Radiation Therapy Market size is predicted to grow at a CAGR 📈 of 5.1%

Market Overview

According to Market.us, The global radiotherapy market 📈 in terms of revenue was estimated to be worth USD 6.62 billion in 2023 and is poised to reach USD 11.45 billion by 2033, growing at a CAGR of 5.1% from 2023 to 2033. Radiation therapy using ionizing radiation to kill cancerous cells and prevent spreading to other parts of the body or tissues. This market is growing with more research and development by key market players.

The demand for radiation therapy is increasing due to the rising incidence of cancer worldwide. According to the World Health Organization, cancer is the second leading cause of death globally, and it is expected to increase by 70% over the next two decades. Furthermore, technological advancements in radiation therapy devices, such as intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), and proton therapy, are further fueling market growth.

The market study was greatly affected by the COVID-19 epidemic. The World Health Organization's guidelines for chronic disease patients recommended that they remain indoors following the start of the pandemic. The radiotherapy market was severely affected by this. However, there was a surge in researchers researching the impact of treatment delay on cancer patients amid COVID-19. The pandemic saw more research and studies to determine the effectiveness of radiation therapy in treating the COVID-19 infection.

Market Definition

The radiation therapy market refers to the global market for the use of ionizing radiation in the treatment of cancer and other medical conditions. Radiation therapy involves the use of high-energy radiation, such as X-rays, gamma rays, and charged particles, to kill cancer cells and shrink tumors. The market includes a range of radiation therapy products and services, including external beam radiation therapy, internal radiation therapy, and systemic radiation therapy. The target audience for radiation therapy includes cancer patients, healthcare providers, and hospitals. The market is geographically spread across various regions, including North America, Europe, Asia Pacific, and the rest of the world. The radiation therapy market is highly regulated, with strict guidelines and approval processes for radiation therapy products and services. The market is expected to grow due to an increasing incidence of cancer and technological advancements in radiation therapy techniques.

What is Radiation therapy?

Radiation therapy, also known as radiotherapy, is a treatment method that uses high-energy radiation to destroy cancer cells and shrink tumors. It is often used as a primary treatment for cancer or in combination with other treatment methods such as chemotherapy and surgery. The global radiation therapy market is expected to grow significantly due to the increasing incidence of cancer, technological advancements in radiation therapy devices, and rising demand for non-invasive cancer treatments.

Radiation therapy involves using high-energy X-rays or other particles to kill cancer cells and shrink tumors. It can be used as a primary treatment when surgery is not an option or as adjuvant treatment after surgery or chemotherapy. It has been proven to be effective in treating certain types of cancers such as brain tumor, prostate cancer, breast cancer, lung cancer, head and neck cancers etc.

Key Takeaways

• North America's market generated 38.7% revenue share by 2021.
• APAC market is set to grow at a 7.6% annual rate between 2022-2030.
• In 2021, 81% of the revenue came from external beam therapy.
• Application-based breast cancer has been the most dominant segment of the market in 2021.
• Hospitals have a 72% share of revenue among end-users in 2021.

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Regional Snapshot 🌍

Radiation therapy that is constantly evolving in technology. It has been used in many countries with high demand from the medical sector. North America experiences the greatest market growth in radiation treatment. The medical sector is demanding more radiation therapy.

An increasing number of cancer disorders can lead to an increase in lifestyle. Inactivity, diet, and obesity could all contribute to the development of chronic disorders. Government support through increased investment from different region for new developments and improving the infrastructure within the health sector. Additionally, policies for the benefit to the people are enhanced such as reimbursement and increase the market for radiation treatment. Asia Pacific and Latin America are other important regions that help to grow the market.

Report highlights

• By type, the market is segmented into External, and Internal. By application, the market is divided into Prostate, Breast, and Cervical.
• Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
• Major players profiled in the report include Varian Medical, Elekta, Accuray, Ion Beam, Nordion, C. R. Bard, Isoray Medical, RaySearch, Mevion Medical, and Mitsubishi Electric.

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Drivers

1. Rising incidence of cancer: With an increasing global population, the incidence of cancer is also rising, driving the demand for radiation therapy.
2. Technological advancements: The development of new and advanced radiation therapy techniques, such as intensity-modulated radiation therapy (IMRT) and proton therapy, is expected to drive the market growth.
3. Increasing demand for non-invasive procedures: Radiation therapy is a non-invasive treatment option for cancer patients, which is driving its demand over other invasive treatment options.
4. Growing adoption of radiation therapy in developing countries: With an increase in healthcare expenditure and infrastructure development, developing countries are increasingly adopting radiation therapy for cancer treatment.

Restraints

1. High treatment costs: Radiation therapy is an expensive treatment option, making it difficult for patients with limited financial resources to access the treatment.
2. Side effects associated with radiation therapy: Radiation therapy can cause various side effects such as skin irritation, fatigue, and hair loss, which can affect the patient's quality of life and discourage them from opting for the treatment.
3. Lack of access to radiation therapy in low-income countries: Low-income countries have limited access to radiation therapy due to a lack of infrastructure and trained personnel.

Opportunities

1. Emerging markets: Emerging markets present significant growth opportunities for radiation therapy manufacturers due to their growing healthcare infrastructure and increasing demand for cancer treatment.
2. Technological advancements: The development of new and advanced radiation therapy techniques provides significant growth opportunities for companies operating in the market.
3. Collaborations and partnerships: Collaborations and partnerships between manufacturers and research institutions can lead to the development of new and innovative radiation therapy products.

Challenges

1. Regulatory challenges: Strict regulatory requirements and approval processes can make it difficult for companies to launch new radiation therapy products in the market.
2. Lack of awareness: Lack of awareness about radiation therapy and its benefits in some regions can limit the market growth.
3. Competition from alternative treatment options: The competition from alternative cancer treatment options, such as chemotherapy and surgery, can limit the growth of the radiation therapy market.

Recent Developments

• In 2021, Accuray Incorporated received FDA clearance for its CyberKnife S7 System, which offers advanced precision and speed for radiation therapy treatments.
• In 2020, Varian Medical Systems, Inc. announced the launch of its Ethos therapy, which offers personalized radiation therapy treatments for cancer patients.

Market Segmentation

Type

• External
• Internal

Application

• Prostate
• Breast
• Cervical

Market Players:

• Varian Medical
• Elekta
• Accuray
• Ion Beam
• Nordion
• C. R. Bard
• Isoray Medical
• RaySearch
• Mevion Medical
• Mitsubishi Electric

Frequently Asked Questions:

1. What is radiation therapy?

Radiation therapy, also known as radiotherapy, is a treatment method that uses high-energy radiation to destroy cancer cells and shrink tumors.

2. What are the types of radiation therapy?

There are two main types of radiation therapy: external beam radiation therapy and internal radiation therapy.

3. What are the side effects of radiation therapy?

The side effects of radiation therapy depend on the part of the body being treated and the dosage of radiation. Common side effects include fatigue, skin irritation, and nausea.

4. What are the benefits of radiation therapy?

Radiation therapy can be an effective treatment method for cancer and can help shrink tumors and destroy cancer cells.

5. How long does radiation therapy last?

The length of radiation therapy treatment depends on the type and stage of cancer being treated. It can range from a few weeks to several months.

Report Scope

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