Radiotherapy Market Worth $8.8 Billion | MarketsandMarkets
Radiotherapy Market in terms of revenue was estimated to be worth $6.9 billion in 2023 and is poised to reach $8.8 billion by 2028, growing at a CAGR of 5.0% from 2023 to 2028 according to a new report by MarketsandMarkets. The growth of this market is majorly driven by factors such as the rapid rise in cancer cases globally, new developments in radiotherapy treatment such as adaptive radiotherapy, growing awareness about the advantages of proton therapy for cancer treatment. Moreover, increasing investments in research activities in the field of oncology, geographical expansion of radiotherapy devices manufacturers, improving healthcare infrastructure in developing countries are likely to support the growth of the market.
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The external beam radiotherapy segment, by procedure, is expected to register the largest market share of the global radiotherapy systems market in 2023.
Based on procedure, the radiotherapy market is segmented into external beam radiotherapy, internal beam radiotherapy/brachytherapy, and systemic radiotherapy. The external beam radiotherapy segment dominated this market with a share of in 2022. The large share of this segment can primarily be attributed to the reduced risk of radiation exposure in external beam radiotherapy and the increased precision & accuracy of tumor targeting in this therapy.
This external beam radiotherapy (EBRT) technique is widely preferred over other therapeutic techniques such as brachytherapy and systemic radiotherapy due to its wide range of benefits, including lesser side effects and cost-effectiveness. Moreover, continuous EBRT technological advancements such as MRI Linac, particle therapy and rising research activities in the field of radiation oncology using proton therapy systems are likely to support the growth of the segment
Hospitals were the key end-users in the radiotherapy market
Based on end user, the radiotherapy market has been segmented into hospitals and independent radiotherapy centers. Hospitals commanded the largest share of the global radiotherapy systems market in 2023. Rising initiatives by government to upgrade hospitals with advanced radiotherapy devices, rising collaborations among cancer hospital and radiotherapy device manufacturers, and increasing number of cancer patients undergoing radiotherapy treatment procedures in hospitals
“The APAC market, by region, to register highest growth rate in the forecast period.”
On the basis of region, the radiotherapy market is segmented into North America, Europe, Asia Pacific, and the Latin America, Middle East & Africa. The Asia-Pacific market is likely witnessing significant growth owing to increase in cancer patient pool, improving healthcare infrastructure and the implementation of supportive government initiatives in several APAC countries such as India and China. The rising geriatric population, growing incidence of cancer, and the rising acceptance of radiotherapy procedures and devices are the other major factors driving market growth in Asia Pacific. Additionally rising medical tourism and entry of major market players in the Asia Pacific countries are likely to support the radiotherapy market growth in APAC.
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Radiotherapy Market Dynamics:
Drivers:
1. Technological advancements in radiotherapy treatment
Restraints:
1. lack of adequate healthcare infrastructure in emerging countries
Opportunities:
1. Rising Healthcare Expenditure Across Developing Countries
Challenge:
1. Risk of Radiation Exposure
Key Market Players of Radiotherapy Industry:
As of 2022, the automated radiation therapy systems market was dominated by Siemens Healthineers AG (Germany), Varian Medical Systems, Inc. (US), Elekta (Sweden) Accuray Incorporated (US), IBA (Belgium), ViewRay Technologies, Inc. (US), Hitachi Ltd. (Japan), iCAD, Inc. (US), IsoRay, Inc. (US), among others.
A breakdown of the primary participants referred to for this report is provided below:
· By Company Type: Tier 1–48%, Tier 2–36%, and Tier 3– 16%
· By Designation: C-level–10%, Director-level–14%, and Others–76%
· By Region: North America–40%, Europe–32%, Asia Pacific–20%, Latin America–5%, MEA- 3%
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