The global radiotherapy market is witnessing significant growth, driven by the alarming rise in cancer cases worldwide and the development of advanced radiotherapy treatments. According to a recent report by MarketsandMarkets, the market’s revenue was estimated to be $6.9 billion in 2023 and is projected to reach $8.8 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 5.0%.
The market’s growth is attributed to several factors, including the rapid increase in cancer cases globally, new developments in radiotherapy treatment such as adaptive radiotherapy, and growing awareness about the advantages of proton therapy for cancer treatment. Additionally, increasing investments in oncology research activities, geographical expansion of radiotherapy device manufacturers, and improving healthcare infrastructure in developing countries are likely to support the market’s growth.
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The external beam radiotherapy segment is expected to dominate the market, capturing the largest share in 2023. This segment’s dominance is primarily due to the reduced risk of radiation exposure and increased precision and accuracy in tumor targeting compared to other radiotherapy techniques. Moreover, continuous technological advancements, such as MRI-guided linear accelerators (MRI-LINAC), particle therapy, and rising research activities in the field of radiation oncology using proton therapy systems, are likely to drive the growth of this segment further.
Hospitals are predicted to be the key end-users of radiotherapy systems, driven by government initiatives to upgrade hospital facilities with advanced radiotherapy devices, collaborations between cancer hospitals and radiotherapy device manufacturers, and the increasing number of cancer patients undergoing radiotherapy treatment procedures in hospitals.
Geographically, the Asia-Pacific region is expected to register the highest growth rate during the forecast period. This growth is fueled by the increasing cancer patient pool, improving healthcare infrastructure, and the implementation of supportive government initiatives in several countries, including India and China. Other factors contributing to the region’s growth include the rising geriatric population, growing incidence of cancer, rising acceptance of radiotherapy procedures and devices, increasing medical tourism, and the entry of major market players into Asia-Pacific countries.
Key players in the radiotherapy market include Siemens Healthineers AG (Germany), Varian Medical Systems, Inc. (US), Elekta (Sweden), Accuray Incorporated (US), IBA (Belgium), ViewRay Technologies, Inc. (US), Hitachi Ltd. (Japan), iCAD, Inc. (US), and IsoRay, Inc. (US), among others.
Recent developments in the market include Accuray Incorporated receiving approval for its Tomo C radiation therapy system from the Chinese National Medical Products Administration (NMPA) in October 2023, and IBA’s partnership with the Apollo Proton Cancer Centre (APCC) in India in July 2023 to provide training to oncologists on proton beam therapy.
With the rising burden of cancer cases worldwide and the continuous advancements in radiotherapy technologies, the radiotherapy market is poised for robust growth, offering promising opportunities for both established players and new entrants in the coming years.
