Radiotherapy Market By Type (Intensity-Modulated Radiation Therapy (IMRT), Image-Guided Radiation Therapy (IGRT), Proton Therapy, Elevated Dose Rate (HDR) Brachytherapy), Application (Prostate Cancer, Breast Cancer, Lung Cancer, Brain Tumor, Gynecological Malignancies), End-User (Hospitals, Cancer Treatment Centers, Ambulatory Surgical Centers (ASCs)) & Region for 2024-2031

Radiotherapy Market Valuation – 2024-2031

The rising prevalence of cancer, improvements in treatment techniques, and increased patient and healthcare professional awareness of radiotherapy’s efficacy are the main factors driving the market expansion. According to the analyst from Verified Market Research, the Radiotherapy Market is estimated to reach a valuation of USD 8.57 Billion over the forecast subjugating around USD 6.13 Billion in 2023.

The development of novel technologies such as intensity-modulated radiation therapy (IMRT) and proton therapy, which improve treatment precision and patient outcomes, is a key driver of the market. This surge in demand enables the market to grow at a CAGR of 4.27% from 2024 to 2031.

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Radiotherapy Market: Definition/ Overview

Radiotherapy, commonly known as radiation therapy, is a medical treatment that uses high doses of ionizing radiation to kill or slow the growth of cancer cells. The treatment works by damaging the DNA of cancer cells, causing them to die or preventing them from replicating and spreading. Radiotherapy can take several forms, including external beam radiation therapy, in which a machine directs radiation to the tumor from outside the body, and brachytherapy, in which radioactive material is placed directly inside or near the tumor. Its applications are numerous, ranging from curative treatments aiming at eradicating localized tumors to palliative care that relieves symptoms in the late stages of the disease.

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What are the Key Drivers that Foster the Adoption of Radiotherapy?

The increasing global cancer burden is a major driver of the radiotherapy market. According to the World Health Organization (WHO), cancer is the biggest cause of death worldwide, accounting for approximately 10 million deaths in 2020. The International Agency for Research on Cancer (IARC) predicts that the worldwide cancer burden will reach 28.4 million cases in 2040, up 47% from 2020. This rising patient population demands more access to efficient cancer therapies such as radiotherapy, which fuels market growth.

Ongoing advancements in radiotherapy procedures and equipment improve treatment efficacy while growing the market. The National Cancer Institute (NCI) claims that advanced radiation therapy approaches, such as intensity-modulated radiation therapy (IMRT), can reduce side effects in head and neck cancer patients by up to 35% when compared to conventional radiotherapy. According to a study published in the Journal of Clinical Oncology, IMRT utilization for prostate cancer treatment in the United States went from 0.15% in 2000 to 95.9% in 2008, indicating increasing adoption of advanced radiotherapy technology.

Furthermore, growing healthcare spending, particularly in industrialized countries, is driving investment in advanced cancer therapies like radiotherapy. According to the Organization for Economic Cooperation and Development (OECD), health spending as a percentage of GDP in OECD nations was 9.9% in 2020, up from 8.8% in 2019. The Centers for Medicare & Medicaid Services (CMS) predicts that national health spending in the United States will increase at an average annual rate of 5.4% between 2019 and 2028, reaching $6.2 trillion by 2028. This additional healthcare spending is anticipated to help expand and improve radiotherapy services.

What are the Primary Challenges Hindering the Growth of the Radiotherapy Market?

The substantial financial investment required for advanced radiotherapy equipment and technology is a considerable hurdle, especially in emerging economies. Many healthcare facilities struggle to devote sufficient cash for the purchase and maintenance of these systems, which limits their ability to implement novel treatment methods. This high cost also results in increased treatment costs for patients, thus limiting access to critical care.

Furthermore, the shortage of competent radiotherapists and oncologists is a major concern in the radiotherapy market. The complexity of radiation operations demands specialist training, which is lacking in many areas. This shortfall resulted in treatment delays, longer patient wait times, and inferior care quality, all of which had an impact on patient outcomes and overall cancer treatment efficiency.

Category-Wise Acumens

What Factors Contribute to the Market Leadership of Intensity-Modulated Radiation Therapy (IMRT)?

According to VMR analysis, the intensity-modulated radiation therapy (IMRT) segment is estimated to hold the largest market share during the forecast period. IMRT benefits from ongoing advances in radiation technology, allowing for more precise and tailored therapy delivery. These developments enable radiation dosages to be more accurately tailored to complicated tumor forms while reducing exposure to adjacent healthy tissues. As a result, IMRT improves therapy efficacy while lowering adverse effects, making it a popular choice among healthcare practitioners for a variety of cancer types.

The increased inclination for non-invasive cancer therapies has accelerated the introduction of IMRT. Patients and healthcare professionals are rapidly recognizing the benefits of IMRT for efficient tumor control with fewer consequences than older approaches. This move toward safer treatment choices is pushing up demand for IMRT, further consolidating its market position.

Furthermore, clinical studies have shown that IMRT improves patient outcomes, including greater rates of local control and overall survival, especially in difficult situations like head and neck tumors. The ability to increase radiation doses while conserving healthy tissue has established IMRT as a cornerstone in current oncology procedures, cementing its market leadership as healthcare professionals strive to maximize treatment effectiveness for their patients.

What are the Key Driving Forces for Radiotherapy for Prostate Cancer?

The prostate cancer segment is estimated to dominate the radiotherapy market during the forecast period. The rising global prevalence of prostate cancer has a crucial role in the segment’s domination. According to GLOBOCAN data, roughly 1.4 million new cases were reported in 2020, with a projected increase to 1.9 million by 2040. This rising patient population demands effective treatment alternatives, such as radiotherapy, which drives market demand.

