Radiotherapy Market worth $7.3 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 9, 2021 /PRNewswire/ -- According to the new market research report "Radiotherapy Market by Product (LINAC, CyberKnife, Gamma Knife, Tomotherapy, Particle Therapy, Cyclotron), Procedure (External (IMRT, IGRT, 3D-CRT) Internal (LDR, HDR)), Application (Prostate, Breast, Lung), End User (Hospitals) - Global Forecasts to 2026", published by MarketsandMarkets™, the market is valued at USD 5.9 billion in 2021 and is expected to reach USD 7.3 billion by 2026, at a CAGR of 4.2% during the forecast period.
Browse in-depth TOC on "Radiotherapy Market"
207 – Tables
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The Rising prevalence of cancer and continuous technological advancements in radiotherapy are the major factors driving the growth of this market. Adding to this, the rising number of conferences and symposia focusing on the advancements in radiotherapy , growing adoption of radiotherapy procedures for cancer treatment and increasing government initiatives and programs are some of the other major factors driving the growth of this radiotherapy market.
The after loaders subsegment of Internal Beam Radiotherapy products to hold the highest growth in the forecast period
The Internal Beam Radiotherapy segment is further classified into seeds, applicators, after loaders, and electronic brachytherapy products. The highest growth amongst the Internal beam radiotherapy or brachytherapy products is expected to be attained by afterloaders in the forecast period. An afterloader guides clinicians to position the radioactive source in a needle, catheter, or tumor-specific applicator. Different types of afterloaders are specifically designed to be compatible with the part of the body affected by cancer. High-dose-rate remote afterloaders allow radiation oncologists to deliver a brachytherapy treatment as quickly as about 10 to 20 minutes. The major products in this market include Esteya and Flexitron (Elekta) and the Bravos afterloader system and VariSource iX HDR Afterloader (Varian).
The breast cancer segment is projected to grow with the highest rate amongst the applications of external beam radiotherapy during the forecast period of 2021 to 2026
Based on indication, the external beam radiotherapy applications segment is further divided into prostate cancer, breast cancer, lung cancer, colorectal cancer, head and neck cancer (laryngeal cancer, hypopharyngeal cancer, oropharyngeal cancer, and oral cavity cancer), and other cancers (pancreatic cancer, brain cancer, and gastrointestinal cancer, among others). Breast cancer is the most rapidly growing segment of EBRT market by applications in the forecasted period owing to the increasing adoption of advanced external radiotherapy systems across emerging markets and increasing breast cancer research activities. Furthermore, the development of intraoperative radiotherapy, which offers advantages such as high precision, better cosmetic outcomes, and greater patient comfort, is contributing to the growth prospects of this market segment. The global burden of breast cancer in 2020 was 2,261,419 newly diagnosed cases (Source: American Cancer Society).
The external beam radiotherapy segment, by procedures is expected to register the highest growth rate during the forecast period
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 the highest market share in 2020. 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 and accuracy of tumor targeting in this therapy.
Hospitals were the key end-users in the radiotherapy market
Based on end user, the market has been segmented into hospitals and independent radiotherapy centers. The hospitals segment accounted for the largest growth rate of the market by end users owing to the, increasing installations of advanced radiotherapy equipment in developed as well as developing regions, rising global prevalence of cancer, increasing government initiatives aimed at equipping (or upgrading) hospitals with newer and advanced radiotherapy systems, and the increasing availability of funding for the adoption of advanced cancer treatment technologies.
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Asia Pacific is expected to see the highest growth in the radiotherapy market by region
The global market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest regional market for radiotherapy products. The growing geriatric population, increasing number of ambulatory surgery centers, and the rising preference for minimally invasive procedures have resulted in the increasing adoption of radiotherapy procedures in the region. The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Rising patient pool, increasing adoption of minimally invasive procedures, high demand for quality healthcare, and increasing government initiatives to improve the healthcare infrastructure in the region are supporting the growth of the market in the Asia Pacific region.
The dominant players in the global radiotherapy market are Varian Medical Systems, Inc. (US), Elekta (Sweden) Accuray Incorporated (US), Ion Beam Applications SA (Belgium), BD (US), Eckert & Ziegler (Germany), Hitachi Ltd. (Japan), ICAD, Inc. (US), IntraOp Medical, Inc. (US), IsoRay Medical, Inc. (US), Mevion Medical Systems, Inc. (US), Panacea Medical Technologies Pvt. Ltd. (India), P-cure Ltd. (Israel), ViewRay, Inc. (US), and ZEISS Group (Germany), among others.
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