The global radiotherapy market size was USD 6.50 Billion in 2021 and is expected to register a revenue CAGR of 6.9% during the forecast period. Key factors driving global market revenue growth are rising global prevalence of various types of cancers, rapid advancements in radiation technology, and increasing investments by various private and public sectors.
In recent years, there increasing number of cancer cases globally is expected to result in high demand and need for radiotherapy. According to the International Agency for Research on Cancer, 1 in 5 individuals develop cancer during their lifetime, and 1 in 11 women and 1 in 8 men die from the infection. Old age, obesity, excessive alcohol consumption, tobacco smoking, sun and other types of radiation exposure, or viruses and other infections are factors that lead to cancer. Radiotherapy, also known as radiation therapy, is the most effective and affordable treatment for treating cancers such as breast cancer, colorectal, lung, and cervical among others, owing to technological advancements and availability of advanced radiation therapies such as image-guided radiation therapy, 3D conformal radiation therapy, radioimmunotherapy, and stereotactic radiosurgery for removing tumor and reducing toxicity.
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Radiotherapy is a type of cancer treatment that uses high radiation doses to kill cancer cells and shrink tumors. High radiation doses help to destroy cancer cells or reduce cell growth rate by damaging DNA. It is long process that does not kill malignant cells instantly, and takes weeks of treatment to destroy cancer cells. Radiation therapy is a local treatment that only affects targeted area of the body. However, high doses of radiation damage healthy cells and tissues along with cancer cells during treatment and cause short-term as well as long-term effects. Some of the common side effects of radiotherapy include skin changes such as dryness, blistering, peeling, and itching, fatigue, and long-term side effects that can appear or develop later. Other site-specific side effects of radiation therapy are dry mouth, stiffness in jaw, nausea, hair loss, tooth decay in case of head and neck cancer or loss of appetite, bowel cramping, diarrhea in case of stomach and abdomen cancer.
Market Dynamics:
Drivers: Ongoing research on developing novel and enhanced cancer treatment
Radiation therapy is rapidly gaining traction with rising prevalence of various types of cancers, and increasing demand for non-invasive and pain-free cancer treatments. Demand for radiation therapy equipment in hospitals and ambulatory care services has been increasing rapidly due to rapid advancements in radiation therapy and high use of Artificial Intelligence (AI) and Machine Learning (ML) for efficient management of workflow and optimized resource utilization. Most of these advanced systems can minimize side effects by directly targeting the tumor, keeping healthy cells intact, and thereby reducing chance of tumor recurrence. In addition, increasing number of campaigns to increase awareness about benefits of radiotherapy and rising number of conferences by research institutes and centers for introducing novel radiation therapy products for cancer treatment and further prospects of radiotherapy are expected to drive market revenue growth.
Restraints: Dearth of skilled radiologists and availability of better treatment alternatives
High initial investment required for radiation therapy systems and high cost of maintenance are key factors that can hamper market revenue growth to some extent. Various hospitals and diagnostic centers, especially in developing countries, do not have enough funds and budget to deploy latest radiation therapy systems. In addition, availability of better treatment alternatives such as cell transplantation, immunotherapy, and hormone therapy with lesser side effects could limit use of radiation therapy in the coming years. Other factors such as lack of skilled healthcare professionals and radiologists to handle radiation therapy systems, as well as risk of radiation exposures can hamper global market revenue growth to a certain extent during the forecast period.
Key Takeaways:
Type Outlook:
Based on type, the global market is broadly segmented into external beam radiotherapy, internal beam/brachytherapy, and systematic radiotherapy. The external type segment is further sub-segmented into 3D conformal radiation therapy, intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), chemotherapy, and stereotactic radiosurgery. Brachytherapy is segmented into high dose rate brachytherapy, low dose rate brachytherapy, and pulse dose rate brachytherapy. Among these, the external beam radiotherapy segment is expected to account for significantly large revenue share during 2021-2028, owing to rising prevalence of various types of cancer, high use of different types of external beam radiation therapies for cancer treatment, and rising preference due to its accuracy in destroying tumor cells.
External beam radiation therapy is the most widely used radiation therapy procedure that uses linear accelerators to offer high radiation doses to destroy malignant cells and slow down tumor growth. It is widely used for treating various types of cancer, including brain tumors, head and neck cancer, breast cancer, prostate cancer, and cervix cancer. Intensity-modulated radiation therapy is one of the most widely used external radiation therapies that delivers precise radiation doses through computer-controlled linear accelerators to destroy tumor cells or specific areas within the tumor. It allows higher radiation doses to be focused on tumors and minimizes the doses surrounding normal critical structures.
