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.
Market Insights and Analyst View:
Radiotherapy, also known as radiation therapy, is a medical treatment that utilizes high-energy radiation to target and destroy malignant (cancerous) cells. It is a crucial component of cancer treatment and is employed to either cure cancer, control its growth, or alleviate symptoms. Radiotherapy often involves ionizing radiation, such as X-rays or gamma rays, to attack cancer cells and hinder their ability to grow and multiply. It can be administered externally using a machine that directs radiation toward the cancerous area (external beam radiotherapy) or internally by inserting a radioactive source within the body near the affected cells (brachytherapy). The goal of radiotherapy is to deliver precisely targeted doses of radiation to the tumor, minimizing damage to surrounding healthy tissue while maximizing its effect on cancer cells. Radiotherapy is employed in conjunction with other cancer treatments, such as surgery and chemotherapy. It is administered with careful consideration of the cancer type, its stage, and the patient's overall health. Thus, radiotherapy plays a vital role in the comprehensive management of cancer, offering an effective and localized approach to treating tumors while striving to preserve healthy tissue and improve patient outcomes.
Growth Drivers and Opportunities:
The primary drivers of the radiotherapy market's growth are the increasing cases of cancer patients, huge government and non-government investments in R&D of cancer treatment, and the growing need to reduce healthcare costs. The world is witnessing a significant rise in the number of cancer patients. According to the World Health Organization (WHO), cancer is the second leading cause of death globally, with approximately 10 million deaths reported in 2022. Among all cancer types, breast cancer is considered the most common cancer among women worldwide, and its incidence is increasing globally. Factors such as lifestyle changes, hormonal imbalances, genetic predisposition, and environmental factors contribute to the rising prevalence of breast cancer. Per the American Cancer Society, approximately 5–10% of all malignancies are caused by genes inherited from parents. Several cancer-predisposition genes have been discovered. For instance, mutations in the inherited cancer predisposition genes BRCA1 and BRCA2 raise the risk of getting certain malignancies, such as breast, ovarian, and prostate cancer.
In addition, breast cancer is one of the most common types of cancer in the US. A report published by Breastcancer.org in January 2022 stated that 1 in 8 women in the nation (or ~13%) will acquire invasive breast cancer over their lifetime. According to the same source, 287,850 new incidences of invasive breast cancer, along with 51,400 new cases of non-invasive (in situ) breast cancer, are anticipated to be detected in women in the US in 2022. In the same year, the country is anticipated to record ~2,710 additional cases of invasive breast cancer in men. Approximately 1 in 833 men might develop breast cancer in their lives. With the rise in breast cancer cases, there is an increasing need for effective and targeted therapies to improve patient outcomes. This has led to a surge in research and development activities in breast cancer therapeutics. The rising incidence of breast cancer has underscored the essential role of radiotherapy in the comprehensive treatment of this prevalent malignancy. As the number of individuals diagnosed with breast cancer continues to increase, radiotherapy stands as a critical modality within the multidisciplinary approach to cancer care. Radiotherapy plays a pivotal role in the management of breast cancer, serving various purposes, such as postsurgical treatment to eradicate residual cancer cells, neoadjuvant therapy to shrink tumors before surgery, and adjuvant therapy to reduce the risk of cancer recurrence. Additionally, radiotherapy is employed to alleviate symptoms and improve outcomes for advanced or metastatic breast cancer.
On the other hand, the lack of skilled personnel to perform radiotherapy is a significant bottleneck that constrains the growth and accessibility of radiation therapy services, particularly in regions facing healthcare workforce shortages. Skilled radiation oncologists, medical physicists, radiation therapists, and dosimetrists are essential for effectively and safely administering radiotherapy. However, a global shortage of these highly specialized professionals has limited the capacity of healthcare facilities to deliver crucial radiation treatments, leading to increased patient waiting times, suboptimal treatment access, and a strain on the healthcare system.
Consequently, the shortage of skilled personnel hampers the expansion and reach of the radiotherapy market, reducing the potential for broader adoption and utilization of radiotherapy services in various healthcare settings. The limited availability of skilled professionals impedes the capacity to provide timely and optimal radiation treatment for cancer patients. It impacts the ability of healthcare facilities to leverage advanced radiotherapy technologies and techniques fully. Additionally, multi-stakeholder collaborations, international partnerships, and the establishment of supportive frameworks for professional development are pivotal in addressing the lack of skilled personnel, enabling the expansion and efficacy of radiotherapy services, and ensuring that patients have access to the critical treatments they require.
