Ottawa, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The global radiation therapy market size was accounted at USD 7.32 billion in 2022. The rapid acceptance of the newly developed technologies in the radiation therapy which is utilised across various regions with enhance demands from the radiation therapy market. Which help to boost the market of radiation therapy during the forecast period with increased revenue share of the market.
Utilisation of the radiation therapy with ionizing radiation which help to kill the cancerous cell with prevention of spreading of the malignant cells to other organs of the body or tissues and enhance demands from the medical centre due to increasing prevalence of the cancer disease among the population with increased number of treatment help to grow the market with increased research and development by the key market players help to extend the market of radiation therapy with increased CAGR.
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Key Takeaways:
- North America market has generated revenue share of 38.7% in 2021.
- APAC market is poised to grow at a CAGR of 7.6% between 2022 to 2030.
- By type, the external beam therapy segment has accounted revenue share of 81% in 2021.
- By application, the breast cancer segment has held largest market share in 2021.
- By end-users, hospitals segment has held revenue share of 72% in 2021.
Regional snapshots
Radiation therapy with wide new development of the technology across various regions with increased demands from the health care sector. North America with largest market growth in radiation therapy with increased demands from the medical sector with increasing number of new technologies developed in radiation therapy with increased efficiency of the treatment with eradication of the cancerous cells and prevention of spreading of the malignant cells and help to treat the cancer disorder.
Increasing number of cancer disorder with enhance lifestyle of the individuals, lack of exercise, diet intake, obesity may cause the chronic disorders. Government support with increase in investment from various region for new developments in the market and improving the infrastructure in health care sector and enhance number of policies for the benefit of the people such as reimbursement and enhance the market of radiation therapy to a larger extend. Other major regions which contribute to grow the market such as Asia Pacific, Latin America, Europe, Middle East and Africa.
Report highlights
- On the basis of technology, sub segment involves cyber knife in stereotactic advanced electron / cobalt-60 linear accelerator in external beam radiotherapy with highest market CAGR in the radiotherapy with constant research and development in radiation therapy with increased demands from the market utilised in radiosurgery and radiotherapy treatment and increased technology due to enhance demands. Which enhance the market to grow to a larger extend.
- On the basis of application, utilised in various types of cancer with increase in prevention of the disease. Prostate cancer to hold the largest market share with enhance revenue and size of the radiation therapy. Prostate Brachytherapy with cutting edge treatment in prostate cancer with technology such as HDR and LDR and enhance demands from the medical sector.
- On the basis of procedure particle therapy in external radiation beam therapy accounts for the largest market growth in radiation therapy with increased market demands for the radiation with increasing number of patients with cancer and expansion of the radiation therapy market.
- On the basis of geography, North America with largest market in the region with new advance developed technologies and improved acceptance due rising disorder and enhance efficiency helps to drive the market with constant research and development in radiation therapy.
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Scope of the Report
| Report Attributes | Details |
| Revenue Forecast by 2030 | USD 13.2 Billion |
| CAGR | 7.65% from 2022 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2022 to 2030 |
| Key Players | Demant A/S, Starkey Laboratories, Inc., Cochlear Ltd., RION Co., Ltd, Microson, GN Store Nord A/S, Sonova Group |
Market dynamics
Drivers
Increasing prevalence of chronic disorders such as cancer and other disorders among the increasing population and enhance lifestyle of the people may led to increase the cancer among the individuals and rising demands from the medical sector with increasing disease and demands for new technologies with software system embedded in the technology improved efficiency and efficacy helps to drive the market of radiation therapy. Research and developments programs are taking place with continuous research from the market players with increased investment help to boost the market of radiation therapy during the forecast period.
Restraints
Radiation therapy developed with improved technologies in the radiation therapy market. Lack of awareness about the developed technologies in the radiation therapy and enhance benefits of the radiation therapy may hamper the market of radiation therapy due to lack of awareness among the people. Number of various treatments available in the market for treating the cancer disorder with increased efficiency of other treatment available may decline the market of radiation therapy with reduced market share with decreased demands from the health care sector.
Opportunities
Developing regions with emergence of new technologies and developments in the radiation therapy with enhance acceptance of the radiation therapy from the medical sector due increasing number of cancer patients and rising demands helps to propel the market of radiation therapy with increased CAGR of the market. Continuous research and development carried out by the key market players to improve the effect of radiation therapy with less side effect of the therapy and enhance investment to improve the technique.
Key market players are the major players which help to enhance the market of radiation therapy. Increased investment from the government for improvement of the new developments in radiation therapy and imposed number of policies for the benefit of the people like reimbursement. Which helps to extend the market of radiation therapy to a larger extend and increased market size with increasing opportunities.
Challenges
The advance developed technologies in the radiation therapy with new techniques and software system embedded with increased connectivity in the system led to increased cost of the radiation therapy may alter market with decreased demands from the patients with rise in cost of the radiation therapy and decline the growth of the market. Lack of skill among the individuals to carry out the procedure involved in radiation therapy due increased techniques and development of software may hamper the rate of the radiation therapy market due to low skill among the people.
Increased risk during performing the procedure with accurate focus of ionizing radiation on the cancerous cells should not affect surrounding tissues may challenge the market of radiation therapy with less demands and decreased market share of radiation therapy during the forecast period.
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Recent developments
- March 2019, Commercial plant of DOSIoft SA with clearance and approval from Food Drug Administration in the software of Onco Dose and improved solution in Selective Radiation Therapy and increase the size of the market.
- February 2019, In Viewary Technologies company, MRI radiation therapy got the approval for new soft visualisation from Food Drug Administration (FDA).
Market Segmentation
By Type
- Product
- Service
By Technology
- External Beam Radiotherapy
- Linear accelerators
- Convential linear accelerators
- Stereotactic advanced Elecron/Cobalt-60-linear accelerators
- Gamma Knife
- CyberKnife
- Tomotherapy
- Linear accelerators
- Convnetial Cobalt-60 Teletherapy Units
- Particle Therapy Systems
- Cyclotrons
- Synchrotrons
- Synchrocyclotron
- Internal Beam Radiotherapy/Brachytherapy
- Seeds
- Afterloaders
- Applicators
- IORT Systems
- Systemic Radiotherapy
- Lobenguane (I-131)
- Samarium-153
- Rhenium- 186
- Others
By Application
- External Beam Radiotherapy
- Prostate cancer
- Breast cancer
- Lung cancer
- Head and neck cancer
- Colorectal cancer
- Others
- Internal Beam Radiotherapy/Brachytherapy
- Prostate cancer
- Gynecological cancer
- Breast cancer
- Cervical cancer
- Penile cancer
- Others
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
- Intravenouos Radiotherapy
- Oral Radiotherapy
- Instillation Radiotherapy
By End-User
- Hospitals
- Independent Radiotherapy Centers
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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