Radiotherapy Market Research, 2031
The global radiotherapy market size was valued at $6.5 billion in 2021, and is projected 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 radiotherapy markets during radiotherapy.
The demand for 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, owing to 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.
According to the report of National Cancer Institute 2020, an estimated 1,806,590 new cases of cancer diagnosed in the U.S. and 606,520 people died from the disease in 2020. The most common cancers are breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum cancer, melanoma of the skin, bladder cancer, non-Hodgkin lymphoma, kidney and renal pelvis cancer, endometrial cancer, leukemia, pancreatic cancer, thyroid cancer, and liver cancer. Prostate, lung, and colorectal cancers account for an estimated 43% of all cancers diagnosed in men in 2020. For women, the three most common cancers are breast, lung, and colorectal, and accounted for an estimated 50% of all new cancer diagnoses in women in 2020.
By 2040, the number of new cancer cases per year is expected to rise to 29.5 million and the number of cancer-related deaths to 16.4 million. The cancer mortality rate is higher among men than women (189.5 per 100,000 men and 135.7 per 100,000 women). When comparing groups based on race/ethnicity and sex, cancer mortality is highest in African American men (227.3 per 100,000) and lowest in Asian/Pacific Islander women (85.6 per 100,000). As of January 2019, there were an estimated 16.9 million cancer survivors in the U.S. The number of cancer survivors is projected to increase to 22.2 million by 2030.
Implementation of lockdown to control the spread of COVID-19 consultations were conducted by means of telematic tools, and follow-up visits were postponed for patients who declared themselves as without evidence of oncologic disease, to minimize patient’s exposure to viral diffusion without compromising oncological outcomes, the cancellation of appointments, postponing of procedures, and treatments’ interruption are the reason of decrease in patient to get radiotherapy also many hospitals are converted into COVID-19 centers. Hence, cancer patients faced difficulty to get their radiotherapy on time. Thus, COVID-19 has negative impact on the radiotherapy market.
Radiotherapy Market Segmentation
The radiotherapy market is segmented into Type and End User. Based on type, it is divided into external beam radiotherapy therapy, internal radiotherapy/brachytherapy, and systemic radiotherapy. Based on end user, it is categorized into hospitals & clinics and others. Based on region, radiotherapy market size is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Type
Internal Radiation Therapy segment Enterprises segment was the highest revenue contributor during the forecast period.
Type Segment Review
Depending on type, the external beam radiotherapy segment dominated the radiotherapy market share 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 radiotherapy 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.
By End User
Others segment would witness the fastest growth, registering a CAGR of 6.4% during the forecast period.
End User Segment Review
Depending on end user, the hospital & clinics segment dominated the radiation therapy 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.
By Region
North America accounted for a majority of the radiotherapy market share in 2021, and is anticipated to remain dominant during the forecast period.
Regional Segment Review
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 and presence of key players, and development in R&D activities in the healthcare sector in the region.
However, Asia-Pacific is expected to register highest CAGR of 7.4% during radiotherapy market forecast, 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 key players that operate in the radiotherapy industry include Accuray Incorporated, Becton, Dickinson and Company, Elekta AB, IBA (Ion Beam Applications SA), Isoray Medical Inc., Eckert & Ziegler Group, ICAD INC., Nordion, Inc., Siemens Healthineers and Mevion Medical Systems, Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the radiotherapy treatment, market segments, current trends, estimations, and dynamics of the radiotherapy market analysis from 2021 to 2031 to identify the prevailing radiotherapy market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the radiotherapy market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global radiotherapy market trends, key players, market segments, application areas, and market growth strategies.
Radiotherapy Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 12 billion |
 Growth Rate | CAGR of 6.3% |
 Forecast period | 2021 - 2031 |
 Report Pages | 210 |
 By Type |
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 By End User |
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 By Region |
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 Key Market Players | Ion Beam Applications SA, ICAD INC., Isoray, Inc., Eckert & Ziegler Group, Becton, Dickinson and Company, MEVION MEDICAL SYSTEMS, INC., Siemens Healthineers AG, Elekta AB, Accuray Incorporated, Nordion Inc. |
Analyst Review
The adoption of radiotherapy is expected to increase in the near future, owing to rise in incidence of cancer and surge in geriatric population. Technological advancements of radiotherapy devices to provide advanced treatment options for disease management drives the growth of the market. Asia-Pacific and LAMEA are expected to offer lucrative opportunities to market players due to the presence of large geriatric population and high unmet medical needs.
The growth of the global market is driven by surge in number of cancer patients, increase in ageing population, rise in adoption of radiotherapy devices & procedures due to increase in awareness campaigns towards the benefits of radiotherapy, and technological advancements in radiotherapy devices. However, dearth of skilled personnel and difficulty in tumor visualization restrain the growth of the market. Increase in demand for cancer treatment is expected to provide several opportunities for the market growth during the forecast period. The emerging nations witnessed rapid increase in the shipment of these devices to improve their healthcare infrastructure. North America is expected to dominate the market during the forecast period, followed by Europe.
Increase in patient population with cancer, rise in adoption of radiotherapy devices and procedures, owing to surge in number of awareness campaigns are some of the major factors driving the growth of the market
Among type, the external beam radiotherapy segment dominated the radiotherapy market in 2021
North America is the largest regional market for Radiotherapy Market in 2021
The estimated industry size of radiotherapy market was US$ 6.5 billion in 2021
Siemens Healthineers, Elekta AB and Accuray Incorporated are the top companies to hold largest share of Radiotherapy Market in 2021
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