Radiotherapy Market is projected to reach USD 7.21 billion in 2024 to USD 9.62 billion by 2030, at a CAGR of 4.9% during the forecast period. During the forecast years, the growth of the market is attributed to the focus on advancements in radiotherapy treatment technology growing patient population, increasing initiatives to promote radiotherapy awareness. Increasing use of particle therapy for cancer treatment among market players are also expected to support the growth of this market during the forecast period.
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Global Radiotherapy Market Dynamics
DRIVER: Focus on drug discovery and development
Over the years, particle therapy, especially proton therapy, offers several advantages over conventional photon therapy. The number of particle therapy centers is steadily increasing across the globe. These benefits are driving the demand for particle therapy, especially in developed regions where the adoption rate of technologically advanced products is high. Its advantages include:
- Particle therapy reduces the overall toxicity, probability, and severity of short & long-term effects on the surrounding healthy tissues and organs, which reduces the likelihood of secondary tumors.
- It targets tumors and cancer cells with high precision.
- It is an appropriate alternative for patients who have reached the limit of conventional radiation.
- Less energy is released with a minimal exit dose, which reduces the risk of damage to the surrounding healthy tissues and organs.
Moreover, the number of cancer patients being treated with particle therapy is on the rise worldwide. In June 2023, Tata Memorial Center (India) announced the initiation of cancer treatment in five young patients (up to 12 years old) using proton beam therapy.
RESTRAINT: Complexity of radiotherapy
Radiotherapy is a complex process that involves understanding the principles of medical physics, dosimetry, radiotherapy planning radiobiology, delivery and interaction of radiation therapy with other treatment modalities and the radiation safety. For instance, the introduction of high-precision IMRT has made cancer treatment complex owing to the need for implementation of additional technologies, such as computer software and imaging modalities; multidimensional QA programs for all new software; and various training and educational requirements for radiation oncologists, physicists, and radiation therapists.
The development of advanced radiotherapy technologies has, in turn, resulted in an increased complexity of operations. Also, a high level of accuracy is needed at every step of the process to achieve maximum tumor control with minimal risk to normal tissue.
Furthermore, the higher complexity of LINACs warrants more frequent quality assurance tests, and obtaining a cobalt source poses regulatory hurdles as the source is highly radioactive and cannot be turned off. These complexities associated with radiotherapy are expected to limit its widespread adoption for cancer treatment.
OPPORTUNITY: Favorable changes in US radiotherapy payment model
The field of radiation oncology should witness impressive growth as efforts by payers transform their payment models and accelerated technology advancements together with the changes in approaches to cancer care. Changes from the traditional fee-for-service models to the value-based payment systems have made both government and private payers look for alternative models of paying for radiotherapy services, focusing on cost-effective and high-quality. For example, the CMS created the advanced Radiation Oncology (RO) payment model, which applies to cancer patients receiving radiotherapy.
This new model focuses on eliminating disparities in the FFS with its provision of bundling payments over a 90-day cancer care episode by radiotherapy providers and suppliers offering care for 16 types of cancers, including anal, bladder, breast, cervical, CNS tumors, colorectal, head and neck, liver, lung, lymphoma, pancreatic, prostate, upper gastrointestinal, uterine cancers, and bone and brain metastases.
The model is expected to inspire increased investments in advanced radiotherapy technologies, fueling innovation across the industry. In so doing, it opens up opportunities for industry players across a broad range of cancers, underpinning market expansion and technological advancement.
CHALLENGES: Risk of radiation exposure
One of the major challenges associated with the use of radiation therapy for cancer treatment is the risk of radiation exposure. Delivering high doses of targeted radiation to destroy cancer cells, it carries potential risks of radiation exposure to healthy tissues. May result in side effects, such as vomiting, nausea, and diarrhea. Similarly, exposure to a large amount of radiation doses all at once may cause radiation sickness and death. Despite advances in precision techniques such as IMRT, IGRT, and proton therapy, some radiation inevitably affects surrounding normal tissues, leading to side effects.
The risk of radiation exposure is greater with systemic radiotherapy and HDR brachytherapy as these include the use of strong doses per cycle. Acute effects may include skin irritation, fatigue, and localized inflammation, while long-term exposure risks include fibrosis, secondary cancers, or damage to organs near the treatment site. Also, the use of applicators and after-loaders during brachytherapy poses a risk of radiation exposure to the technical and supporting staff in case of manual loading and removal of sources. These factors limit and challenge the widespread use of these radiotherapy products.
Global Radiotherapy Market Ecosystem Analysis
The ecosystem market map of the overall radiotherapy market comprises the elements present in this market and defines these elements with a demonstration of the bodies involved. Ecosystem analysis elucidates the interdependencies among various components in the radiotherapy market. At the forefront, product, technology, and the application of radiotherapy analyzers serve as the cornerstones, facilitating consumables used in analysis.
North America is expected to be the largest market during the forecast period.
The radiotherapy market is divided into five key regions: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2023, North America, including the US and Canada, accounted for the largest market share, trailed by Europe. The North American region is witnessing growth due to the ongoing technological advancements, rising incidence of cancer, improving reimbursement scenario, and the rising focus of key players on strengthening market presence. On the other hand, the Asia Pacific market is expected to see the highest growth rate during the forecast period.
KEY PLAYERS IN THE RADIOTHERAPY MARKET INCLUDE
- Siemens Healthineers GmbH (Germany)
- Elekta (Sweden)
- Accuray Incorporated (US)
- IBA WORLDWIDE (Belgium)
- ViewRay Technologies, Inc (US)
- Perspective Therapeutics, Inc. (US)
- Hitachi High Tech Corporation (Japan)
- Sumitomo Heavy Industries Ltd. (Japan)
- Carl Zeiss Meditec AG (Germany)
- Koninklijke Philips N.V. (Netherlands)
- RaySearch Laboratories (Sweden)
- MIM Software Inc. (US)
Recent Developments:
- In August 2024, Accuray received CE Mark for the new Helical Radiation Delivery System.
- In May 2024, Elekta launched AI-powered, adaptive CT-Linac, Evo, capable of delivering offline and online adaptive radiation therapy as well as improved standard IGRT treatments.
- In April 2024, Elekta and GE HealthCare’s MIM Software entered significant collaboration to deliver leading cancer treatment planning solutions
- In April 2024, Accuray Incorporated expanded global training centre network with opening of the Accuray Innovation & Partnership Hub in Genolier, Switzerland.
