo Heavy Industries, Ltd.
  4. Elekta AB
  5. Hitachi, Ltd.
  6. Koninklijke Philips N.V.
  7. Brainlab AG
  9. Varian Medical Systems, Inc.
  10. Maastro
  11. Mevion Medical Systems

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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