Radiotherapy Market is Expected to Reach $8.8 billion | MarketsandMarkets.

Chicago, Nov. 21, 2023 (GLOBE NEWSWIRE) -- 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 latest report published by MarketsandMarkets™.

The expanding prevalence of cancer worldwide and the rising aging population has increased the demand for advanced and non-invasive cancer treatment. According to National Institute of Health (NIH), approximately 1,958,310 new cancer cases are expected to be registered in US by end of 2023.

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Radiotherapy Market Scope:

Report Coverage	Details
Market Revenue in 2023	$6.9 billion
Estimated Value by 2028	$8.8 billion
Growth Rate	Poised to grow at a CAGR of 5.0%
Market Size Available for	2021–2028
Forecast Period	2023–2028
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Technology, Application, Procedure, End User, and Region
Geographies Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunity	Rising Healthcare Expenditure Across Developing Countries
Key Market Driver	Technological advancements in radiotherapy treatment

Rising technological advancements in radiotherapy systems and software are playing a significant role in offering precise and personalized cancer treatment. Additionally, investments in oncology research activities by public & private organizations and initiatives by government to enhance the accessibility of radiotherapy devices are likely to contribute towards the significant growth of market during the forecast period. However, high cost associated with device procurement, limited financial budget, lack of health insurance coverage and inadequate healthcare infrastructure in low-income countries are likely to hinder the growth of radiotherapy market during the forecast period.

On the basis of type, the radiotherapy market is segmented into products and software & services. The products segment accounted for the largest share of radiotherapy market in 2023. Whereas the software & services segment is anticipated to register a significant growth rate from 2023-2028. This is attributed to the adoption of treatment planning softwares allowing more precise and optimized radiation dose delivery.

On the basis of technology, the radiotherapy market is segmented into external beam radiotherapy (further divided into linear accelerators, particle therapy systems, and conventional cobalt-60 teletherapy units, internal beam radiotherapy/brachytherapy (further segmented into seeds, applicators, after loaders, and IORT systems), and systemic radiotherapy products (including includes iobenguane (I-131), samarium-153, rhenium-186, and other radioisotopes (Yttrium-90, Radium-223, Phosphorous-32, and Radio-labelled antibodies, among others).

In 2022, linear accelerators, a sub-segment of external beam radiotherapy segment accounted for the largest market This is attributed to the increased capabilities of LINAC in delivering effective radiation dosage, growing usage of LINAC across developed and developing nations, growing awareness about the advancements associated with LINAC systems.

Based on end user, the radiotherapy market has been segmented into hospitals and independent radiotherapy centers. The hospitals segment accounted for the largest share of the radiotherapy market in 2023. This is attributed to the rising number of cancer patients undergoing radiotherapy treatment in hospitals and budget allocation implemented government in developing nation with an aim to enhance healthcare infrastructure, including the upgrading of radiotherapy equipment in hospitals.

The global radiotherapy market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the radiotherapy market in 2022, followed by Europe. The larger share of North America is attribute to the strong adoption of advanced radiotherapy technology, presence of market players and favorable reimbursement policy in the region. The radiotherapy market in Asia Pacific is anticipated to experience significant growth opportunities in coming years owing to the government support for the development and commercialization of advanced radiotherapy devices, increased healthcare infrastructure, and rising number of cancer patients propelling demand for radiotherapy services across Asia Pacific Countries.

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Radiotherapy market major players covered in the report, such as:

• Siemens Healthcare GmbH (Germany)
• Elekta (Sweden)
• Accuray Incorporated (US)
• IBA (Belgium)
• ViewRay Technologies, Inc. (US)
• Hitachi Ltd. (Japan)
• iCAD, Inc. (US)
• IsoRay, Inc. (US)
• Mevion Medical Systems, Inc. (US)
• Panacea Medical Technologies Pvt. Ltd. (India)
• P-cure Ltd. (Israel)
• Sumitomo Heavy Industry Ltd. (Japan)
• Toshiba Corporation (Japan)
• and Among Others

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This report has segmented the global radiotherapy market based on type, technology, application, procedure, end user, and region.

