New York, Dec. 17, 2021 (GLOBE NEWSWIRE) -- According to the new market research report "Radiotherapy Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (External-Beam Radiation Therapy, Internal Radiation Therapy, and Systemic Radiotherapy/Radiopharmaceuticals), Product (External Beam Radiotherapy Products, Internal Radiotherapy Products, Radiotherapy Software, and Others), Application (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Lymphoma, Liver Cancer, Thyroid Cancer, Brain Cancer, Cervical Cancer, Spine Cancer, and Others), and End User (Hospitals, Radiation Therapy Centers, and Specialty Clinics), and Geography", published by The Insight Partners, the global radiotherapy market was valued at US$ 6,474.78 million in 2020 and it is projected to reach US$ 10,170.80 million by 2028; it is expected to grow at a CAGR of 5.9% from 2021 to 2028.
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Radiotherapy Market: Competition Landscape and Key Developments
Siemens Healthineers AG, Accuray Incorporated, Sumitomo Heavy Industries, Ltd., Elekta AB, Hitachi, Ltd., Koninklijke Philips N.V., Brainlab AG, PROTOM INTERNATIONAL, Varian Medical Systems, Inc., Maastro, and Mevion Medical Systems are among the key companies operating in the radiotherapy market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.
- In September 2020, Siemens Healthineers received U.S. FDA 510(k) clearance for its AI-based radiation therapy planning platform, AI-Rad Companion Organs RT. AI-Rad Companion Organs RT leverages deep-learning AI algorithms to automatically contour at-risk organs on CT scans during radiation therapy. It helps clinicians to deliver more targeted, precision medicine to their patients.
- In Jan 2021, Accuray Incorporated has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its ClearRT Helical kVCT Imaging for the Radixact System, the next generation TomoTherapy platform. ClearRT is a cutting-edge imaging solution integrated with a powerful, precise, and adaptive delivery platform for radiotherapy.
- In March 2020, Sumitomo Heavy Industries, Ltd. received medical device approval for Boron Neutron Capture Therapy system from Japanese Ministry of Health, Labor and Welfare. Boron Neutron Capture Therapy was developed by Sumitomo in collaboration with Stella Pharma Corporation for targeting carcinoma of the head and neck.
The North America held the largest share of Radiotherapy Market and is expected to continue its position due to factors such as increasing emphasis on early diagnosis and treatment of cancer, significant prevalence of cancer cases, developed healthcare infrastructure, and increasing number of product launches. Additionally, implementation of safety guidelines and policies, superior treatment outcomes of radiotherapy, and extensive investments by market players for product development and distribution in the US and Canada are encouraging the market growth.
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In North America, the US holds a significant share of the radiotherapy market. The growth of the market in the country is primarily driven by increasing adoption of advanced medical device technologies, growing digitalization of medical devices, increasing emphasis on improving treatment outcomes, and increasing prevalence of cancer. According to a study published by the American Society for Radiation Oncology in 2020, around 13,800 women in US were diagnosed with cervical cancer. Further, as per the breast cancer statistics by the Breast Cancer Organization, around one in eight women (about 12%) develops invasive breast cancer in her lifetime.
Increasing number of business activities amongst market players are actively contributing to the market growth. In November 2020, SOFIE Biosciences, Inc. and Jubilant Radiopharma entered into strategic partnership to expand its production capacity and distribution channel in U.S. Further, in January 2021, Eckert & Ziegler announced its plan to build cGMP facility for radiopharmaceutical services in US.
There are several initiatives by the government as well as by healthcare authorities to encourage the adoption of radiotherapy. Such strategies are likely to have constructive impact on the US radiotherapy market by 2028. For instance, in June 2020, the American Society for Radiation Oncology (ASTRO) introduced new clinical guidelines regarding radiotherapy for nonmetastatic cervical cancer. The new guideline focuses on precise implementation of steps and processes to conduct radiation therapy. These factors are expected to offer a favorable environment for US market by 2028.
