Radiotherapy Market, valued at $6.9 billion in 2023, is anticipated to grow at a CAGR of 5.0%, reaching $8.8 billion by 2028. This industry analysis examines trends, including pricing, patents, and stakeholder insights from webinars. The market growth is fueled by the rising global cancer incidence and technological developments like MRI linear accelerators and proton therapy. Increasing awareness of early tumor detection and investments in advanced radiotherapy technologies in developing nations are driving the market forward.
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The external beam radiotherapy segment, by procedure, is expected to register the largest market share of the global radiotherapy systems market in 2023.
Based on procedure, the radiotherapy market is segmented into external beam radiotherapy, internal beam radiotherapy/brachytherapy, and systemic radiotherapy. The external beam radiotherapy segment dominated this market with a share of in 2022. The large share of this segment can primarily be attributed to the reduced risk of radiation exposure in external beam radiotherapy and the increased precision & accuracy of tumor targeting in this therapy.
This external beam radiotherapy (EBRT) technique is widely preferred over other therapeutic techniques such as brachytherapy and systemic radiotherapy due to its wide range of benefits, including lesser side effects and cost-effectiveness. Moreover, continuous EBRT technological advancements such as MRI Linac, particle therapy and rising research activities in the field of radiation oncology using proton therapy systems are likely to support the growth of the segment
Hospitals were the key end-users in the radiotherapy market
Based on end user, the radiotherapy market has been segmented into hospitals and independent radiotherapy centers. Hospitals commanded the largest share of the global radiotherapy systems market in 2023. Rising initiatives by government to upgrade hospitals with advanced radiotherapy devices, rising collaborations among cancer hospital and radiotherapy device manufacturers, and increasing number of cancer patients undergoing radiotherapy treatment procedures in hospitals
“The APAC market, by region, to register highest growth rate in the forecast period.”
On the basis of region, the radiotherapy market is segmented into North America, Europe, Asia Pacific, and the Latin America, Middle East & Africa. The Asia-Pacific market is likely witnessing significant growth owing to increase in cancer patient pool, improving healthcare infrastructure and the implementation of supportive government initiatives in several APAC countries such as India and China. The rising geriatric population, growing incidence of cancer, and the rising acceptance of radiotherapy procedures and devices are the other major factors driving market growth in Asia Pacific. Additionally rising medical tourism and entry of major market players in the Asia Pacific countries are likely to support the radiotherapy market growth in APAC.
Radiotherapy Market Dynamics:
Drivers:
- Technological advancements in radiotherapy treatment
Restraints:
- lack of adequate healthcare infrastructure in emerging countries
Opportunities:
- Rising Healthcare Expenditure Across Developing Countries
Challenge:
- Risk of Radiation Exposure
Key Market Players of Radiotherapy Industry:
As of 2022, the automated radiation therapy systems market was dominated by Siemens Healthineers AG (Germany), Varian Medical Systems, Inc. (US), Elekta (Sweden) Accuray Incorporated (US), IBA (Belgium), ViewRay Technologies, Inc. (US), Hitachi Ltd. (Japan), iCAD, Inc. (US), IsoRay, Inc. (US), among others.
Recent Developments:
- In October 2023, Accuray incorporated received approval of Tomo C radiation therapy system by the Chinese National Medical Products Administration (NMPA).
- In July 2023, IBA entered into partnership with Apollo Proton Cancer Centre (APCC) (India) to provide training to Oncologist on proton beam therapy
- In April 2022, Elekta and GE HealthCare entered into a global commercial collaboration agreement in the field of radiation oncology, enabling them to provide hospitals a comprehensive offering across imaging and treatment for cancer patients requiring radiation therapy
Content Source:
https://www.marketsandmarkets.com/Market-Reports/radiotherapy-monitoring-devices-market-567.html
https://www.marketsandmarkets.com/PressReleases/radiotherapy-devices.asp
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