Radiotherapy Market Research Report

Radiotherapy Market Size:

The global radiotherapy market size reached US$ 6.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 9.7 Billion by 2032, exhibiting a growth rate (CAGR) of 3.9% during 2024-2032. The market is growing rapidly, driven by increasing prevalence of cancer across the globe, rapid technological advancements in radiotherapy, growing awareness of cancer and importance of early detection, rising geriatric population, and escalating government and private funding.

Radiotherapy Market Analysis:

• Market Growth and Size: The market is witnessing stable growth, driven by the increasing global prevalence of cancer. Besides this, the rising healthcare investments and advancements in treatment technologies, are positively influencing the market growth.
• Major Market Drivers: Key drivers influencing the market growth include the growing incidence of cancer across the globe, technological innovations in radiotherapy, and increasing awareness and early detection of cancer. Additionally, the rising geriatric population and supportive government and private funding are stimulating the market growth.
• Technological Advancements: Recent innovations in radiotherapy and proton therapy that are revolutionizing cancer treatment, offering greater precision and reduced side effects are bolstering the market growth. Furthermore, continuous research and development (R&D) efforts that are focused on enhancing treatment efficacy and patient comfort is strengthening the market growth.
• Industry Applications: The market is experiencing high demand for radiotherapy across various cancer types, including breast, prostate, lung, cervical, and head and neck cancers, owing to its versatility and effectiveness.
• Key Market Trends: The key market trends involve the ongoing shift towards personalized medicine, increased adoption of advanced radiotherapy techniques, and a growing preference for non-invasive treatments. Additionally, the rising trend in combining radiotherapy with other treatment modalities is supporting the market growth.
• Geographical Trends: North America leads the market due to advanced healthcare infrastructure and high cancer prevalence. Other regions are also showing significant growth, fueled by rapid healthcare improvements and a large patient base.
• Competitive Landscape: The market is characterized by the presence of key players engaging in mergers, acquisitions, and collaborations. Additionally, companies are also heavily investing in technological advancements and global expansion.
• Challenges and Opportunities: The market faces various challenges, such as high costs of advanced radiotherapy technologies and uneven access to treatment facilities. However, the development of cost-effective and more efficient treatment solutions are creating new opportunities for the market growth.
   

Radiotherapy Market Trends:

Increasing prevalence of cancer across the globe

The escalating prevalence of cancer across the globe is a significant factor driving the market growth. This surge in cancer cases directly translates to an increased demand for effective treatment modalities, including radiotherapy. It is a cornerstone in cancer treatment and utilizes high-energy radiation to destroy cancer cells. Furthermore, the widespread adoption of radiotherapy, owing to its effectiveness in various cancer types, such as breast, lung, prostate, and cervical cancer, is boosting the market growth. In addition, the increase in incidences of cancer due to various factors, including geriatric populations, lifestyle changes, environmental factors, and genetic predisposition, is acting as another growth-inducing factor. Additionally, the rapid expansion of treatment capacities in hospitals to accommodate rising cancer cases, is further propelling the market growth.

Rapid technological advancements in radiotherapy

Recent technological advancements in radiotherapy aimed at increasing the precision and effectiveness of treatment while minimizing damage to surrounding healthy tissues, are contributing to the market growth. In line with this, the development of intensity-modulated radiotherapy (IMRT), which allows for the modulation of radiation beams of varying intensities, precisely targeting the tumor, is catalyzing the market growth. Additionally, the introduction of image-guided radiotherapy (IGRT), which integrates imaging techniques during radiation treatment, ensuring accurate tumor targeting, is positively influencing the market growth. Besides this, recent advancements in particle therapy, such as proton therapy, which offers high precision for treating tumors near critical organs, are strengthening the market growth.