Prostate cancer radiotherapy has a higher success rate than other cancer kinds, making it the favored treatment option. Technological advancements such as intensity-modulated radiation treatment (IMRT) and stereotactic body radiation therapy (SBRT) have enhanced precision and reduced side effects, resulting in better patient outcomes and increased adoption in this segment.

Furthermore, patients and healthcare providers are becoming increasingly aware of the benefits of radiotherapy for prostate cancer treatment. Enhanced education and outreach programs are resulting in earlier diagnoses and higher treatment adherence. Also, favorable reimbursement rules improve access to these medicines, reinforcing the prostate cancer segment’s market leadership.

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Country/Region-wise Acumens

What are the Specific Trends Unique to North America that Contribute to its Dominance in this Market?

According to VMR analyst, North America is estimated to dominate the radiotherapy market during the forecast period. North America, particularly the United States, has a high cancer burden, which drives demand for radiotherapy services. According to the American Cancer Society’s Cancer Statistics 2023 study, an estimated 1,958,310 new cancer cases and 609,820 cancer deaths are expected in the United States in 2023. According to the National Cancer Institute, around half of all cancer patients receive radiation therapy as part of their treatment. The region’s market dominance is mostly due to the high incidence and utilization rate of radiotherapy.

Furthermore, North America has a well-developed healthcare system with high adoption rates of new medical technology, including advanced radiotherapy equipment. The United States Food and Drug Administration (FDA) claims that it has approved several novel radiotherapy devices in recent years. For example, in 2021, the FDA approved the world’s first AI-powered radiation therapy equipment for clinical usage. According to a study published in the International Journal of Radiation Oncology, Biology, and Physics, the number of radiation treatment facilities in the United States increased by 17% between 2005 and 2015, to 2,323.

What are the Factors Leading to Significant Share in the Asia Pacific Region?

The Asia Pacific region is estimated to exhibit the highest growth within the market during the forecast period. The Asia Pacific region is experiencing a considerable increase in cancer diagnoses, pushing up demand for radiotherapy services. According to the World Health Organization’s International Agency for Research on Cancer (IARC), the Asia-Pacific region accounted for 49.3% of new cancer cases worldwide in 2020. According to the GLOBOCAN 2020 report, there were 9.5 million new cancer cases in Asia in 2020, and this number is expected to climb to 15.1 million by 2040, representing a 58.9% increase. This significant increase in cancer incidence is pushing the expansion of radiotherapy services in the region.

Furthermore, many Asia-Pacific countries are significantly raising healthcare spending and improving medical infrastructure, including radiotherapy facilities. According to the World Bank, health expenditure as a proportion of GDP in East Asia and the Pacific rose from 6.4% in 2010 to 7.2% in 2019. In China, a prominent market in the region, the National Health Commission announced that the number of radiation units climbed from 1,655 in 2010 to 4,283 in 2019, reflecting a growth of more than 158% in less than ten years. The rapid development of healthcare infrastructure is boosting the region’s radiotherapy market.

Competitive Landscape

The competitive landscape of the radiotherapy market is characterized by a dynamic interplay of technology breakthroughs, regulatory backing, and rising demand for effective cancer therapies. The market is experiencing a surge of innovation, particularly in external beam radiotherapy and advanced treatment approaches like intensity-modulated radiation therapy (IMRT) and proton therapy, which improve treatment precision while minimizing damage to healthy tissues.

Some of the prominent players operating in the radiotherapy market include:

• Varian Medical Systems
• Elekta AB
• Accuray Incorporated
• Mevion Medical Solutions
• Siemens Healthineers AG
• Canon Medical Systems Corporation
• Hitachi Ltd.
• Mitsubishi Heavy Industries Ltd.
• Koninklijke Philips N.V.
• ABIOMED, Inc.

Latest Developments

• In October 2023, Accuray Incorporated received approval for its Tomo H Radiation Therapy System from China’s National Medical Products Administration (NMPA). This marks a significant development for Accuray, granting them entry into the rapidly growing Chinese radiotherapy market. With a rising number of cancer diagnoses, China presents a substantial opportunity for companies offering advanced radiotherapy solutions. This approval allows Accuray to expand its reach and potentially contribute to improving access to innovative cancer treatment for patients in China.
• In July 2023, IBA partnered with the Apollo Proton Cancer Centre (APCC) in India. This collaboration focuses on training oncologists in advanced proton beam therapy techniques. Proton therapy offers a highly precise form of radiation treatment that can minimize damage to healthy tissue surrounding tumors. By providing training to oncologists, this partnership aims to improve access to and expertise in this advanced radiotherapy technique for cancer patients in India.
• In April 2022, Elekta and GE Healthcare announced a global collaboration agreement. This partnership aims to offer a comprehensive solution for radiation oncology by combining advanced imaging and treatment technologies. By working together, Elekta and GE can potentially provide healthcare providers with a more holistic range of services for treating cancer patients. This collaboration has the potential to improve the efficiency and effectiveness of radiotherapy treatment.

Report Scope

Radiotherapy Market, By Category

Type:

• Intensity-Modulated Radiation Therapy (IMRT)
• Image-Guided Radiation Therapy (IGRT)
• Proton Therapy
• Elevated Dose Rate (HDR) Brachytherapy

Application:

• Prostate Cancer
• Breast Cancer
• Lung Cancer
• Brain Tumor
• Gynecological Malignancies

End-User:

• Hospitals
• Cancer Treatment Centers
• Ambulatory Surgical Centers (ASCs)

Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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