Radiotherapy Market Growth Opportunities & Forecast [2031]
Radiotherapy Market Growth Opportunities & Forecast [2031]
Segments - Radiotherapy Market by Type (HDR, LDR, 3D-CRT, IGRT, and IMRT), Technology (Stereotactic LINAC, LINAC, Particle Therapy, and Cobalt-60 Teletherapy), Application (Breast, Lung, and Prostate Cancer), End-user (Clinics, Hospitals, Cancer Research Institutes, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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Report Description
The global radiotherapy market size was valued at USD 6.6 Billion in 2022 and is likely to reach USD 11.9 Billion by 2031, expanding at a CAGR of 6.4% during the forecast period, 2023–2031. Rising awareness of the benefits of radiotherapy is anticipated to boost the market in the coming years.
Radiotherapy is also known as radiation therapy and its operation is called radiation oncology. It is an integral part of modern cancer treatment and diagnosis. It is used to cure cancer by destroying cancer cells and minimizing the tumor size. Radiation therapy includes internal radiation therapy and external beam radiation.
In external beam radiation therapy, the radiation is emitted from a machine or a small container of radioactive material and is placed directly into or near the tumor. Whereas, internal radiotherapy directly delivers radiation from inside the body to cancer tumors, affecting a few healthy cells.
- In November 2021, the FDA gave a nod to DoseRT, an improved multi-camera system by Vision RT Ltd. as it monitors patient positioning and beam in real-time during radiotherapy.
- In December 2020, FDA approved a single-camera system, Beam Site by Dartmouth and Norris Cotton Cancer Center. It takes real-time video and images of the beam and helps in the treatment.
Over the last few years, the demand for radiotherapy increased due to the rising geriatric population with cancer, the increasing prevalence of cancer, and the growing adoption of radiotherapy devices. In 2020, as per the report of the National Cancer Institute, approximately 1,806,590 new cancer cases were diagnosed in the United States, and around 606,520 people died owing to cancer. The male population is commonly diagnosed with lung, prostate, and colorectal cancers, whereas, lung, breast, and colorectal cancer is found in females.
The research report finds that the COVID-19 pandemic adversely affected the radiotherapy market. The demand for radiotherapy was reduced due to the decrease in the number of general diagnoses and treatments conducted during the lockdown. For instance, In April 2020, according to the study results, average weekly radiotherapy courses dropped by 19.9%, 6·2% in May, and 11·6% in June.
Radiotherapy Market Dynamics
Major Drivers
Rising prevalence of cancer leads to increasing demand for mortality reduction management caused by cancer and is expected to increase the demand for radiotherapy treatment and boost the market. The high efficacy of radiotherapy or radio oncology gives advanced clinical outcomes.
Initiatives for raising awareness regarding the benefits of radiotherapy, including symposia and conferences, were organized. These events help to spread awareness of the treatment, which fuels the radiotherapy market.
Existing Restraints
Lack of expert oncologists and a shortage of technically trained professionals is expected to restrain the market during the forecast period. Expensive radiotherapy devices affect market growth. Moreover, the high investment required for radiotherapy refrains consumers from spending heavily on the treatment. This is further anticipated to affect the market growth.
Emerging Opportunities
Increasing investment and funding activities from private and public sources for cancer research & development of novel cancer therapies are expected to create lucrative opportunities in the market during the forecast period. Advanced cancer diagnostics and enhanced treatment procedures are projected to support the market expansion.
Radiotherapy has undergone significant technological advancements with reduced collateral damage and improved precision. For instance, next-generation technologies, including Artificial Intelligence (AI), are now used in Image-Guided Radiation Therapy (IGRT) for determining target treatment. Gamma rays, x-rays, and charged particles are also being employed in radiotherapy, which is further widening the market scope.
Scope of Radiotherapy Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Radiotherapy Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (HDR, LDR, 3D-CRT, IGRT, and IMRT), Technology (Stereotactic LINAC, LINAC, Particle Therapy, and Cobalt-60 Teletherapy), Application (Breast, Lung, and Prostate Cancer), and End-user (Clinics, Hospitals, Cancer Research Institutes, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Siemens Healthcare GmbH; Mevion Medical Systems; Isoray Inc.; CIVCO Medical Solutions; ViewRay Technologies, Inc.; Accuray Incorporated; Hitachi, Ltd.; GE HealthCare Technologies Inc.; and IBA Worldwide |
Radiotherapy Market Segment Insights
Type Segment Analysis
On the basis of type, the radiotherapy market is segmented into internal HDR, LDR, 3D-CRT, IGRT, and IMRT. The IMRT segment is projected to expand at a considerable CAGR during the forecast period. In intensity-modulated radiation therapy, powerful energy beams kill cancer cells.