Application Outlook:
Based on application, the global market is segmented into breast cancer, head and neck cancer, prostate cancer, lung cancer, colorectal cancer, skin and lip cancer, cervical cancer, and others. Among these, the breast cancer segment is expected to account for largest revenue share during the forecast period owing to increasing prevalence of breast cancer across the globe and growing risk of breast cancer in female population. Breast cancer is one of the most prevalent cancers, and according to the World Health Organization, around 2.3 million women in the world were diagnosed with breast cancer in 2020. Increasing awareness about early detection and diagnosis of breast cancer among public, availability of advanced treatments, high usage of external beam radiation therapy and brachytherapy for treating metastatic breast cancer, and ongoing research on developing more enhanced procedures for treating early-stage breast cancer and locally advanced breast cancer are key factors driving revenue growth of the segment.
End Use Outlook:
On the basis of end use, the global market is segmented into hospitals, ambulatory & radiotherapy centers, academic & research institutes, and others. The hospitals segment is expected to register significantly higher revenue growth over the forecast period owing to improving healthcare infrastructure, increasing adoption of latest radiation therapy equipment in developed and some developing countries, and rising prevalence of types of cancer globally. Other key factors driving revenue growth of the segment are presence of skilled healthcare professionals and well-established healthcare systems in developed countries, rising government initiatives to provide advanced radiation therapy systems.
Regional Outlook:
The radiotherapy market in North America is expected to account for largest revenue share in 2020 and is expected to retain the leading position over the forecast period, owing to factors such as high prevalence of various types of cancer, availability of advanced radiation therapy systems and devices, increasing preference for minimally invasive procedures, and ongoing research on improving existing radiation therapy techniques. In addition, presence of leading market players, increasing investments in research and development activities, presence of well-trained healthcare professionals, and increasing public awareness about latest radiotherapy facilities are other factors expected to fuel North America market growth.
Asia Pacific market is expected to register fastest revenue CAGR over the forecast period attributable to increasing prevalence of cancer, increasing healthcare expenditure, improving healthcare infrastructure and facilities, and increasing demand for advanced radiotherapy systems. Moreover, growing elderly population, favorable government initiatives, increasing adoption of minimally invasive procedures, and rising number of ambulatory surgery centers are other factors driving market revenue growth of the region.
Competitive Landscape:
The global radiotherapy market is quite competitive and comprises key players at global and regional levels. Major players in the market are focused on product development and are adopting various strategies such as mergers and acquisitions, partnerships, license agreements, joint ventures, and collaborations to expand their product base and strengthen their market position. Varian Medical Systems, Inc., Elekta, Accuray Incorporated, Ion Beam Applications SA, Eckert & Ziegler, Hitachi Ltd., ICAD, Inc., IntraOp Medical, Inc., IsoRay Medical, Inc., Mevion Medical Systems, Inc., Panacea Medical Technologies Pvt. Ltd., P-cure Ltd., ViewRay, Inc., ZEISS Group, C4 Imaging LLC, Optic Proton Therapy Inc., GE Healthcare Inc., and Siemens Healthineers AG are some key players profiled in the global radiotherapy market report.
Strategic Developments:
- In September 2021, Elekta announced acquisition of Özyürek A.Åž., a Turkish distributor of neurosurgery solutions. This acquisition is expected to strengthen Elekta’s product base in linear accelerators, brachytherapy, and radiation therapy software.
Pipeline Analysis:
In June 2020, Accuray Incorporated launched CyberKnife S7 system, a novel highly precise device equipped with real time Artificial Intelligence (AI) and motion tracking and synchronization treatment delivery for stereotactic body radiation therapy and stereotactic radiosurgery. CyberKnife S7 system is a next generation robotic, non-invasive radiotherapy device, which is capable of treating neurological disorders as well as cancerous and benign tumors in the body. In June 2021, Accuray Incorporated announced the launch of Raystation treatment planning system for helping clinicians to create treatment plans for CyberKnife M6 and S7 systems and other radiation therapies in one unified treatment planning system.
In October 2020, IntraOp Medical Corporation announced installation of first electron, intraoperative radiation therapy system in Canada Centre hospitalier de l’Université de Montréal (CHUM). This is the first preclinical linear accelerator to study FLASH radiotherapy equipped with ultra-high dose rate, which is capable of performing clinical radiation therapy as well as investigational research.
Segments Covered in the report
This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the sub-segments from 2022 to 2030. For the purpose of this study, has segmented the global radiotherapy market based on type, application, end use, and region:
Radiotherapy Market Report Scope
Segments covered By Type Outlook, Application Outlook, End Use Outlook, Regional Outlook
By Type Outlook
External Beam Radiotherapy
3D Conformal Radiation Therapy
Intensity-Modulated Radiation Therapy (IMRT)
Image-Guided Radiation Therapy (IGRT)
Chemotherapy
Stereotactic Radiosurgery
Others
Internal Beam Radiotherapy/Brachytherapy
High dose Rate Brachytherapy
Low doss Rate Brachytherapy
Pulse dose Rate Brachytherapy
Systematic Radiotherapy
By Application Outlook
Breast Cancer
Head and Neck Cancer
Prostate Cancer
Lung Cancer
Colorectal Cancer
Skin and Lip Cancer
Cervical Cancer
Others
By End Use Outlook
Hospitals
Ambulatory & Radiotherapy Centers
Academic & Research Institutes
Others
Regional scope
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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