Radiotherapy Market - By Application (Skin and Lip Cancer, Head and Neck Cancer, Breast Cancer, Prostate Cancer, Cervical Cancer, Lung Cancer, Spine Cancer, and others), By Type [External Beam Radiation Therapy (Intensity Modulated Radiation Therapy, Image Guided Radiation Therapy, Tomotherapy, Stereotactic Radio Surgery, Stereotactic Body Radiation Therapy, and Proton Therapy), Internal Radiation Therapy and Systemic Radiation Therapy], By Equipment (Linear Accelerators, Radiation Therapy Simulators and Treatment Planning Systems) - Forecast 2027
|ID: VPR/HC/1055||Publishing Year: December 2021||Pages: 110||Format:|
Radiotherapy Market Overview:
The Radiotherapy Market is projected to grow from USD 6.2 Billion in 2020 to reach USD 9.5 Billion by 2027; it is expected to grow at a CAGR of 6.29% from 2020 to 2027.
The Radiotherapy Market is likely to be driven by the rising elderly population and the growing prevalence of cancer patients around the world in the coming years. In addition, the market is expected to rise in the future years due to an increase in the adoption of various radiation equipment and techniques, as well as technological advancements in the sector. Furthermore, the increased number of public awareness efforts regarding the benefits of radiation is expected to boost the industry in the next years. Furthermore, rising opportunities in developing markets and rising need for cancer treatment are expected to drive the Radiotherapy Market forward throughout the forecast period.
The Key Players operating in the Radiotherapy Market are C. R. Bard, Inc., Elekta, Hitachi, Ltd., IBA (Ion Beam Applications Sa), Isoray Medical, Inc., Mevion Medical Systems, Inc., Optivus Proton Therapy, Inc., Panacea Medical Technologies Pvt. Ltd., P-Cure Ltd., Provision Healthcare, LLC, Elekta AB (pub), and Varian Medical Systems, Inc.
The Radiotherapy Devices Market has undergone substantial technological improvements over the previous decade. These breakthroughs have aided in the creation of more effective, low-cost, and simple-to-use Radiotherapy products with enhanced and precise radiation dose delivery for increased tumour targeting efficiency. High conformity of radiation to the target (with little exposure to normal tissue) and dose escalation with enhanced tumour control have been possible by the advancement from 2D to 3D conformal radiotherapy with real-time imaging. Items that give these advantages are projected to have a very high growth potential in a short period of time, particularly in mature markets where technologically advanced products are widely adopted.
In light of these considerations, a number of major market players are concentrating their efforts on the development, approval, and introduction of technologically advanced products. Elekta (Sweden), for example, introduced its Elekta Harmony linear accelerator in 2020, a cancer treatment system with a 25% shorter treatment slot and a 30% lower footprint. PMB, an ALCEN Group affiliate, announced the debut of FLASHKNiFE, a FLASH radiation system specialised to clinical trials, in 2020.
Such technological improvements aim to improve the functionality of radiation delivery systems while also broadening their scope of application. One of the primary factors driving the growth of the Radiotherapy Market is the increasing acceptance of these systems in a variety of applications and settings.
The size of Radiotherapy Devices is larger, and they require a lot of area to be installed. As a result, one of the key problems limiting the adoption of Radiotherapy Systems in emerging and developing nations is a lack of suitable healthcare infrastructure due to limited healthcare expenditure. Only a small number of healthcare institutions in undeveloped and emerging nations are now equipped to treat cancer using modern Radiotherapy Devices. As a result, despite considerable demand, the number of radiotherapy procedures is being limited. The WHO recommends that each million people have access to at least one teletherapy unit. According to this guideline, India's minimum teletherapy unit requirement is roughly 1,250 units, compared to the current 545 units available, indicating an almost 700-unit shortage.
Type, Application, End-User, and Region have all been used to segment the Radiotherapy Market.
External beam Radiation Therapy, which is further divided into intensity-modulated Radiation Therapy, image-guided radiation therapy, tomotherapy, stereotactic radiosurgery, stereotactic body radiation therapy, and proton therapy, internal radiation therapy, and Systemic Radiation Therapy, has been segmented by type in the Radiotherapy Market.
Skin and lip cancer, head and neck cancer, breast cancer, prostate cancer, cervical cancer, lung cancer, spine cancer, and others are among the applications that have been segmented in the Radiotherapy Market.
The Radiotherapy Market has been divided into linear accelerators, radiation therapy simulators, and treatment planning systems based on equipment.
The Worldwide Radiotherapy Market has been divided into hospitals and independent Radiotherapy facilities depending on end-use.
Because of the reduced risk of radiation exposure and the higher precision and accuracy of tumour targeting in external beam radiotherapy, the external beam Radiotherapy Sector is likely to hold a significant proportion of the market.
Due to the increased usage of particle therapy for cancer treatment, the application segment is predicted to be the fastest-growing section.
The United States, Canada, and Mexico, Germany, the United Kingdom, France, Italy, Spain, Switzerland, the Netherlands, Belgium, Russia, Turkey, Ukraine, rest of Europe, Japan, China, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, rest of Asia-Pacific, Brazil, Argentina, Chile, rest of South America, South Africa, Saudi Arabia, and the United Arab Emirates are among the countries covered in the Radiotherapy Market.
North America is predicted to lead the Radiotherapy Market, as the number of people receiving external-beam Radiation Therapy has increased in recent years as a result of widespread use of radiotherapy for cancer treatment and rising cancer prevalence in the region. Because of the continual rise in the number of cancer patients in the United States, the United States is predicted to dominate and lead the growth in the North American Radiotherapy Market. According to the World Health Organization (WHO), the United States had 2,129,118 cases in 2018. The demand for external-beam radiation therapy and internal radiation therapy devices in the country is increasing as the number of cancer patients in the country grows. China is expected to dominate the Asia-Pacific Radiotherapy Market during the forecast period, as it is one of the leading countries in the world with rapidly increasing diagnosis rates and rising government initiatives to raise awareness about the importance of diagnosis, which is increasing demand for external-beam radiation therapy devices. With rising use of external-beam radiation therapy in breast cancer, lung cancer, prostate cancer, colorectal cancer, lymphoma, liver cancer, thyroid cancer, brain cancer, cervical cancer, spine cancer, and other cancers in the region, Europe is expected to grow at the fastest rate from 2020 to 2027.
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