New York, United States, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The Global Radiotherapy Market Size is to grow from USD 6.78 Billion in 2022 to USD 13.72 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period.
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Radiotherapy, or radiation therapy, is a medical technique used to treat cancer and some non-cancerous conditions. It utilizes high-energy X-rays or other forms of radiation to target and destroy cancer cells, preventing their growth and spread. Administered externally (external beam radiotherapy) or internally (brachytherapy), the goal is to minimize harm to healthy tissues while eradicating malignant cells. Often combined with surgery or chemotherapy, radiotherapy aims to improve cancer treatment outcomes, reduce tumor size, and alleviate symptoms, offering patients a more effective and comprehensive approach to disease management.
Browse key industry insights spread across 200 pages with 150 market data tables and figures & charts from the report on "Global Radiotherapy Market Size, Share, and COVID-19 Impact Analysis, By Type (Service and Product), By Technology (External Beam Radiotherapy, Convnetial Cobalt-60 Teletherapy Units, Particle Therapy Systems, Internal Beam Radiotherapy/Brachytherapy, and Systemic Radiotherapy), By Application (External Beam and Internal Beam), By Procedure (External Beam Radiotherapy, Internal Beam Radiotherapy, Systemic Radiotherapy, Intravenouos Radiotherapy, Oral Radiotherapy, and Instillation Radiotherapy), By End-Use (Hospitals and Independent Radiotherapy Centers), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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- In 2022, the cyber knife segment accounted for around 43.5% market share
On the basis of the technology, the global radiotherapy market is segmented into external beam radiotherapy, convnetial cobalt-60 teletherapy units, particle therapy systems, internal beam radiotherapy/brachytherapy, and systemic radiotherapy. The cyber knife subsegment of stereotactic external beam radiotherapy, utilizing electron/cobalt-60 linear accelerators, holds the largest market share due to its precise and non-invasive treatment capabilities. The cyber knife system delivers highly focused radiation to tumors, sparing surrounding healthy tissues, and effectively treating complex tumors in various body areas.
- The prostate cancer sub-segment of internal beam radiotherapy held the largest market with more than 45.3% revenue share in 2022
Based on the application, the global radiotherapy market is segmented into external beam and internal beam. The prostate cancer sub-segment of internal beam radiotherapy commands the largest market share due to the high prevalence of prostate cancer and the efficacy of this treatment approach. Internal beam radiotherapy, also known as brachytherapy, involves placing radioactive sources directly into the prostate tumor, delivering precise and concentrated radiation.
- The hospitals segment is expected to continue grow at a higher CAGR of around 7.5% during the forecast period
Based on the end-use, the global radiotherapy market is segmented into hospitals and independent radiotherapy centers. The hospitals segment is expected to experience higher growth during the forecast period due to increasing cancer cases and the rising demand for radiotherapy services in hospital settings. Hospitals offer comprehensive cancer care, including radiotherapy treatment, making them a crucial destination for cancer patients. Moreover, ongoing advancements in radiotherapy technologies and equipment in hospitals further boost their appeal as a reliable and efficient choice for cancer treatment, leading to continued growth in this segment.
- The particle therapy sub-segment of external beam radiotherapy held the largest market with more than 32.6% revenue share in 2022
Based on the procedure, the global radiotherapy market is segmented into external beam radiotherapy, internal beam radiotherapy, systemic radiotherapy, intravenouos radiotherapy, oral radiotherapy, and instillation radiotherapy. The particle therapy sub-segment of external beam radiotherapy holds the largest market share due to its advanced and highly targeted treatment capabilities. Particle therapy, which includes proton therapy and carbon-ion therapy, uses charged particles to deliver radiation directly to cancer cells with exceptional precision.
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Asia-Pacific is predicted to grow at a higher CAGR of around 7.6% over the projected period
Based on region, Asia-Pacific is projected to experience higher growth in the forecast period due to large population countries contributing to a higher incidence of cancer cases, driving demand for radiotherapy services. Additionally, improving healthcare infrastructure, increasing awareness about cancer screening and treatment options, and rising disposable incomes are expected to boost the adoption of advanced radiotherapy technologies in the region.
North America's dominance in the global radiotherapy industry can be attributed to advanced medical technology, including state-of-the-art radiotherapy equipment and facilities. Additionally, North America invests significantly in cancer research and treatment development, fostering innovation and advancements in radiation therapy techniques.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the global radiotherapy market include Nordion Inc., Siemens Healthcare, Mevion medical system, Inc., Isoray, Inc., Icad, Inc., Ion Beam Appications SA, Elekta AB, Eckert & Zeigler Group, Varian Medical Syatems, Inc., NTP Radioisotopes SOC Ltd., and Hitachi Ltd. And Other Key Vendors.
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Recent Developments
- In June 2022, RefleXion Medical, a cutting-edge therapeutic oncology company that uses biology-guided radiation (BgRT) for all stages of cancer, held its inaugural symposium on the power of utilizing cancer biology to lead treatment planning and delivery for personalized radiotherapy. The symposium is the first event at the newly dedicated Sanjiv "Sam" Gambhir Memorial Learning Centre at the firm.
- In February 2022, The International Atomic Energy Agency (IAEA) has launched a plan to address a severe shortage of cancer care capacity in many low- and middle-income (LMIC) countries, with an initial focus on Africa, where cancer mortality is higher due to a lack of access to potentially life-saving nuclear medicine and radiotherapy.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global radiotherapy market based on the below-mentioned segments:
Radiotherapy Market, By Type
- Service
- Product
Radiotherapy Market, By Technology
- External Beam Radiotherapy
- Convnetial Cobalt-60 Teletherapy Units
- Particle Therapy Systems
- Internal Beam Radiotherapy/Brachytherapy
- Systemic Radiotherapy
Radiotherapy Market, By Application
- External Beam
- Internal Beam
Radiotherapy Market, By Procedure
- External Beam Radiotherapy
- Internal Beam Radiotherapy
- Systemic Radiotherapy
- Intravenouos Radiotherapy
- Oral Radiotherapy
- Instillation Radiotherapy
Radiotherapy Market, By End-Use
- Hospitals
- Independent Radiotherapy Centers
Radiotherapy Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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