Growing awareness of cancer and the importance of early detection

The increasing awareness of cancer and the importance of early detection is significantly contributing to the market growth. In line with this, the organization of education campaigns by healthcare facilities and governments to raise public awareness about cancer symptoms, risk factors, and the importance of early diagnosis is propelling the market growth. Furthermore, early detection of cancer often means a higher chance of successful treatment, with radiotherapy being a key treatment modality. Moreover, screening programs for various types of cancers, such as breast, cervical, and colorectal cancers, which have become more widespread, leading to earlier diagnoses, are driving the market growth. Additionally, the escalating role of social media and digital platforms in disseminating information about cancer and its treatments is acting as another growth-inducing factor.

Rising geriatric population

The rising geriatric population across the globe, which is at a higher risk of developing cancer, is boosting the market growth. This demographic trend is particularly pronounced in developed countries where life expectancy is higher. It results in increased demand for cancer treatments, including radiotherapy. Furthermore, geriatric patients often require specialized treatment approaches, and radiotherapy offers a viable option due to its non-invasive nature and adaptability to individual patient conditions. Additionally, radiotherapy’s ability to be combined with other treatment modalities like surgery and chemotherapy, making it an essential part of comprehensive cancer care for the geriatric population, is positively affecting the market growth. Besides this, the expanding geriatric population, which necessitates the expansion of healthcare services, including oncology and radiotherapy facilities, is favoring the market growth.

Escalating government and private funding

Government and private funding are playing a pivotal role in driving the market growth. Investments in healthcare, particularly in cancer research and treatment, are becoming crucial for the development and implementation of advanced radiotherapy technologies. In line with this, governments across the globe are allocating funds towards cancer research, aiming to improve treatment outcomes and patient quality of life. This funding supports various aspects of radiotherapy, including the development of new technologies, training of medical professionals, and establishment of state-of-the-art treatment facilities. Moreover, the advent of private sector funding, including investments from pharmaceutical companies, medical device manufacturers, and non-profit organizations, which further supplements government efforts, is fueling the market growth.

Radiotherapy Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, application, and end user.

Breakup by Type:

• 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)
  • Volumetric Modulated Arc Therapy (VMAT)
• Internal Radiation Therapy/Brachytherapy
• Systemic Radiation Therapy
   

External beam radiation therapy accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes 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. According to the report, external beam radiation therapy represented the largest segment.

External beam radiation therapy (EBRT) represents the largest market segment owing to its widespread adoption and versatility in treating a wide range of cancers. It involves delivering high-energy radiation beams directly to the tumor from outside the body using a machine called a linear accelerator. Additionally, the continuous advancements in technology, such as intensity-modulated radiation therapy (IMRT) and image-guided radiation therapy (IGRT), which allow for more precise targeting of tumors while minimizing damage to surrounding healthy tissues, are positively impacting the market growth. Besides this, the widespread availability of EBRT, coupled with its effectiveness and evolving techniques that offer shorter treatment courses with enhanced precision, is favoring the market growth.

In internal radiation therapy/brachytherapy, a radioactive material is placed inside or near the tumor, delivering radiation directly to the cancer cells with minimal impact on the surrounding healthy tissues. It is particularly effective for certain types of cancers, such as cervical, prostate, breast, and skin cancers. Additionally, the development of advanced delivery techniques and the increasing precision in radiation dosing are fueling the market growth.

Systemic radiation therapy involves administering radioactive substances, which travel through the bloodstream to target cancer cells throughout the body. It is primarily used for treating certain types of thyroid cancer and bone metastasis from prostate or breast cancer. Furthermore, the development of new radiopharmaceuticals and the increasing prevalence of cancers that respond well to this treatment approach are catalyzing the market growth.

Breakup by Application:

• Skin and Lip Cancer
• Head and Neck Cancer
• Breast Cancer
• Prostate Cancer
• Cervical Cancer
• Lung Cancer
• Others
   

Breast cancer holds the largest share in the industry

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes skin and lip cancer, head and neck cancer, breast cancer, prostate cancer, cervical cancer, lung cancer, and others. According to the report, breast cancer accounted for the largest market share.