This method effectively delivers high-dose radiation and avoids radiation of healthy organs. Direct beams cause less damage to normal tissues and allow oncologists to use high doses of radiotherapy for treatment. External beam radiation therapy is known for its accuracy of the direct beams at the cancerous cells.
The systemic radiation therapy segment is anticipated to account for a major market share during the forecast period, owing to increasing awareness among people about advanced methods for radiotherapy. In systemic radiation therapy, a radioactively labeled monoclonal antibody or iodine is injected into the patient’s body. This radioactive monoclonal antibody travels through the blood and locates and kills tumor cells.
The particle therapy segment is projected to expand at a rapid pace in the coming years, owing to the rising research activities in the field of radiation therapy, the increasing number of proton therapy centers globally, and the lower risk associated with proton beam therapy. This therapy disrupts the tumor’s DNA and reduces the damage to surrounding vital organs and healthy tissue. It is applicable only when tumors are not spread and are not near the important parts of the body.
Application Segment Analysis
Based on application, the market is divided into breast, lung, and prostate cancer. The prostate cancer segment is expected to expand at a significant growth rate during the projection period. Prostate brachytherapy is effective in treating prostate cancer. Brachytherapy does not require monitoring the prostate gland movement, as radioactive implanted seeds move with the gland.
The lung segment is anticipated to register a robust growth rate, as radiotherapy is a common treatment for lung cancer. In Stereotactic Body Radiation Therapy (SBRT), a very high dose of radiation is delivered accurately to tumors in the lung. Lung cancer patient is usually treated with chemotherapy and radiotherapy.
Technology Segment Analysis
In terms of technology, the market is segmented into stereotactic LINAC, LINAC, particle therapy, and cobalt-60 teletherapy. The LINAC segment is expected to register a robust growth rate during the forecast period. In this technology, particles travel in a straight line and are able to reach maximum energies without the need for extremely high voltages. It is generally used for external beam radiation treatments for patients with cancer.
End-User Segment Analysis
Based on end-user, the market is divided into clinics, hospitals, cancer research institutes, and others. The clinics and hospitals segment is expected to hold a significant share of the market in the coming years. Clinics and hospitals have radiotherapy devices that are used for the treatment of different cancerous tumors. Hospitals are well-equipped with radiotherapy units to cater to the various needs of radiotherapy procedures. It removes the primary malignant tumor to prevent the recurrence of the tumor after surgery.
Regional Analysis
In terms of region, the global radiotherapy market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period, owing to the presence of key players, increasing incidence of cancer patients, and development in R&D activities in the healthcare sector.
Asia-Pacific is expected to grow at a significant rate in the coming years. Rising diagnosis rates and increasing government investments in creating awareness of the benefits and importance of diagnosis are driving the regional market. In addition, high medical infrastructure availability, the presence of numerous market players, and rising consumer disposable income boost the regional market.
Segments
The global radiotherapy market has been segmented on the basis of
Type
- External Beam Radiation Therapy
- IMRT
- IGRT
- Stereotactic Body Radiation Therapy
- Tomotherapy
- Stereotactic Radiosurgery
- Proton Therapy
- 3D-CRT
- Internal Radiation Therapy
- Systemic Radiation Therapy
- Brachytherapy
- HDR
- LDR
Technology
- Systemic Radiotherapy
- Iobeguane (I-131)
- Rhenium-186
- Samarium-153
- Other Systemic Radiotherapy Products
- Internal Beam Radiotherapy/Brachytherapy
- Afterloaders
- Applicators
- Seeds
- IORT Systems
- External Beam Radiotherapy
- Conventional Cobalt-60 Teletherapy Units
- Linear Accelerators
- Conventional Linear Accelerators
- Stereotactic Advanced Electron/Cobalt-60 Linear Accelerators
- TomoTherapy
- CyberKnife
- Gamma Knife
- Particle Therapy Systems
- Synchrocyclotron
- Synchrotrons
- Cyclotrons
- Stereotactic LINAC
- LINAC
- Particle Therapy
- Cobalt-60 Teletherapy
Application
- Breast
- Lung
- Prostate Cancer
End-user
- Clinics
- Hospitals
- Cancer Research Institutes
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Siemens Healthcare GmbH
- Mevion Medical Systems
- Isoray Inc.
