Dublin, Dec. 01, 2023 (GLOBE NEWSWIRE) -- The "Radiotherapy Devices Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The radiotherapy devices market size has grown rapidly in recent years. It will grow from $5.71 billion in 2023 to $6.29 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth observed during the historical period can be attributed to factors such as the increasing incidence of cancer, a shift towards patient-centric care, the aging population, greater awareness of radiotherapy devices, and the expansion of teletherapy and remote monitoring in healthcare.
The radiotherapy devices market size is expected to see strong growth in the next few years. It will grow to $8.98 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be attributed to factors such as the expansion of proton therapy, the combination of immunotherapy with radiotherapy, the increased adoption of remote monitoring and teletherapy, the rising demand for precise and targeted radiation treatments, and the development of minimally invasive radiotherapy techniques. Major trends expected in the forecast period include advancements in proton therapy, the utilization of hypofractionated radiotherapy, the implementation of adaptive radiotherapy, efforts to enhance the patient experience, and the integration of artificial intelligence (AI) in radiotherapy practices.
The growth of the radiotherapy devices market is being driven by the increasing prevalence of cancer. The term 'cancer prevalence' refers to the number or percentage of individuals within a population who have been diagnosed with cancer at a specific point in time or over a particular period. Radiotherapy is frequently utilized as a primary or supplementary treatment for newly diagnosed cancer patients. Its primary purposes include shrinking tumors, controlling cancer growth, and eliminating cancer cells, either before or after surgery. For example, as of February 2023, a report from the UK's House of Commons Library revealed that cancer claimed the lives of 134,802 individuals in England in 2021. Consequently, the rising prevalence of cancer is a significant driver of the radiotherapy devices market.
The growth of the radiotherapy devices market is further boosted by the increasing number of clinical trials. Clinical trials are research investigations designed to assess the safety, effectiveness, and potential benefits of various medical treatments, interventions, drugs, medical devices, diagnostic procedures, and healthcare strategies in human subjects. These trials play a pivotal role in evaluating the safety and effectiveness of new radiotherapy devices. They involve the application of these devices on actual patients to ensure precise and intended radiation delivery. For instance, as of May 2023, there are 452,604 registered clinical studies, with 64,838 actively seeking participants, according to information from Xtalks, a Canadian digital health company. Therefore, the surge in clinical trials is propelling the growth of the radiotherapy devices market.
The high cost associated with radiotherapy procedures is expected to limit the market's growth. Radiotherapy involves the use of complex machinery and requires the expertise of skilled healthcare professionals. The overall cost of radiation therapy varies depending on factors such as the patient's location, the type of radiation treatment, and the number of required sessions. Proton therapy, a high-cost treatment, is typically conducted in metropolitan areas or major academic centers. It involves an eight-week treatment duration, resulting in substantial expenses for both the treatment and patient relocation. As per the National Cancer Institutes' report, the total national expenditure for cancer care in the United States amounted to approximately $150.8 billion. The high costs associated with cancer treatment can pose a significant challenge, particularly for individuals with limited insurance coverage or those without insurance. Hence, the high costs of radiotherapy procedures are expected to serve as a hindrance to market growth.
The integration of Artificial Intelligence (AI) is a prominent trend in the radiotherapy devices market and is rapidly gaining recognition. The introduction of AI innovations in cancer care is anticipated to enhance the precision and speed of diagnosis, aid in clinical decision-making, and yield improved treatment outcomes. For example, in October 2022, HCG Cancer Hospital launched an AI-based radiation treatment technology for efficient radiotherapy. Conventional treatment planning procedures, which can take several days to generate an optimized radiation treatment plan, are being expedited by these new AI advancements. Furthermore, AI is expected to find applications in deep learning for treatment planning, clinical decision support, automated image-guided adaptive radiation therapy, and the mining of genomic and radiobiological data, all of which will contribute to the market's growth.
Major companies operating in the radiotherapy devices market are actively innovating new technologies such as The Versa HD to enhance their market profitability. The Versa HD is a linear accelerator system designed for radiation therapy. For instance, in May 2023, the Mitchell Cancer Institute introduced a new radiation technology known as The Versa HD. This system is capable of delivering Volumetric Modulated Arc Therapy (VMAT), which accelerates treatment delivery and enhances the patient's experience. The Versa HD also provides High-Definition Dynamic Radiosurgery (HDRS), equipped with special sequencing capabilities, effectively transforming the linear accelerator into a specialized solution for Stereotactic Radiosurgery (SRS).
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
- By Product Type: External Beam Radiation Therapy Devices; Linear Accelerator Devices; Proton Therapy Devices;
- By Application: Skin Cancer; Breast Cancer; Prostate Cancer; Cervical Cancer; Lung Cancer; Other Applications;
- By End Users: Hospitals; Ambulatory Surgical Centers; Oncological Treatment Centers
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Company Profiles
- Varian Medical Systems
- Elekta
- Accuray
- Becton Dickinson
- IBA Ion Beam Applications
- Koninklijke Philips
- Siemens
- Eckert & Ziegler Bebig
- IsoRay
- General Electric Healthcare
- Vision RT
- RaySearch Laboratories
- Theragenics
- Canon Medical Systems
- AngioDynamics
- Mitsubishi Electric
- Shinva Medical Instrument
- Neusoft Medical Systems
- Mevion Medical Systems
- Optivus Proton Therapy
- Panacea Medical Technologies
- P-Cure
- Provision Healthcare
- Sumitomo Heavy Industries
- ViewRay
- Miranda Medical
- Nordion Inc.
- NTP Radioisotopes SOC
- Curium
- Hitachi
- Brainlab
- Best Theratronics
- ProTom International
- RefleXion Medical
- Insightec Ltd.
- HistoSonics
- Novocure
- TomoTherapy
- Agile MV LLC
- CIVCO Radiotherapy
- Neutron Therapeutics
- Diapulse Corporation of America
- Johari Digital Healthcare
- Alpha Tau Medical
For more information about this report visit https://www.researchandmarkets.com/r/v927ce
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