The breast cancer segment holds the largest market share. It utilizes radiotherapy as a standard post-operative treatment for breast cancer, particularly after lumpectomy, to eliminate residual cancer cells and reduce the risk of recurrence. Radiotherapy is also used in advanced stages of the disease to manage symptoms and control tumor growth. Furthermore, the high prevalence of breast cancer across the globe, making it one of the most common cancers, is contributing to the market growth. Additionally, recent advancements in radiotherapy, like partial breast irradiation and hypofractionated radiation therapy, which deliver higher doses over fewer sessions, are positively influencing the market growth.

The skin and lip cancer segment utilizes radiotherapy for treating basal cell carcinoma, squamous cell carcinoma, and less commonly, melanoma. In lip cancer, radiotherapy serves as an effective treatment, particularly when surgery is not an option. Additionally, the increasing public exposure to risk factors like ultraviolet (UV) radiation and the rising awareness about skin health are driving the market growth.

Radiotherapy plays a critical role in the treatment of head and neck cancers, a diverse group of tumors that include cancers of the mouth, throat, larynx, nose, sinuses, and salivary glands. The effectiveness of radiotherapy in managing these cancers, especially when combined with surgery or chemotherapy, is bolstering the market growth.

In prostate cancer, radiotherapy is used as a primary treatment or in combination with other therapies like hormone therapy. Furthermore, the increasing prevalence of prostate cancer, particularly in geriatric populations, is fueling the market growth. Additionally, recent advances in radiotherapy techniques, such as brachytherapy and stereotactic body radiotherapy (SBRT), which have improved treatment precision and outcomes, are driving the market growth.

In cervical cancer treatment, radiotherapy is often combined with chemotherapy as a primary treatment modality, particularly in advanced stages or when surgery is not viable. Furthermore, the effectiveness of radiotherapy in controlling tumor growth and improving survival rates in cervical cancer patients, is propelling the market growth. Additionally, recent advances in radiotherapy, such as image-guided brachytherapy, which have enhanced the precision of treatment, are supporting the market growth.

The lung cancer segment utilizes radiotherapy for non-small cell and small cell lung cancers, either as a standalone treatment, post-surgery, or in combination with chemotherapy. Additionally, the rising incidence of lung cancer, linked to factors such as smoking, pollution, and occupational hazards, is favoring the market growth. Besides this, the development of advanced radiotherapy techniques, such as stereotactic body radiotherapy (SBRT), which has revolutionized the treatment of early-stage lung cancer, is stimulating the market growth.

Breakup by End User:

• Hospitals
• Cancer Research Institutes
• Ambulatory and Radiotherapy Centers
   

Ambulatory and radiotherapy centers represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the end user. This includes hospitals, cancer research institutes, and ambulatory and radiotherapy centers. According to the report, ambulatory and radiotherapy centers represented the largest segment.

Ambulatory and radiotherapy centers hold the largest market share, as they specialize in providing outpatient radiotherapy services, making treatment more accessible and convenient for patients. Furthermore, they play a significant role in the healthcare system by offering a cost-effective alternative to hospital-based treatment without compromising the quality of care. Additionally, ambulatory radiotherapy centers are equipped with advanced radiation therapy technologies and are staffed by specialized oncology professionals, which is contributing to the market growth. Moreover, the increasing demand for more patient-centered, efficient, and flexible cancer treatment options is fueling the market growth.

Hospitals are equipped with advanced radiotherapy systems and possess the necessary infrastructure to offer a comprehensive range of cancer treatments. They often have multidisciplinary teams, including oncologists, radiologists, surgeons, and other specialists, providing integrated care to cancer patients. Additionally, the presence of inpatient and outpatient services in hospitals, which allows for the treatment of a wide spectrum of cancer cases, is favoring the market growth.