Global Radiotherapy market, by Type

• Product
• Software & Service

Global Radiotherapy market, by Technology

• External Beam Radiotherapy
  • Linear Accelerators
    • Conventional Linear Accelerators
    • MRI LINAC
    • Stereotactic Advanced Electron/Cobalt-60 Linear Accelerators
    • Gamma Knife
    • CyberKnife
    • TomoTherapy
  • Conventional Cobalt-60 Teletherapy Units
  • Particle Therapy Systems
    • Cyclotrons
    • Synchrotrons
    • Synchrocyclotron
• Internal Beam Radiotherapy/Brachytherapy
  • Seeds
  • Afterloaders
  • Applicators
  • IORT Systems
• Systemic Radiotherapy
  • Iobenguane (I-131)
  • Samarium-153
  • Rhenium-186
  • Other Systemic Radiotherapy Products*

Note: *Other systemic radiotherapy products include Yttrium-90, Radium-223, Phosphorous-32, and Radio-labelled Antibodies, among others.

Global Radiotherapy market, by Application

• External Beam Radiotherapy
  • Prostate Cancer
  • Breast Cancer
  • Lung Cancer
  • Head and Neck Cancer
  • Colorectal Cancer
  • Other Cancers*
• Internal Beam Radiotherapy/Brachytherapy
  • Prostate Cancer
  • Gynecological Cancer
  • Breast Cancer
  • Cervical Cancer
  • Penile Cancer
  • Other Cancers**

Note 2: *Other cancers in external beam radiotherapy applications include spine, brain, and pediatric cancer, among others.
Note 3: **Other cancers in internal beam radiotherapy applications include lung and head & neck cancer, among others.

Global Radiotherapy market, by Procedure

• External Beam Radiotherapy
  • Image-guided Radiotherapy
  • Intensity-modulated Radiotherapy
  • Stereotactic Therapy
  • Particle Therapy
  • 3D Conformal Radiotherapy
• Internal Beam Radiotherapy/Brachytherapy
  • High-dose-rate Brachytherapy
  • Low-dose-rate Brachytherapy
  • Pulsed-dose-rate Brachytherapy
• Systemic Radiotherapy
  • Intravenous Radiotherapy
  • Oral Radiotherapy
  • Instillation Radiotherapy

Global Radiotherapy market, by End User

• Hospitals
• Independent Radiotherapy Centers

Global Radiotherapy market, by region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • RoAPAC
• Latin America
  • Brazil
  • Mexico
  • RoLATAM
• Middle East & Africa

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Recent Developments:

• In October 2023, Accuray incorporated received approval of Tomo C radiation therapy system by the Chinese National Medical Products Administration (NMPA).
• In July 2023, IBA entered into partnership with Apollo Proton Cancer Centre (APCC) (India) to provide training to Oncologist on proton beam therapy
• In April 2022, Elekta and GE Healthacare entered into a global commercial collaboration agreement in the field of radiation oncology, enabling them to provide hospitals a comprehensive offering across imaging and treatment for cancer patients requiring radiation therapy

Key Stakeholders:

• Radiotherapy product manufacturing companies
• Distributors, suppliers, and commercial service providers
• Healthcare service providers
• Radiotherapy service providers
• Radiotherapy product distributors
• Medical research laboratories
• Cancer care centers
• Cancer research organizations
• Academic medical centers and universities
• Market research and consulting firms

Report Objectives:

• To define, describe, and forecast the radiotherapy market based on type, technology, procedure, application, end user, and region.
• To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, opportunities, and challenges).
• To analyze the micro markets with respect to individual growth trends, future prospects, and contributions to the global radiotherapy market.
• To analyze key growth opportunities in the global radiotherapy market for key stakeholders and provide details of the competitive landscape for market leaders.
• To forecast the revenue of the market segments with respect to five main regions, namely, North America (the US and Canada), Europe (Germany, France, the UK, Italy, Spain, and the Rest of Europe), the Asia Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America), and the Middle East and Africa.
• To profile the key players in the global radiotherapy market and comprehensively analyze their market shares and core competencies.
• To track and analyze competitive developments such as new product launches; agreements, and partnerships; mergers & acquisitions; and research & development activities in the radiotherapy market.

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Medical Radiation Detection Market

Intraoperative Radiation Therapy Market

Radiation Dose Management Market

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/radiotherapy-monitoring-devices-market.asp

Content Source: https://www.marketsandmarkets.com/PressReleases/radiotherapy-devices.asp

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