The Asia Pacific is expected to be the fastest-growing region due to growing prevalence of breast cancer. For instance, according to the Globocan report, in 2020, there were around 9,503,710 new cancer cases diagnosed in Asia Pacific. Additionally, increasing awareness of advanced radiation technologies coupled with developing healthcare infrastructure are further projected to drive Asia Pacific radiotherapy market during the forecast period. Furthermore, extensive focus on research and development activities is also estimated to accelerate the Asia Pacific radiotherapy market growth by 2028.
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Rising Prevalence of Cancer in Radiotherapy Market:
Health systems across the globe are witnessing substantial increase in the prevalence of cancer. According to the data published by the World Health Organization (WHO), in 2019, around 9.6 million deaths were caused by cancer across the globe. Moreover, according to the same data, prostate, lung, colorectal, liver, and stomach cancer are most observed in men, while breast, colorectal, and cervical cancer are the most common among women. Furthermore, according to a study published by the National Cancer Institute, in 2021, the incidence of Cancer in the US is likely to reach 1.9 million. In addition, around 0.6 million people are anticipated to die during 2021 in the US due to cancer. Moreover, according to a data published by the Cancer Research UK in 2020, around 0.16 million people in UK die each year due to cancer. Moreover, as per the Globocan report, in 2018, there were 911,014 breast cancer cases and 310,577 deaths due to breast cancer, of which 367,900 and 162,468 breast cancer cases were reported in China and India, respectively. Such high prevalence of cancer is anticipated to drive the adoption of radiotherapy. For instance, according to a data published by the WHO in March 2021, over 50% of cancer patients involve radiotherapy as part of cancer management and care. Moreover, according to the same data, radiotherapy is prominently used to treat the most common types of cancer such as breast, cervical, colorectal, and lung cancer. This factor will ultimately boost the growth of the global radiotherapy market during the forecast period.
Radiotherapy Market: Segmental Overview
Based on type the radiotherapy market is segmented into external-beam radiation therapy, internal radiation therapy, and systemic radiotherapy/radiopharmaceuticals. The external-beam radiation therapy segment accounted for more than 79.75% of the market share in 2020. In terms of product, the radiotherapy market is segmented into external beam radiotherapy products, internal radiotherapy products, radiotherapy software, and others. The external beam radiotherapy products segment held the largest share of the market in 2020. In terms of application, the radiotherapy market is segmented into breast cancer, lung cancer, prostate cancer, colorectal cancer, lymphoma, liver cancer, thyroid cancer, brain cancer, cervical cancer, spine cancer, and others..The breast cancer application segment held the largest share of the market in 2020. In terms of end user, the radiotherapy market is segmented into hospitals, radiation therapy centers, and specialty clinics.The hospital end users segment held the largest share of the market in 2020.
The COVID-19 outbreak has disturbed various trades and businesses across the world. Radiotherapy therapies, which are an important part of cancer treatment, have persisted despite the pandemic, but with significant improvements to prioritize care and ensure patient and staff protection. Many organizations have published their best practices in the literature.
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In July 2020, the article "Oncology-inspired treatment options for COVID-19," published in the Journal of Nuclear Medicine, is one of the first to look at the use of radiation therapy to better treat COVID-19 (SARS-CoV-2) patients. Since the CR3022 human antibody binds to the SARS-CoV-2 virus, researchers at Memorial Sloan Kettering Cancer Center in New York radiolabled it with Iodine-131 (I-131) as a targeted agent. The trials yielded positive results, with an average response rate of 80%. Since then, other low-dose radiotherapy trials have begun in the United States and elsewhere. Dawson introduced a panel discussion on "Low-dose radiation therapy and COVID-19-related pneumonia" at the American Society for Radiation Oncology (ASTRO) 2020 Annual Meeting. The first speaker, Mohammad Khan of Emory University's Winship Cancer Institute, presented the findings of the RESCUE 1-19 trial. RESCUE 1-19 was founded on the idea that LD-RT could aid in the elimination of storming cytokines and unchecked oedema in COVID-19 patients who were hospitalized. radiotherapy might be a treatment option for COVID-19.
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