Cancer research institutes play a vital role in the advancement of radiotherapy techniques through extensive research and clinical trials. They are often at the forefront of developing and testing new radiotherapy technologies, treatment protocols, and combination therapies. Furthermore, cancer research institutes also collaborate with pharmaceutical companies and medical device manufacturers to innovate and improve radiotherapy effectiveness and safety.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest radiotherapy market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, North America accounted for the largest market share.

North America represents the largest market due to several factors, including the high prevalence of cancer, well-established healthcare infrastructure, and the presence of leading radiotherapy equipment manufacturers. Additionally, the rapid adoption of advanced radiotherapy technologies, such as IMRT, IGRT, and proton therapy in the region, driven by significant investments in healthcare and a strong focus on cancer research and innovation, is contributing to the market growth. Besides this, the presence of major cancer research institutes and comprehensive cancer centers in North America, which facilitates the ongoing development and implementation of cutting-edge radiotherapy techniques, is positively influencing the market growth.

The Asia Pacific region is experiencing rapid growth in the radiotherapy market, driven by the increasing incidence of cancer, expanding healthcare infrastructure, and rising healthcare expenditure. Additionally, the ongoing improvement in healthcare systems, including the adoption of modern radiotherapy technologies, is catalyzing the market growth. Furthermore, the presence of a large geriatric population in the region is contributing to the market growth.

Europe is a major player in the radiotherapy market, with a well-established healthcare system and strong government support for cancer treatment and research. Furthermore, the region is known for its advanced medical technologies, high-quality healthcare services, and extensive cancer screening programs. Additionally, the increasing adoption rate of advanced radiotherapy techniques in Europe is bolstering the market growth.

Latin America's radiotherapy market is growing, influenced by the increasing prevalence of cancer, improvements in healthcare infrastructure, and rising public awareness about cancer. Additionally, the rising investment in modernizing healthcare facilities and increasing the availability of cancer treatments, including radiotherapy, is strengthening the market growth. Moreover, the introduction of various government initiatives and partnerships with international organizations aimed at enhancing cancer care is favoring the market growth.

The radiotherapy market in the Middle East and Africa region is driven by the increasing awareness of cancer treatments, governmental initiatives to improve healthcare infrastructure, and rising healthcare expenditure. Additionally, the escalating investments in healthcare, including the establishment of specialized cancer treatment centers, are bolstering the market growth. Moreover, the increasing collaborations with international healthcare providers and manufacturers to enhance the availability of advanced radiotherapy technologies are supporting the market growth.

Leading Key Players in the Radiotherapy Industry:

Top companies are continuously investing in research and development (R&D) to innovate and improve radiotherapy technologies. It includes the development of more precise and effective treatment modalities, such as advanced linear accelerators, proton therapy systems, and sophisticated software for treatment planning and image guidance. Additionally, several leading players are expanding their market presence and product portfolios through strategic mergers and acquisitions. Moreover, they are setting up new facilities, collaborating with local healthcare providers, and adapting to regional market needs and regulatory environments. Apart from this, many companies are forming partnerships with healthcare providers, research institutions, and other companies to enhance product development, clinical research, and distribution channels.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market 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)
• Siemens Healthineers AG (Siemens AG)
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Latest News:

• In May 2022, Elekta AB launched Elekta Espirit, a next-generation gamma knife that enables more personalized radiosurgery.
• In May 2023, General Electric Company launched multiple radiotherapy instruments, including auto segmentation, intelligent radiation therapy (IRT), and updated MR radiation therapy suite.
• In September 2023, Siemens Healthineers acquired Aspekt to strengthen its radiation oncology services.

Radiotherapy Market Report Scope:

Key Questions Answered in This Report:

• How has the global radiotherapy market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global radiotherapy market?
• What is the impact of each driver, restraint, and opportunity on the global radiotherapy market?
• What are the key regional markets?
• Which countries represent the most attractive radiotherapy market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the radiotherapy market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the radiotherapy market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the radiotherapy market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global radiotherapy market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the radiotherapy market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global radiotherapy market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the radiotherapy industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.