Redding, California, April 17, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Radiotherapy Market by Product (Devices [LINAC, Gamma Knife, CyberKnife, Cyclotron, Synchrotron, Brachytherapy], Services, Software), Technology (IMRT, IGRT, 3D-CRT, Proton Beam Therapy, PDR-BT), and Cancer (Breast, Prostate, Lung) - Global Forecast to 2030,’ published by Meticulous Research®, radiotherapy market is projected to reach $17.86 billion by 2030, at a CAGR of 8.4% from 2023 to 2030.
Radiotherapy is used in the early stages of cancer for therapeutic purposes. It uses high-energy particles to destroy the genetic material of cancer cells. To enhance treatment efficacy, radiotherapy can be combined with other cancer treatments, including immunotherapy, chemotherapy, and surgery. If the cancer is limited to one area of the body, radiation therapy may be curative. It may also be used as combination therapy to prevent tumor recurrence after primary melanoma removal surgery.
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The growth of this market is driven by the rising cancer incidence rate, technological advancements in the field of radiotherapy, growing awareness about the benefits of radiotherapy for cancer treatment, growing healthcare expenditure, and rising use of particle therapy for cancer treatment. However, the high cost and complexities associated with radiotherapy procedures, lack of advanced infrastructure facilities, and lack of skilled healthcare professionals are restraining the market’s growth.
Furthermore, the high growth prospects in emerging economies and rising investments by public and private organizations in cancer research are expected to offer significant market growth opportunities. However, the difficulties in visualizing tumors during radiotherapy procedures and the risks associated with radiation exposure are the major challenge to the market’s growth.
Growing Awareness about the Benefits of Radiotherapy for Cancer Treatment Supports the Growth of the Radiotherapy Market
In recent years, there has been a significant rise in investment in research activities aimed at early cancer detection and the development of new cancer treatment and management modalities. Educational institutes, research centers, healthcare authorities, and market players are actively organizing various conferences and meetings to raise awareness and demonstrate new technologies. For instance, in April 2021, the German Cancer-research Center conducted the 8th magnetic resonance (MR) at the Radiotherapy Symposium in Germany. This Symposium promoted expert discussion of recent advances in the mechanics and technology of MR-guided therapy.
The 6th Cancer World Congress was held in Portugal in September 2022, themed "Personalized Cancer Diagnosis and Therapy." Major topics included in the discussion were cancer therapy and immunology, Melanoma, Prevention and Palliative care in Cancer, and Tumor Molecular Epidemiology which will have a significant impact on the adoption of radiotherapy procedures for various applications in cancer. Such programs contribute to the spread of radiotherapy awareness, driving the growth of this market.
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The radiotherapy market is segmented based on Product [Radiotherapy Devices {External Beam Radiotherapy Systems, (Conventional Linear Accelerators, Conventional Co-60 Teletherapy Units, Advanced Stereotactic Radiotherapy Systems (Gamma Knife, CyberKnife, TomoTherapy), Proton Beam Therapy Systems/Particle Beam Therapy Systems (Cyclotron, Synchrotron, Synchrocyclotron), Internal Beam Radiotherapy Systems/Brachytherapy Systems (Electronic Brachytherapy Products, Afterloaders)}, Radiotherapy Consumables and Accessories, Services, Software], Technology [External Beam Radiotherapy {Intensity Modulated Radiation Therapy (IMRT), Image Guided Radiation Therapy (IGRT), Stereotactic Radiation Therapy (SRT), 3D Conformal Radiation Therapy (3D-CRT), Proton Beam Therapy/ Particle Beam Therapy}, Internal Beam Radiotherapy [Brachytherapy {High Dose Rate Brachytherapy, Low Dose Rate Brachytherapy, Image Guided Brachytherapy, Pulse Dose Rate Brachytherapy}, Systemic Radiation Therapy {Intravenous Radiotherapy, Oral Radiotherapy}], Cancer Type [Breast Cancer, Prostate Cancer, Lung Cancer, Head and Neck Cancer, Colorectal Cancer, Cervical Cancer], and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels..
Based on product, in 2023, the radiotherapy devices segment is expected to account for the largest share of the market. Radiotherapy devices are further classified into external beam radiotherapy devices and internal beam radiotherapy devices. Among the various types of external beam devices, the adoption of CyberKnife is significantly high. This higher adoption is attributed to the advantages offered by CyberKnife, such as painless treatment, the requirement of shorter treatment times, and shorter recovery time.
