Global Radiotherapy Market to Reach US$ 8.5 Billion by 2028, Accelerated by Rising Prevalence of Cancer

According to the latest report by IMARC Group, titled "Radiotherapy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global radiotherapy market size reached US$ 6.5 Billion in 2022. Radiotherapy is a specific treatment method for cancer that relies on radiation to kill malignant cells or shrink tumors. It relies on x-rays or proton radiation, which are illuminated inside or outside the body to damage the genetic material in cancerous cells and restrict them from growing and spreading further. It is carried out by radiation oncologists after conducting examinations and scans to detect the accurate treatment position. It can cure various types of cancers, including breast, cervical, prostate, kidney, liver, lung, brain, and thyroid cancer. It can be combined with other treatment procedures, such as chemotherapy, to destroy cancer cells.

Global Radiotherapy Market Trends:

At present, the increasing demand for radiotherapy, as it is an effective treatment method that relieves symptoms of advanced cancers, represents one of the key factors propelling the growth of the market. Besides this, the rising prevalence of cancer due to the adoption of unhealthy lifestyles and excessive smoking and consumption of alcohol are contributing to the growth of the market. In addition, the growing availability of various advanced radiotherapy devices that enable high-quality radiation conformity with real-time imaging of target tumors is offering a favorable market outlook. Apart from this, rising popularity of novel linear accelerators for addressing unmet medical needs are supporting the growth of the market. Looking forward, the market value is projected to reach US$ 8.5 Billion by 2028, expanding at a CAGR of 4.1% during 2023-2028.

Market Summary:

• On the basis of the type, the market has been divided into external beam radiation therapy [intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), tomotherapy, stereotactic radiosurgery, stereotactic body radiation therapy, proton therapy, 3D conformal radiotherapy (3D CRT), and volumetric modulated arc therapy (VMAT)]; internal radiation therapy/brachytherapy; and systemic radiation therapy. Presently, external beam radiation therapy accounts for the total market share.
• Based on the application, the market has been segregated into skin and lip cancer, head and neck cancer, breast cancer, prostate cancer, cervical cancer, lung cancer, and others. At present, breast cancer holds the biggest share in the market.
• On the basis of the end user, the market has been segmented into hospitals, cancer research institutes, and ambulatory and radiotherapy centers. Ambulatory and radiotherapy centers currently exhibit a clear dominance in the market.
• Region-wise, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Accuray Incorporated, Becton Dickinson and Company, Eckert & Ziegler, Elekta AB (publ), General Electric Company, Hitachi Ltd, Ion Beam Applications, Isoray Inc., Mevion Medical Systems Inc., Nordion Inc. (Sotera Health), and Siemens Healthineers AG (Siemens AG).

Report Scope:

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