The Increasing Burden of Cancer in the World Is Augmenting the Growth of the Global Radiotherapy Market

 

Radiotherapy Market

Radiotherapy Market, by Product Type (External Beam Radiation (Compact Advanced Radiotherapy Systems (Cyber Knife, Gamma Knife, and Others), Proton Therapy Systems (Synchrotron and Cyclotron), and High Energy Linear Accelerators (LINAC)), Internal Beam Radiation (Applicators, Afterloader, and Seeds), and Systemic Radiation), by Therapy Type (External Beam Radiation Therapy (Stereotactic Radiosurgery (SRS), Stereotactic Body Radiation Therapy (SBRT), Intensity-modulated Radiation Therapy (IMRT), Proton Therapy, Image-guided Radiotherapy (IGRT), Volumetric Modulated Arc Therapy (VMAT), and Others), Internal Beam Radiation Therapy(Low-dose Rate Brachytherapy (LDR), High-dose Rate Brachytherapy (HDR), Image-guided Brachytherapy (IGBT), and Pulse Dose Rate Brachytherapy (PDR)), and Systemic Radiation Therapy), by Application (Prostate Cancer, Breast Cancer, Lung Cancer, Colorectal Cancer, Cervical Cancer, and Others), by End User (Hospitals, Oncology Clinics, and Ambulatory Radiotherapy Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030.

Market Overview:

Radiotherapy, also known as radiation therapy, is a medical treatment modality used in the management of cancer and some non-cancerous conditions. Radiotherapy involves the use of high-energy radiation to destroy cancer cells or shrink tumors, primarily by damaging their DNA and inhibiting their ability to grow and divide.

A Study By Coherent Market Insights Says, Global Radiotherapy Market Is Estimated To Be Valued At US$ 7,078.91 Million In 2022 And Is Expected To Exhibit A CAGR Of 6.8% During The Forecast Period (2022-2030).

Competitive Landscape:

Major players operating in the global Radiotherapy Market include Qfix, Vision RT Ltd., MacroMedics, RefleXion, Optivus Proton Therapy, Inc., Panacea Medical Technologies Pvt. Ltd., VIEWRAY TECHNOLOGIES, INC., ProTom International, Mevion Medical Systems, CIVCO, Hitachi, Ltd., Isoray Inc., Elekta, and Accuray Incorporated.

Key Market Drivers:

The growing global burden of cancer has been a major driver for the radiotherapy market. This is expected to augment the growth of the global radiotherapy market. For instance, according to the American Cancer Society, in 2021, around 1.9 million new cancer cases were diagnosed in the United States. Advances in radiotherapy technology have enhanced treatment precision, reduced side effects, and improved patient outcomes. Techniques such as intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), and stereotactic radiosurgery (SRS) have gained prominence, enabling targeted treatment delivery. Technological innovations drive market growth as healthcare providers seek to adopt state-of-the-art equipment and software.

The global aging population has led to a higher incidence of cancer. The elderly are more susceptible to cancer and often require radiotherapy as part of their treatment regimen. As the geriatric population continues to expand, the demand for radiotherapy services is expected to rise. Public awareness campaigns and educational initiatives by governments and healthcare organizations have increased knowledge about cancer and its treatment options. This heightened awareness has led to earlier cancer detection and increased demand for radiotherapy. This is estimated to enhance the growth of the global radiotherapy market.

Covid-19 Impact Analysis:

Many cancer screenings were postponed or canceled, leading to delayed diagnoses during the COVID-19 pandemic. This resulted in a backlog of patients requiring treatment, impacting the demand for radiotherapy services. The pandemic disrupted global supply chains, causing shortages of radiotherapy equipment and consumables. Delays in manufacturing and shipping further hindered market growth during the pandemic. Economic downturns and increased healthcare spending on COVID-19 response strained healthcare budgets, leading to financial constraints for some patients and healthcare facilities. This could potentially impact the adoption of radiotherapy treatments. All these factors significantly affected the growth of the global radiotherapy market.

Key Takeaways:

·        North America is expected to dominate the growth of the global Radiotherapy Market, owing to the presence of well-established healthcare infrastructure, high adoption of advanced radiotherapy technologies, and favorable reimbursement policies. For instance, in June 2020, Accuray Incorporated introduced an advanced device called CyberKnife S7 System. This device combines real-time AI-based motion tracking, precision, and speed for stereotactic body radiation therapy (SBRT) and stereotactic radiosurgery (SRS).

·        Europe is estimated to witness high growth in the global radiotherapy market, owing to the increased investments in healthcare infrastructure, rising cancer incidence, and supportive government initiatives. The region has witnessed significant advancements in radiotherapy techniques and technologies. For instance, in June 2021, the US FDA approved Elekta's Elekta Harmony radiation therapy system.