Radiation therapy is a type of medical treatment that destroys cancer cells and reducestumors in patients by using a dose of radiation that is appropriate for the situation. According to an NCBI study, radiation therapy is used in the treatment of roughly 50% of cancer survivors, making up about 40% of curative cancer treatments.
The market worth of radiotherapy in 2021 was USD 6.50 billion, and it will be worth USD 10.71 billion by 2030, growing at a 5.71% CAGR during the forecast period.
The rising incidence and prevalence of cancer, the growing knowledge of radiotherapy’s therapeutic benefits, and technological developments in the field of radiotherapy are the main factors driving this market’s expansion. The use of radiotherapy is also driven by huge prospects offered by emerging economies and rising government spending on cancer treatment.
Key factors fostering the growth of this market are the increasing usage of particle therapy for cancer treatment, the increasing use of radiotherapy methods for cancer treatment, and the rise in conferences and symposia devoted to radiotherapy developments.
An additional factor driving the market growth is the rising rate of cancer. As per the American Cancer Society, 1.9 million new instances of cancer and more than 608,000 cancer-related deaths were reported in 2021.
The growth of the sector is hampered by the low installation of radiation devices caused by the limited healthcare spending in developing countries. For instance, the United States spent nearly USD 4.8 trillion on healthcare compared to USD 34 billion in India.
Recently, more countries have increased their healthcare spending in order to provide more people with better facilities. This could raise demand for radiation devices, resulting in market growth.
The external beam therapy held the maximum market with the largest revenue share of 80.56%. External beam radiation therapy can treat the target tumor with greater precision and accuracy. Data from the Targeting Cancer Campaign show that external beam radiotherapy to treat prostate cancer had a five-year metastasis-free survival rate of 96.9% and an overall cure rate of 93.3%.
On the basis of application, the lung cancer segment held the largest market position, contributing nearly USD 1 billion in 2021. Lung cancer cases have considerably increased over the world. Additionally, around 130,180 lung cancer-related fatalities were documented nationwide (68,820 in men and 61,360 in women). The increased occurrence of these cancer cases will drive the need for efficient and cutting-edge radiation treatments.
On the basis of end-user, the centers& ambulatory surgery centers considerably ruled the entire market generating around USD 2 billion in 2021. Technological developments in radiation treatment have driven the installation of cutting-edge radiotherapy equipment at ambulatory surgery centers. Cancer sufferers are becoming increasingly aware of the most recent radiation method for tumor elimination. The demand for radiation equipment at these facilities will increase due to routine medical diagnosis performed on the adult population and elderly patients.
With a revenue share of 32.87%, North America is the largest worldwide market geographically. The region’s market share has increased due to cancer incidence and the large availability of competent medical experts to treat these instances. The Canadian Cancer Statistics predicted that over 230,000 people would receive a cancer diagnosis and approximately 85,000 would pass away from the condition.
With a 6.82% CAGR, the Asia-Pacific area will have the world’s fastest-growing market for radiation therapy equipment. The expanding older population will drive the segment’s expansion, technological developments in radiation products, rising conferences driving radiotherapy investments, rising cancer incidences, and rising radiotherapy equipment and treatment usage. By 2022, China will have 3.2 million cancer-related fatalities and 4.8 million new cancer cases, based on NCBI studies. In China, lung cancer is the most prevalent type of cancer.
- Varian Medical Systems, Inc. (a subsidiary of Siemens Healthineers AG)
- Accuray, Inc.
- Eckert & Ziegler
- Hitachi Ltd.
- Ion Beam Applications SA
- Becton, Dickinson, and Company
- ICAD, Inc.
- Mevion Medical Systems, Inc.
- Panacea Medical Technologies Pvt. Ltd.
- IntraOrp Medical, Inc.
- ViewRay, Inc.
- ZEISS Group
- IsoRay Medical, Inc.
- P-cure Ltd.
- GE Healthcare
The market worth of radiotherapy in 2021 was USD 6.50 billion, and it will be worth USD 10.71 billion by 2030, growing at a 5.71% CAGR during the forecast period. Factors like the rising rate of cancer, significant investments in cancer treatment research and development, technological advancements in radiotherapy devices, an aging population, increased adoption of radiotherapy devices and procedures, and an increase in radiotherapy awareness campaigns drive market growth.