Wilmington, Delaware, United States, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The global market for radiation therapy was estimated to have acquired US$ 6.3 billion in 2021. It is anticipated to advance with a 5.4% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 10.6 billion.
Technological developments have driven the global radiation treatment industry. The introduction of novel and technologically advanced methods for treatment has been facilitated by an increase in research and development efforts, an increase in the number of individuals suffering from illnesses like cancer, and the fast expansion of the health care industry in both developed and emerging nations. In coming years, this is projected to fuel the worldwide radiation therapy industry.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 6.3 Bn | |
| Estimated Value | US$ 10.6 Bn | |
| Growth Rate - CAGR | 5.4% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 183 Pages | |
| Market Segmentation | Type, End-user | |
| Regions Covered | North America,Europe,Asia Pacific,Middle East & Africa,South America | |
| Companies Covered | Elekta AB, Varian Medical Systems, IBA Radiopharma Solutions, Accuray Incorporated, Isoray, Inc., Mevion Medical Systems, Hitachi, Ltd., ViewRay, Inc., Panacea Medical Technologies Pvt. Ltd. | |
Key Findings of the Market Report
- In the medical field, there has been a paradigm change in the use of procedures to treat diseases from those generating severe pain to those that are less intrusive and produce less discomfort.
- Brachytherapy is one such painless treatment in contrast to X-ray therapy.
- Players in the worldwide radiation therapy market are finding profitable prospects as non-invasive treatment methods are becoming more and more popular.
Market Trends for Radiation Therapy
- The external beam radiation treatment and internal radiation therapy segments make up the two main subgroups of the global radiation therapy market. In 2021, the external beam radiation treatment market category had a sizable portion of the overall market.
- It is anticipated that rising technical breakthroughs, rising health care spending, and rising prevalence and incidence rates of cancer in both developed and developing nations would drive the worldwide radiation treatment market during the forecast period.
- Hospitals, specialized clinics, and other facilities make up the majority of the end users of radiation therapy globally. During the forecast period, the hospitals sector is expected to hold a significant portion of the global market. The growing number of cancer patients and the increased use of different radiation therapy in hospitals explain this.
- Surgeons are increasingly using it in hospitals since intraoperative radiation therapy (IORT) allows for more effective radiation doses than traditional radiation treatment.
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Radiation Therapy Market Regional Outlook
Various reasons are propelling the growth of the radiation therapy market in different regions. These are:
- North America is anticipated to hold a sizable portion of the global radiation therapy market from 2022 to 2031. During the projection period, it is predicted that rising health care spending, new product approvals, a rise in mergers and acquisitions, and an increase in cancer incidence would boost the radiation therapy market in the region.
- The CDC estimates that every year, the overall number of fresh instances of cancer in the United States will likely rise by 24% for men and around 21% for women.
Global Radiation Therapy Market: Key Players
The radiation therapy industry is concentrated globally, with a few major companies holding a sizable portion of the market. Top corporations are making major expenditures in research and development. Both product portfolio diversification and mergers and acquisitions are significant tactics used by big competitors.
The following companies are well-known participants in the global radiation therapy market:
- Elekta AB
- Varian Medical Systems
- IBA Radiopharma Solutions
- Accuray Incorporated
- Isoray Inc.
- Mevion Medical Systems
- Hitachi, Ltd.
- ViewRay Inc.
- Panacea Medical Technologies Pvt. Ltd.
Key developments in the global market for radiation therapy are:
- One of the industry's top companies in the proton treatment market, Mevion Medical Systems, struck a contract with China's Allcure Kangtai Proton Technology Co., Ltd. in 2019. The MEVION S250i Proton Therapy System featuring HYPERSCAN Pencil Beam Scanning technology was the subject of this contract.
- The Food and Drug Administration of the United States authorized Novartis Pluvicto in 2022 as the first targeted radioligand therapy for the management of metastatic castration-resistant prostate cancer that is progressing and PSMA positive.
- Elekta and GE Healthcare teamed together in 2022 to make precision radiation therapy technologies more widely available. This would allow the two businesses to provide hospitals with a full selection of imaging and cancer-related treatments.
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Global Radiation Therapy Market Segmentation
- Type
- External Beam Radiation Therapy
- Conformal Radiation Therapy
- Proton Beam Therapy
- Image-guided Radiation Therapy
- Stereotactic Radiation Therapy
- Others
- Internal Radiation Therapy
- Brachytherapy
- Systemic Radiation Therapy
- External Beam Radiation Therapy
- End-user
- Hospitals
- Specialty Clinics
- Others
- Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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