- CIVCO Medical Solutions
- ViewRay Technologies, Inc.
- Accuray Incorporated
- Hitachi, Ltd.
- GE HealthCare Technologies Inc.
- IBA Worldwide
Competitive Landscape
Key players competing in the global radiotherapy market are Siemens Healthcare GmbH; Mevion Medical Systems; Isoray Inc.; CIVCO Medical Solutions; ViewRay Technologies, Inc.; Accuray Incorporated; Hitachi, Ltd.; GE HealthCare Technologies Inc.; and IBA Worldwide
Major players focus on organic and inorganic growth strategies to improve their footprint in the global market.
- In February 2022, the Department of Radiation Oncology at Max Institute of Cancer Care (MICC), Saket, India, launched the Radixact X9 Tomotherapy, which is combined with the 2nd generation synchronization respiratory motion management system. This treatment employs artificial intelligence (AI)-based real-time treatment delivery and tracking. This ensures that the tumor is targeted without being affected by the abdominal or chest movements during radiation therapy.
- In April 2021, Siemens Healthcare GmbH acquired Varian Medical Systems, Inc., the company holds a major market share in global radiotherapy, owing to the broad product portfolio of Varian Medical Systems, Inc. and the combined sales & distribution capabilities of both companies.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Radiotherapy Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Radiotherapy Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Radiotherapy Market - Supply Chain
4.5. Global Radiotherapy Market Forecast
4.5.1. Radiotherapy Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Radiotherapy Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Radiotherapy Market Absolute $ Opportunity
5. Global Radiotherapy Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Radiotherapy Market Size and Volume Forecast by Types
5.3.1. External Beam Radiation Therapy
5.3.2. Internal Radiation Therapy
5.3.3. Systemic Radiation Therapy
5.3.4. Brachytherapy
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Radiotherapy Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Radiotherapy Market Size and Volume Forecast by Applications
6.3.1. Breast
6.3.2. Lung
6.3.3. Prostate Cancer
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Radiotherapy Market Analysis and Forecast by End Users
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by End Users
7.2.2. Y-o-Y Growth Projections by End Users
7.3. Radiotherapy Market Size and Volume Forecast by End Users
7.3.1. Clinics
7.3.2. Hospitals
7.3.3. Cancer Research Institutes
7.3.4. Others
7.4. Absolute $ Opportunity Assessment by End Users
7.5. Market Attractiveness/Growth Potential Analysis by End Users
8. Global Radiotherapy Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Radiotherapy Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Radiotherapy Demand Share Forecast, 2019-2026
9. North America Radiotherapy Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Radiotherapy Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Radiotherapy Market Size and Volume Forecast by Types
9.4.1. External Beam Radiation Therapy
9.4.2. Internal Radiation Therapy
9.4.3. Systemic Radiation Therapy
9.4.4. Brachytherapy
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. North America Radiotherapy Market Size and Volume Forecast by Applications
9.7.1. Breast
9.7.2. Lung
9.7.3. Prostate Cancer
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. North America Radiotherapy Market Size and Volume Forecast by End Users
9.10.1. Clinics
9.10.2. Hospitals
9.10.3. Cancer Research Institutes
9.10.4. Others
9.11. Basis Point Share (BPS) Analysis by End Users
9.12. Y-o-Y Growth Projections by End Users
9.13. Market Attractiveness/Growth Potential Analysis
9.13.1. By Country
9.13.2. By Product Type
9.13.3. By Application
9.14. North America Radiotherapy Demand Share Forecast, 2019-2026
10. Latin America Radiotherapy Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Radiotherapy Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Radiotherapy Market Size and Volume Forecast by Types
10.4.1. External Beam Radiation Therapy
10.4.2. Internal Radiation Therapy
10.4.3. Systemic Radiation Therapy
10.4.4. Brachytherapy
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Latin America Radiotherapy Market Size and Volume Forecast by Applications
