The global Radiotherapy Market is estimated to be valued at US$ 7560.28 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Radiotherapy is a cancer treatment that uses high doses of radiation to kill cancer cells and shrink tumors. It works by damaging the DNA of cells, making it difficult for them to multiply. Radiation therapy affects cancer cells differently than normal cells. There are several types of radiation therapy including external beam radiation, internal radiation therapy (brachytherapy), intensity modulated radiotherapy, stereotactic radiosurgery and proton beam therapy.
Market key trends:
One of the key trends in the radiotherapy market is the rise of precision radiotherapy with image-guided radiation therapy. This technology combinesCT imaging with linear accelerator machines to continuously monitor tumor location and movement in real-time during treatment. This allows doctors to adjust the radiation beam accordingly and deliver higher doses of radiation to tumors while minimizing dose to surrounding normal tissues. Other trends include the growing adoption of robotic radiosurgery systems, increasing preference for non-invasive treatment options and rising demand for proton therapy in the treatment of cancers like prostate and breast. Advancements in particle therapy with protons and carbon ions are also expanding the capabilities of radiotherapy.
SWOT Analysis
Strength: Radiotherapy provides non-invasive and effective treatment option for various types of cancers. It helps eliminate the cancer cells through precision beams directly to the tumor site.
Weakness: Radiotherapy requires large capital investments and ongoing maintenance costs of linear accelerators, proton therapy systems etc. which makes it an expensive treatment option. It also has radiation related side effects.
Opportunity: Increasing prevalence of cancer worldwide, growing geriatric population susceptible to cancer, new technological advancements in radiotherapy etc. provide significant growth opportunities.
Threats: Stringent regulatory approvals and reimbursement issues, high costs of new technologies, and availability of alternative treatment options like chemotherapy pose major threats.
Key Takeaways
The global Radiotherapy Market Share is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing prevalence of cancer worldwide. As per WHO, cancer burden is predicted to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.
Regional analysis: North America dominated the global radiotherapy market in 2023, owing to the presence of major players, high healthcare expenditure, rising awareness about advanced cancer treatment options and technological advancements. However, Asia Pacific is expected to grow at the fastest pace during the forecast period, driven by factors like rising healthcare infrastructure, growing disposable incomes and expanding patient population base in countries like China and India.
Key players operating in the radiotherapy market are Accuray Incorporated, Elekta, Isoray Inc., CIVCO, Hitachi, Ltd., Mevion Medical Systems, ProTom International, VIEWRAY TECHNOLOGIES, INC., Panacea Medical Technologies Pvt. Ltd., Optivus Proton Therapy, Inc., RefleXion, MacroMedics, Vision RT Ltd., and Qfix. Major players are focusing on new product launches, upgrades to existing systems and geographic expansion through strategic collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it