Surging Prevalence of Cancer Boosts the Demand for Radiotherapy Across the Globe

 

 Cancer is the second leading cause of death worldwide. According to the National Center for Biotechnology Information, radiotherapy has the potential to improve the rates of cure of 3.5 million cancer patients and provide palliative relief for an additional 3.5 million cancer patients. Consequently, the increasing prevalence of cancer cases bolsters the growth of the global radiotherapy market.

Data Bridge Market Research analyses that the Radiotherapy Market is expected to grow at a CAGR of 6.4% in the forecast period of 2021 to 2028 and is expected to reach USD 12,194.17 million by 2028. Radiotherapy is largely driven by technological development. The technological developments in radiotherapy are generally focused on improving therapy procedures and launches new products that have advanced features that help treat cancer patients.

Key Findings of the Study

  • The radiotherapy market is anticipated to reach a value of USD 12,194.17 million by 2028, with a CAGR of around 6.4% during the forecast period from 2021 to 2028.
  • North America dominated the radiotherapy market in 2021 due to the increasing high adoption of radiotherapy for the treatment of cancer diseases and the increasing prevalence of cancer disease.
  • The external-beam radiation therapy segment accounted for the largest share in 2021 at 68.36% as it delivers high radiation disease to cancer sites.
  • The radiotherapy market was adversely affected by COVID-19 outbreak. The lockdown restriction led to various challenges such as the temporary postponement of various elective surgeries and the number of emergency patients visiting centers.
  • Asia Pacific is expected to register lucrative growth over the forecast period due to the rapidly increasing diagnosis rate and rising government initiatives for awareness regarding the importance of diagnosis.

Increasing adoption of Radiotherapy Devices is expected to drive the market's growth rate

Under radiotherapy, high doses of radiation are used to provide the target location to the patient's body to kill cancer cells and shrink tumors. It can also help control symptoms and relieve pain. These benefits of radiotherapy has resulted in enhanced the demand for radiotherapy. Various types of radiotherapy devices are installed in the hospitals and radiation therapy centers for providing radiotherapy treatment to the patients. Radiation therapy is a highly targeted treatment which has benefits to aim accurately and directly locate cancer wherever it might be in the body, due to which the procedure of radiotherapy is high adoption among the patients, for this reason increasing adoption of radiotherapy devices and techniques is acting as a driver for growing the demand of global radiotherapy market.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2021 to 2028

Base Year

2020

Historic Years

2019 (Customizable to 2019 - 2014)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Type (External-Beam Radiation Therapy, Internal Radiation Therapy, Systemic Radiotherapy/ Radiopharmaceuticals, Others), Product (External Beam Radiotherapy, Internal Radiotherapy Products, Radiotherapy Software, Systemic Radiotherapy and Others), Application (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Lymphoma, Liver Cancer, Thyroid Cancer, Brain Cancer, Cervical Cancer, Spine Cancer, Others), End User (Hospitals, Radiation Therapy Centers, Specialty Clinics, Others), Distribution Channel (Direct Tender, Retail Sales, Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

CANON MEDICAL SYSTEMS CORPORATION (Japan), P-cure (U.S.), Mirada Medical Limited (U.K), Protom International (U.S.), Mevion Medical Systems (U.S.), VIEWRAY TECHNOLOGIES, INC. ("VIEWRAY") (U.S.), Elekta (Sweden), Accuray Incorporated (U.S.), IBA Worldwide (Belgium), Eckert & Zeigler (Germany), Xoft, a subsidiary of iCAD, Inc. (Switzerland), RaySearch Laboratories (Sweden), Brainlab (U.S.), Advanced Oncotherapy (U.K), Hitachi Ltd. (Japan)., Advanced Accelerator Applications (A Subsidiary of Novartis AG) (France), Provision Healthcare (U.S.), Siemens (Germany), Koninklijke Philips N.V (Netherlands)

Data Points Covered in Report

The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

 

Segment Analysis:

The radiotherapy market is segmented on the basis of type, product, application, end user and distribution channel.

  • On the basis of type, global radiotherapy market is segmented into external-beam radiation therapy, internal radiation therapy, systemic radiotherapy/ radiopharmaceuticals and others. The external-beam radiation therapy segment is expected to dominate the market.

In 2022, external-beam radiation therapy segment is expected to dominate the market with 68.36% market share

In 2022, the external-beam radiation therapy segment is expected to dominate the market with 68.36% market share due to its high efficacy in cancer treatment as it delivers high radiation disease to cancer sites. Rising demand for accurate imaging and mapping of tumor cells while radiotherapy treatment also boosts market growth.

  • On the basis of product, global radiotherapy market is segmented into external beam radiotherapy, internal radiotherapy products, radiotherapy software, systemic radiotherapy/ radiopharmaceuticals and others. In 2022, external-beam radiation therapy segment is expected to dominate the market with 68.36% market share due to increasing awareness for advanced cancer treatment and launch of technologically advanced radiotherapy products.
  • On the basis of application, global radiotherapy market is segmented into breast cancer, lung cancer, prostate cancer, colorectal cancer, lymphoma, liver cancer, thyroid cancer, brain cancer, cervical cancer, spine cancer and others. The breast cancer segment is expected to dominate the market.