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Radiotherapy Market: Strategic Insights
Market Size Value in US$ 6,474.78 million in 2020 Market Size Value by US$ 10,170.80 million by 2028 Growth rate CAGR of 5.9% from 2021 to 2028. Forecast Period 2021-2028 Base Year 2020
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Radiotherapy Market: Strategic Insights
| Market Size Value in | US$ 6,474.78 million in 2020 |
| Market Size Value by | US$ 10,170.80 million by 2028 |
| Growth rate | CAGR of 5.9% from 2021 to 2028. |
| Forecast Period | 2021-2028 |
| Base Year | 2020 |
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Report Segmentation and Scope:
The “Global radiotherapy market” is segmented based on the type, application, end-user, and region. The radiotherapy market is broadly segmented into systemic, external beam, and internal radiation therapy. The radiotherapy market is classified based on applications, such as skin and lip cancer, breast cancer, prostate cancer, cervical cancer, lung cancer, and others. The end-user segment of the radiotherapy market is broadly segmented into hospitals, ambulatory and radiotherapy centers, and others. The radiotherapy market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Segmental Analysis:
Based on the type, the radiotherapy market is segmented into external beam, internal, and systemic radiation therapy. In 2022, the radiotherapy market revenue was mostly attributed to external beam radiation therapy, which had the largest share. The global radiation treatment market is expected to grow during the forecast period due to rising cancer incidence and prevalence rates in both developed and developing nations, technical developments, and increased healthcare spending. To enhance patient outcomes, cancer centers are expanding the availability of external beam radiation therapies, including stereotactic radiosurgery, intensity-modulated radiation therapy (IMRT), and 3-D conformal radiation therapy. Healthcare firms can expand their research and development efforts in radiation therapy for cancer because of these therapy choices.
Based on the cancer segment, the radiotherapy market is segmented into skin and lip cancer, breast cancer, prostate cancer, cervical cancer, lung cancer, and others. Skin cancer, which includes squamous cell carcinoma, melanoma, and basal cell carcinoma, mostly develops in skin cells as a result of exposure to ultraviolet (UV) light. The three main causes of lip cancer are smoking, immune system compromise, and UV radiation exposure. A significant growth in the skin and lip cancer segment is anticipated throughout the projected period. Growing incidence of skin and lip cancer, substantial R&D pipelines, improvements in radiation technology, rising demand for non-invasive cancer treatments like radiotherapy, and expanding access to radiotherapy services globally are some factors propelling the segment's growth. For example, by the end of 2023, the United States will have detected 97,610 cases of melanomas, with 58,120 males and 39,490 women, according to data from the American Cancer Society in January 2023. Therefore, there will be a considerable need for radiation devices for therapeutic reasons due to the increased prevalence of skin and lip cancer, which will fuel market expansion.
Based on the end user, the radiotherapy market is classified into hospitals, ambulatory and radiotherapy centers, and others. Throughout the forecast period, the hospital segment is expected to have a significant global market share. This is explained by an increase in the number of cancer patients and an increase in the use of different radiation treatments in hospitals.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Regional Analysis:
Based on geography, the global radiotherapy market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
North America is anticipated to witness notable expansion in the radiation therapy market throughout the forecast period. The rising incidence and prevalence of cancer, major companies in the area, and the introduction of innovative products all contribute to the market's expansion. The American Cancer Society's most frequent cancer among women in the US is breast cancer, according to data updated in January 2023. It represents one in three, or 30%, of all newly diagnosed female cancers in the nation each year. The same source projects that by the end of 2023, women will receive new diagnoses for 297,790 cases of invasive breast cancer and 55,720 cases of ductal carcinoma in situ (DCIS). It is expected that the cancer burden will drive the nation's need for radiation therapy. As a result, the country's high cancer incidence and prevalence necessitate the development of sophisticated radiation treatments, which is also expected to fuel the region's overall market expansion.
Furthermore, the major regional players are actively involved in several advances linked to radiotherapy, fueling the expansion of the regional market. For example, SkinCure Oncology announced in September 2021 that positive data (99.3% cure rate) for Image-Guided Superficial Radiotherapy (IGSRT) in treating squamous cell carcinoma (SCC) and basal cell carcinoma (BCC) had been obtained from a clinical trial. Furthermore, GE Healthcare presented 15 cutting-edge multi-modality radiation treatment solutions in October 2021 at the American Society for Radiation Oncology's 2021 event to enhance patient-centered care and advance precision medicine. The demand for radiotherapy in the nation is anticipated to increase due to these recent breakthroughs, propelling the expansion of the regional market as a whole.
Industry Developments and Future Opportunities:
Various initiatives taken by key players operating in the global radiotherapy market are listed below:
In May 2023, GE HealthCare launched three new products that highlight the radiation oncology care pathway, which includes Intelligent Radiation Therapy (IRT), Auto Segmentation, and an upgraded Magnetic Resonance (MR) Radiation Therapy Suite (AIR Open Coil Suite). To assist patients in leading the healthiest lives possible, each of these cutting-edge solutions—which will be on display at the European Society for Therapeutic Radiology and Oncology 2023 Congress—was created to enable physicians to deliver the highest caliber of individualized care by giving them access to the data, technologies, and diagnostics they need to make well-informed decisions.
In February 2023, RefleXion Medical received US FDA approval for SCINTIX biology-guided radiotherapy, a cutting-edge treatment for early and late-stage cancers.
Competitive Landscape and Key Companies:
Some of the prominent players operating in the global radiotherapy market are GE Healthcare, GE Healthcare, Elekta, ViewRay Technologies, Inc., Accuray Incorporated, Isoray Inc., Hitachi, Ltd., ALCEN (PMB), Siemens Healthineers AG, and amongst others. These radiotherapy markets focus on new product launches and geographical expansions to meet the growing consumer demand worldwide and increase their product range in specialty portfolios. They have a widespread global presence, allowing them to serve many customers and subsequently increase their market share. The report offers radiotherapy market trends analysis emphasizing various parameters such as technological advancements, market dynamics, and competitive landscape analysis of leading global market players.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Product, Application, and End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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
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.
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 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.
The List of Companies - Radiotherapy Market
- 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
- 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.
- 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.
- 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:
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.
- 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.
- 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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