10.7.1. Breast
10.7.2. Lung
10.7.3. Prostate Cancer
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Latin America Radiotherapy Market Size and Volume Forecast by End Users
10.10.1. Clinics
10.10.2. Hospitals
10.10.3. Cancer Research Institutes
10.10.4. Others
10.11. Basis Point Share (BPS) Analysis by End Users
10.12. Y-o-Y Growth Projections by End Users
10.13. Market Attractiveness/Growth Potential Analysis
10.13.1. By Country
10.13.2. By Product Type
10.13.3. By Application
10.14. Latin America Radiotherapy Demand Share Forecast, 2019-2026
11. Europe Radiotherapy Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Radiotherapy Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Radiotherapy Market Size and Volume Forecast by Types
11.4.1. External Beam Radiation Therapy
11.4.2. Internal Radiation Therapy
11.4.3. Systemic Radiation Therapy
11.4.4. Brachytherapy
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Europe Radiotherapy Market Size and Volume Forecast by Applications
11.7.1. Breast
11.7.2. Lung
11.7.3. Prostate Cancer
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Europe Radiotherapy Market Size and Volume Forecast by End Users
11.10.1. Clinics
11.10.2. Hospitals
11.10.3. Cancer Research Institutes
11.10.4. Others
11.11. Basis Point Share (BPS) Analysis by End Users
11.12. Y-o-Y Growth Projections by End Users
11.13. Market Attractiveness/Growth Potential Analysis
11.13.1. By Country
11.13.2. By Product Type
11.13.3. By Application
11.14. Europe Radiotherapy Demand Share Forecast, 2019-2026
12. Asia Pacific Radiotherapy Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Radiotherapy Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Radiotherapy Market Size and Volume Forecast by Types
12.4.1. External Beam Radiation Therapy
12.4.2. Internal Radiation Therapy
12.4.3. Systemic Radiation Therapy
12.4.4. Brachytherapy
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Asia Pacific Radiotherapy Market Size and Volume Forecast by Applications
12.7.1. Breast
12.7.2. Lung
12.7.3. Prostate Cancer
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Asia Pacific Radiotherapy Market Size and Volume Forecast by End Users
12.10.1. Clinics
12.10.2. Hospitals
12.10.3. Cancer Research Institutes
12.10.4. Others
12.11. Basis Point Share (BPS) Analysis by End Users
12.12. Y-o-Y Growth Projections by End Users
12.13. Market Attractiveness/Growth Potential Analysis
12.13.1. By Country
12.13.2. By Product Type
12.13.3. By Application
12.14. Asia Pacific Radiotherapy Demand Share Forecast, 2019-2026
13. Middle East & Africa Radiotherapy Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Middle East & Africa Average Pricing Analysis
13.2. Middle East & Africa Radiotherapy Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Radiotherapy Market Size and Volume Forecast by Types
13.4.1. External Beam Radiation Therapy
13.4.2. Internal Radiation Therapy
13.4.3. Systemic Radiation Therapy
13.4.4. Brachytherapy
13.5. Basis Point Share (BPS) Analysis by Types
13.6. Y-o-Y Growth Projections by Types
13.7. Middle East & Africa Radiotherapy Market Size and Volume Forecast by Applications
13.7.1. Breast
13.7.2. Lung
13.7.3. Prostate Cancer
13.8. Basis Point Share (BPS) Analysis by Applications
13.9. Y-o-Y Growth Projections by Applications
13.10. Middle East & Africa Radiotherapy Market Size and Volume Forecast by End Users
13.10.1. Clinics
13.10.2. Hospitals
13.10.3. Cancer Research Institutes
13.10.4. Others
13.11. Basis Point Share (BPS) Analysis by End Users
13.12. Y-o-Y Growth Projections by End Users
13.13. Market Attractiveness/Growth Potential Analysis
13.13.1. By Country
13.13.2. By Product Type
13.13.3. By Application
13.14. Middle East & Africa Radiotherapy Demand Share Forecast, 2019-2026
14. Competition Landscape
14.1. Global Radiotherapy Market: Market Share Analysis
14.2. Radiotherapy Distributors and Customers
14.3. Radiotherapy Market: Competitive Dashboard
14.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
14.4.1. Siemens Healthcare GmbH
14.4.2. Mevion Medical Systems
14.4.3. Isoray Inc.
14.4.4. CIVCO Medical Solutions
14.4.5. ViewRay Technologies, Inc.
14.4.6. Accuray Incorporated
14.4.7. Hitachi, Ltd.
14.4.8. GE HealthCare Technologies Inc.
14.4.9. IBA Worldwide
Methodology
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