Radiotherapy Market Expected to Reach $11.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Radiotherapy Market," The radiotherapy market size was valued at $6.5 billion in 2021, and is estimated to reach $11.9 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.

Radiotherapy, commonly known as radiation therapy, is used for cancer patients to cure cancer by destroying the cancer cells and reducing the size of tumors. X-rays, gamma rays, and charged particles are commonly used radiations during radiotherapy.

At high doses, radiation therapy kills cancer cells or slows their growth by damaging their DNA. Cancer cells whose DNA is damaged beyond repair stop dividing or die. When the damaged cells die, they are broken down and removed by the body. Radiation therapy does not kill cancer cells right away. It takes days or weeks of treatment before DNA is damaged enough for cancer. The benefits of radiation therapy depend on the type of cancer and if and how far it has spread. Radiation therapy can be given alone or as a part of a treatment plan that includes different treatments. Some of the ways radiation therapy is used include, as the primary treatment for cancer or to relieve the sign and symptoms of the cancer (this is called "palliative radiation therapy.")

There are two main types of radiotherapy treatment, external beam and internal. External beam radiation therapy is a local treatment, which means it treats a specific part of the body. For example, if the patient has cancer in the lung, then the patient will have radiation only to the chest, not to the whole body. Whereas, internal radiation therapy with a solid source is called brachytherapy. In this type of treatment, seeds, ribbons, or capsules that contain a radiation source are placed in the body, in or near the tumor. Like external beam radiation therapy, brachytherapy is a local treatment and treats only a specific part of the body. Some other types of radiation therapy are intraoperative radiation therapy, systemic radiation therapy, radioimmunotherapy and radiosensitizers & radioprotector.

The demand for the radiotherapy has increased considerably in the recent years owing to increase in the number of cancer patients, increase in geriatric population, rise in adoption of radiotherapy devices and procedures, surge in number of awareness campaigns about the benefits of radiotherapy, and technological advancements in radiotherapy devices. However, dearth of skilled personnel and difficulty in tumor visualization restrict the radiotherapy market growth. Furthermore, growth opportunities in emerging markets and increase in demand for cancer treatment are expected to provide numerous opportunities for market growth during the forecast period.

By type, the external beam radiation therapy segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to accuracy of the direct beams at the cancerous cells, thus causing less damage to normal tissues, allowing oncologists to use higher doses of radiation for treatment and increase in cancer population. In addition, rise in awareness among people regarding the new and advanced methods for radiotherapy is also expected to boost the market growth.

Based on end users, the hospital & clinics segment dominated the market in 2021. Generally, hospitals are well equipped with radiotherapy units to cater to the various needs of radiotherapy procedures. Hospitals and clinics have radiotherapy devices that are used for treatment of a variety of cancerous tumors, as a part of adjuvant therapy, to prevent recurrence of tumor after surgery and to remove a primary malignant tumor.

Region-wise, North-America garnered a major radiotherapy market share in 2021, and is expected to continue to dominate during the forecast period, due to increase in incidence of cancer patients, presence of key players, and development in R&D activities in the healthcare sector in the region.

Asia-Pacific is expected to register highest CAGR from 2021 to 2030, owing to increase in healthcare expenditure, rise in awareness about the treatment of cancer and the use of radiotherapy market therapy, increase in prevalence due to presence of a high population base (with India and China being the most populated countries), presence of unmet medical needs, and increase in disposable incomes of people in this region.

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the radiation therapy market. Lockdown were imposed to control the spread of COVID-19. Many hospitals are converted into COVID-19 centers. Hence, cancer patients faced difficulty to get their radiotherapy on time. Furthermore, entire healthcare sector focus shift towards COVID-19. Thus, COVID-19 has a negative impact on radiotherapy market.

KEY FINDINGS OF STUDY

• The study provides an in-depth analysis of the radiotherapy industry, and the current radiotherapy market trends & future estimations to elucidate imminent investment pockets.
• By type, the external beam radiotherapy segment was the highest contributor to the market in 2021.
• By end user, the hospital and clinics segment was the highest contributor to the market in 2021.
• By region, North America garnered largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 7.4% during the review period.