In 2022, breast cancer segment is expected to dominate the market with 30.28% market share

In 2022, breast cancer segment is expected to dominate the market with 30.28% market share owing to rising prevalence of breast cancer and growing effectiveness of radiotherapy for breast cancer treatment. Moreover, image-guided radiotherapy enhances the overall survival rate among patients suffering from breast cancer.

  • On the basis of end user, global radiotherapy market is segmented into hospitals, radiation therapy centers, specialty clinics and others. In 2022, hospitals segment is expected to dominate the market with 69.86% market share owing to presence of certified and trained healthcare professionals. Moreover, availability of technologically advanced LINAC, proton therapy devices among others is also driving the growth of global radiotherapy market.
  • On the basis of distribution channel, global radiotherapy market is segmented into direct tender, retail sales and others. In 2022, direct tender segment is expected to dominate the market with 87.98% market share as it allows customers to buy radiotherapy products directly from customers at low and precise cost. Moreover, high quality products offered by direct tender which is also accelerating the market growth.

Major Players

Data Bridge Market Research recognizes the following companies as the major radiotherapy market players in radiotherapy market are CANON MEDICAL SYSTEMS CORPORATION (Japan), P-cure (U.S.), Mirada Medical Limited (U.K), Protom International (U.S.), Mevion Medical Systems (U.S.), Brainlab (U.S.), Advanced Oncotherapy (U.K), Hitachi Ltd. (Japan)., Advanced Accelerator Applications (A Subsidiary of Novartis AG) (France), Provision Healthcare (U.S.), Siemens (Germany), Koninklijke Philips N.V (Netherlands).

Market Development

  • In July 2021, Mirada Medical Limited launched WorkflowBox 2.6 platform, allowing the company to deliver efficiencies and a consistently high standard of care to cancer patients. This product launch has boosted the company's existing product portfolio and allowed it to earn more revenue potential in global radiotherapy market.
  • In May 2020, Elekta AB (PUB) launched their new product Leksell Gamma Knife and optimizer for intracranial stereotactic radiosurgery. The product launch provides with expertly built plans for multiple tumor targets in less than a minute. This product launch has allowed health professionals to provide effective treatment delivery in less span of time. The market of radiotherapy is growing in the forecast year due to several reasons, including cancer institutions also reporting that the treatment of radiotherapy has proved the most successful, appropriate as well as safest treatment option, due to its successful result radiotherapy has huge demand among the cancer patients.
  • In April 2020, Elekta introduces the Geneva brachytherapy applicator for precision gynaecological cancer treatment. The Netherlands, VEENENDAAL, April 23, 2020 — Elekta (EKTA-B.ST) today announced the release of Geneva, the world's first global gynaecological brachytherapy applicator.
  • In June 2020, The CyberKnife S7 System, developed by Accuray Incorporated (US), is a cutting-edge device that combines speed, advanced precision, and real-time AI-driven motion tracking and synchronization treatment delivery for all stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments.

Regional Analysis

Geographically, the countries covered in the radiotherapy market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in radiotherapy market during the forecast period 2021 - 2028

In 2021, North America dominated the radiotherapy market and will continue to dominate the radiotherapy market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is because number of radiotherapies has increased in the last few years due to the increasing high adoption of radiotherapy for the treatment of cancer diseases and the increasing prevalence of cancer disease in the region. U.S is expected to dominate the radiotherapy market due to continuous rise of cancer patients within this region.

Asia-Pacific is estimated to be the fastest growing region in radiotherapy market the forecast period 2021 - 2028

Asia-Pacific is expected to grow during the forecast period due to the rising government initiatives for awareness regarding the importance of diagnosis. China is expected to dominate the radiotherapy market in the Asia-Pacific region. It is one of the leading countries with a rapidly increasing diagnosis rate within this region.

COVID-19 Impact Analysis

The outbreak of COVID-19 largely impacted the healthcare industry. The COVID-19 epidemic has had a global impact on the medical equipment industry, especially radiotherapy devices. During the COVID-19 epidemic, there is a lot of variance in how radiation procedures are handled from one place to the next.  The imposition of the lockdown and social distancing restrictions by the government to curb the COVID-19 pandemic outbreak, led to emergence of various challenges such as the denied services, halt of various operations, cancelled or postponed elective surgeries or operations, stifling business growth, suspensions of new developments leading to harm for the industry's expansion. As a result of COVID-19, the worldwide cancer burden is predicted to increase by 20%. This is due to the temporary postponement of numerous elective surgeries as governments and agencies work to guarantee that COVID-19 patients have access to resources. Despite the availability of radiation emergency services in nearly all centers, the number of emergency patients attending centers for treatment has decreased. Supply chains have been interrupted as a result of lockdowns, and reduced recruitment for clinical trials has further hampered the growth of the overall radiation devices market in 2020.

On the brighter side, several countries have issued recommendations on elective procedures to relieve pressure on the healthcare system, reduce disease transmission, and conserve personal protective equipment (PPE).

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