Radiotherapy or Radiation therapy is principally employed to treat cancer disease using X-rays and similar forms of radiation technology. In radiotherapy treatment, high-energy-based radiation rays damage cells, causing cancer and stop them from growing and dividing. Radiotherapy treatment has numerous benefits to accurately and directly locate cancer wherever it might be in the body. The method and procedure of radiotherapy have been advanced in launching new treatment planning software and advanced features-based therapy modalities that require highly skilled and certified professionals to operate these products and software efficiently.
The global radiotherapy market size was valued at USD 5.1 million in 2019 and projected to reach USD 7.2 million by 2027, growing at a CAGR of 4.6% during the forecast period, 2020-2027. The significant factors are the growing prevalence of cancer disease and related mortality globally. Additionally, the increasing adoption of radiation therapy devices and procedures for treating various cancers will spur the global radiotherapy industry in the future periods. Furthermore, the growing use of particle therapy for cancer treatment, technological advancements in radiotherapy, and the development of novel products are expected to witness remarkable growth of the radiotherapy market. Furthermore, the increasing number of conferences and symposia focusing on the advancements in radiotherapy are expected to propel the demand for radiotherapy over the coming years.
Moreover, the rising healthcare expenditure across developing countries and growing government focus on providing modern & advanced healthcare services positively impact the radiotherapy market. Furthermore, the increasing preference for non-surgical procedures and rising investments in R&D to improve the current radiation therapy techniques, like the integration of image-guided, fuels the demand for the radiotherapy market. Furthermore, the rapid growth in per-capita healthcare expenditure, rise in the elderly population, and the growing public demand for affordable healthcare services will bolster the growth of the global radiotherapy market share. In addition, the ever-increasing awareness about the benefits of radiotherapy for cancer control and eradication propelling the development of the radiotherapy market across the globe.
The increasing prevalence of cancer disease worldwide has increased the demand for advanced radiotherapy procedures and products. In addition, the need for non-surgical procedures for cancer treatment is also increased. According to the National Center for Biotechnology Information, radiotherapy cancer treatment can improve the cure rates by 3.5 million cancer patients and improves palliative relief for an additional 3.5 million cancer patients, producing more than 14 million new cancer cases each year. Moreover, in the past few years, the radiotherapy devices market has seen significant technological advancements. These advancements have helped develop low-cost, more effective, and easy-to-use radiotherapy products with enhanced and precise radiation dose delivery to improve targeting tumors. The upgrade from 2D to 3D conformal radiotherapy with real-time imaging has enabled high radiation exposure to the target tissues and limits radiation exposure to surrounding healthy tissue. It spares as many healthy tissues as possible. Products that offer these advantages are expected to have a considerable growth potential in a short period, especially in mature markets where the adoption rate of technologically advanced products is high.
For instance, In September 2019, Siemens Healthcare GmbH introduced two dedicated CT systems, Somatom. Sim and Somatom go. Open Pro for the radiation therapy planning. The new system makes radiotherapy planning more accurate. In addition, Elekta AB has launched a new product -Leksell Gamma Knife, a next-generation treatment optimizer for intracranial stereotactic radiosurgery. Thus, the increasing adoption of these systems in multiple applications and settings is the primary factor driving the growth of the radiotherapy market. However, the high cost of radiotherapy devices is anticipated to restrain the radiotherapy market’s growth in the forecast period.
The global radiotherapy market is segregated into radiotherapy devices, radiotherapy consumables & accessories, software, and services based on the product. The radiotherapy devices segment is estimated to witness the highest growth over the analysis timeframe due to the rise in the adoption of linear accelerators, technological advancements related to radiotherapy systems, and rapid expansion in the customer base.
The radiotherapy consumables & accessories will grow significantly due to the rise in the utilization of radiotherapy technology.
Based on the procedure, the global radiotherapy market is categorized into external beam radiotherapy, internal beam radiotherapy, systemic radiotherapy, intravenous radiotherapy, oral radiotherapy, and installation radiotherapy. The external beam radiotherapy segment is held for a significant market share in 2019 and will gain maximum market revenue by 2027. It is attributable to the high external beam radiotherapy equipment installations owing to its precise radiation delivery capabilities, minor damage to normal tissues even at high radiation doses, and continuous advances in existing products.
The internal beam radiotherapy segment is poised to witness significant growth over the forecast period. It allows the oncologist to implant or insert radioactive materials at the cancer site and spares nearby tissues.
Based on the application, the global radiotherapy market is classified into breast cancer, prostate cancer, lung cancer, brain tumor, head & neck cancer, colorectal cancer, cervical cancer, and others. The breast cancer segment is to be the highest revenue share for radiotherapy during the forecast period. The segment’s growth is expected to the rising prevalence of breast cancer and the increasing number of diagnostic procedures and treatments for the disease. According to GLOBOCAN, breast cancer is a highly prevalent cancer, affecting a large proportion of the female population globally. In 2018, about 2,088,849 new breast cancer cases were recorded globally. Also, breast cancer mortality is growing globally, reached 626,679 deaths in 2018. Therefore, the volume of brachytherapy, a radiotherapy treatment procedure for breast cancer and related research to develop advanced treatment options, is rising. Brachytherapy is generally adopted as a replacement for the traditional whole-breast external radiation therapy. It also helps in retaining most healthy breast tissues, thus restoring the cosmetic look of the breast.
The prostate cancer segment will witness a lucrative growth rate in the estimated period due to prostate cancer incidence. It is the second foremost leading cause of cancer death, especially in American men. Around one man in 41 will die of prostate cancer. In addition, external beam radiation therapy (EBRT) is increasingly utilized to treat cancer as its beams of radiation are directed on the prostate gland from a machine outside the body. Men with localized prostate cancer treated with external-beam radiation therapy have a cure rate of 95.5% for intermediate-risk prostate cancer and 91.3% for high-risk prostate cancer.
The global radiotherapy market is segmented into hospitals, independent radiotherapy centers, and cancer research institutes based on the end-user. However, the hospital segment will dominate the global radiotherapy market by 2027. Due to the rise in the number of hospitals using advanced radiotherapy for cancer treatment, economic expansion, and rising government focus on broader healthcare policies. In addition, the growing number of private hospitals in the developing countries coupled with the large pool of cancer patient population visiting the hospitals for treatment & diagnosis drives the market growth.
The independent radiotherapy centers accounted for the largest share of the radiotherapy market in 2019 on better access to healthcare services.
The global radiotherapy market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa by geography. North America is estimated to project growth over 2020-2026. Due to the high incidence of cancer, leading industry players offering innovative products, growing government focus on the healthcare sector.
The Asia Pacific will capture a definite share of the radiotherapy market by 2027. Due to the increasing health insurance penetration, continually improving healthcare infrastructure in the region, and rising government initiatives towards improving healthcare facilities.
Companies such as Elekta AB, Varian Medical Systems Inc., Accuray Incorporated, Mevion Medical Systems Inc., Ion Beam Applications SA, Hitachi Ltd., ICAD Inc, Eckert & Ziegler, IntraOp Medical Inc., C. R. Bard Inc., ViewRay Inc., Panacea Medical Technologies Pvt. Ltd., IsoRay Medical Inc., Optivus Proton Therapy Inc., P-cure Ltd, and Theragenics Corporation are the key players in the global radiotherapy market.