Based on technology, in 2023, the external beam radiotherapy segment is expected to account for the largest share of the radiotherapy market. The large market share of this segment is attributed to the rising incidence of cancer and initiatives promoting early cancer diagnosis. The success rate of radiation therapy is higher when it is preferred after the surgical removal of cancers. Growing demand for advanced treatment therapies and technological innovations in external beam radiotherapy also supports the largest share of this segment in the market.
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Based on cancer type, in 2023, the prostate cancer segment is expected to account for the largest share of the radiotherapy market. The largest share of this segment is attributed to the high incidence of prostate cancer and higher success rate of radiotherapy in prostate cancer than other cancers. For instance, according to Radiation Oncology Targeting Cancer data, external-beam radiation therapy cures 95.5% of men with localized prostate cancer.
Based on geography, in 2023, North America is expected to account for the largest share of the radiotherapy market, followed by Europe and Asia-Pacific. Furthermore, in 2023, the U.S. is expected to be the largest market shareholder in North America. The market growth in the U.S. is attributed to the high healthcare expenditure for cancer, highly developed healthcare infrastructure, the presence of key cancer radiotherapy developing companies such as Accuray Incorporated (U.S.) and Mevion Medical Systems, Inc. (U.S.), and government programs supporting early cancer screening.
However, Asia- Pacific is expected to witness rapid growth during the forecast period. The increasing government spending on healthcare in countries such as China, India, Singapore, and South Korea, rising funding for cancer research, and increasing prevalence of cancer are driving the growth of the cancer radiotherapy market in Asia-Pacific. Furthermore, government initiatives toward the development of healthcare facilities and increasing health insurance penetration are also boosting the growth of this market.
The report also includes an extensive assessment of the key growth strategies adopted by leading market players in the past three to four years. The radiotherapy market has witnessed various strategic developments. Some of the key players operating in the radiotherapy market are Siemens Healthineers AG (Germany), Elekta AB (Sweden), Accuray Incorporated (U.S.), IBA (Belgium), Mevion Medical Systems, Inc. (U.S.), Hitachi, Ltd. (Japan), ViewRay Technologies, Inc. (U.S.), Panacea Medical Technologies Pvt. Ltd. (India), IsoRay, Inc. (U.S.), Optivus Proton Therapy, Inc. (U.S.), and P-Cure, Ltd. (Israel).
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Scope of the Report:
Radiotherapy Market Assessment—by Product
- Radiotherapy Devices
- External Beam Radiotherapy
- Conventional Linear Accelerators
- Conventional Co-60 Teletherapy Units
- Advanced Stereotactic Radiotherapy Systems
- Gamma Knife
- CyberKnife
- TomoTherapy
- Proton Beam Therapy Systems/Particle Beam Therapy Systems
- Cyclotron
- Synchrotron
- Synchrocyclotron
- Internal Beam Radiotherapy Systems/Brachytherapy Systems Seeds
- Electronic Brachytherapy Products Applicators
- Afterloaders
- External Beam Radiotherapy
- Radiotherapy Consumables and Accessories
- Services
- Software
Radiotherapy Market Assessment—by Technology
- External Beam Radiotherapy
- Intensity Modulated Radiation Therapy (IMRT)
- Image Guided Radiation Therapy (IGRT)
- Stereotactic Radiation Therapy (SRT)
- 3D Conformal Radiation Therapy (3D-CRT)
- Proton Beam Therapy/Particle Beam Therapy
- Internal Beam Radiotherapy
- Brachytherapy
- High Dose Rate Brachytherapy
- Low Dose Rate Brachytherapy
- Image Guided Brachytherapy
- Pulse Dose Rate Brachytherapy
- Systemic Radiation Therapy
- Intravenous Radiotherapy
- Oral Radiotherapy
- Brachytherapy
Radiotherapy Market Assessment—by Cancer Type
- Breast Cancer
- Prostate Cancer
- Lung Cancer
- Head and Neck Cancer
- Colorectal Cancer
- Cervical Cancer
- Other Cancers
(Note: Other cancers include kidney cancer, ovarian cancer, pancreatic cancer, and stomach cancer.)
Radiotherapy Market Assessment—by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
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