Radiation Therapy Market to Reach US$ 10.6 Bn by 2031; Widespread Adoption of Image-guided Therapies to Generate Substantial Revenues, Notes TMR Study

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Jun 06, 2022, 11:30 ET

Technological advancements in radiation therapy market to allow clinicians to non-invasively target tumor cells without impacting healthy cells; companies to capture massive revenues from demand for brachytherapy and external beam radiation therapy
Need for optimizing treatment techniques to reduce burden of cancer, extending horizon; considerable presence of cancer patients to spur lucrative prospects in North America

ALBANY, N.Y., June 6, 2022 /PRNewswire/ -- Continuous technological advancements in radiation oncology have catalyzed widespread acceptance of radiation therapy for cancer patients as a well-established therapy for cancer management. Emerging trends of the radiation therapy market reinforce the aspect that increased precision and tolerability of brachytherapy and external beam radiation therapy unlock incredible opportunities for market players. A TMR study on the radiation therapy market projections found the global valuation to expand from US$ 6.3 Bn in 2021 to US$ 10.6 Bn in 2031.

The global market for radiation therapy is witnessing companies expanding R&D for image-guided therapies and flash therapy. Emerging economies in particular presents a vast latent opportunity for shaping dynamics of demand for radiation therapy. Other forms of image-guided radiotherapy play a pivotal role in optimizing the treatment technique.

The radiation therapy market outlook is expected to be enriched by growing approval of cancer treatment systems and solutions in key markets, such as North America and Europe. Next-gen technologies in these markets will greatly bolster radiation therapy market projections. Companies are geared toward improving the outcomes mainly by launching newer products for external beam therapy. Furthermore, the demand for internal radiation therapy in cancer centers will unlock new avenues in the radiation therapy market.

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Key Findings of Radiation Therapy Market Study

Rising Cancer Patient Visits to Hospitals Steering Demand: The TMR study on the radiation therapy found that the demand for the products in hospitals is massive. The end-use segment is projected to account for a major share of the global radiation therapy market during the forecast period. Rise in number of visits of oncology patients is a key factor bolstering the revenue possibilities. Of note, intraoperative radiation therapy (IORT) is popular in the hospital care setting.
Advancements in Image-guided Therapies to Improve Patient Outcomes: Surgeons are increasingly adopting methods of delivering radiation therapies which have a high precision and accuracy. Thus, technological advancements in image-guided therapies are unlocking new revenue streams for companies in the radiation therapy market, assert the authors of the TMR study. Image-guided radiotherapy is particularly helpful for treating tumors present in the lung.
New Products Aim at Increasing Comfort and Reducing Toxicity: Companies are engaged in R&D to launch products that improve comfort and safety profile. New-gen products in the radiation therapy market are expected to attract attention among patients who want treatments that can maximize tumor control as well as cause minimal discomfort. Such treatments have established their presence in radiation oncology. Brachytherapy is a case in point.

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Radiation Therapy Market: Key Drivers

Massive burden of cancer has propelled the need for therapies for both palliative and curative settings. This is a key driver for expanding outlook of radiation therapy market
Growing awareness about the benefits of non-invasive treatment procedures in radiation oncology is also viewed as a major underpinning for the radiation therapy market

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Radiation Therapy Market: Regional Growth Dynamics

North America is anticipated to generate a sizable revenue share to the global radiation therapy market during the forecast period. Rise in incidence of various types of cancer has spurred new product approvals, especially in the U.S. The trend will continue to bolster revenue growth of the North America radiation therapy market.
Asia Pacific is highly lucrative market, where the prospects are driven by rise in healthcare spending on reducing the burden of cancer and increase in number of regional players in the emerging economies. Moreover, manufacturers globally are launching new products to tap into the latent revenue streams in Asia Pacific radiation therapy market.

Radiation Therapy Market: Key Players

Some of the prominent players are ViewRay, Inc., Panacea Medical Technologies, Hitachi, Ltd., Mevion Medical Systems, Accuray Incorporated, Isoray, Inc., IBA Radiopharma Solutions, Varian Medical Systems, and Elekta AB.

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Radiation Therapy Market: Segmentation

Type

External Beam Radiation Therapy

Conformal Radiation Therapy
Proton Beam Therapy
Image-guided Radiation Therapy
Stereotactic Radiation Therapy
Others

Internal Radiation Therapy

Brachytherapy
Systemic Radiation Therapy

End-user

Hospitals
Specialty Clinics
Others

Regions

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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