Radiotherapy Market worth $8.1 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 1, 2022 /PRNewswire/ -- Radiotherapy Market is projected to grow from USD 6.3 billion in 2022 to USD 8.1 billion by 2027, at a CAGR of 5.1% from 2022 to 2027, according to a new report by MarketsandMarkets™. Technological advancements in radiotherapy and the rising incidence of cancer are the major factors driving the growth of this market. Additionally, awareness initiatives on the benefits of radiotherapy and the increasing use of particle therapy for cancer treatment are other factors driving the growth of this market. The rising healthcare expenditure across developing countries and increasing public-private investments in cancer research offer additional opportunities to this market. However, inadequate healthcare infrastructure, especially in emerging countries, shortage of skilled oncologists and radiologists, high cost of radiotherapy devices, and high complexities associated with radiotherapy treatment are the factors expected to restrain the growth of this market during the forecast period.

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Browse in-depth TOC on "Radiotherapy Market" 
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The services segment of Radiotherapy market to register the highest growth in the forecast period

Based on type, the market is segmented into products and services. The services segment includes post-contract customer support (warranty period services and post-warranty services), installation services, training, and other professional services. The services market segment is expected to register the highest CAGR especially driven by matured markets like North America and Europe.

The seeds subsegment of Internal Beam Radiotherapy to hold the highest market share of the Internal Beam Radiotherapy/Brachytherpy Market

The Internal Beam Radiotherapy segment is further classified into seeds, applicators, after loaders, and IORT systems. The seeds subsegment captures the highest market share of the internal beam radiotherapy/brachytherapy. Brachytherapy seeds are rice grain-like medical devices made of iodine-125 (I-125) or palladium-103 (Pd-103) isotopes. Specific capsules aid in inserting seeds inside or in the vicinity of cancerous tumor cells. Brachytherapy seeds are placed either temporarily or permanently inside the body for the treatment of cancerous tumors either via body parts having a natural cavity, such as the uterus, vagina, rectum, or chest, or near the tumor, but not in a body cavity. Permanent-seed brachytherapy (also known as low dose-rate brachytherapy) is majorly used for the treatment of prostate cancer, owing to advantages such as shorter stay in the hospital, fast recovery, and less damage to the surrounding tissue.

The prostate cancer segment captures the highest market share amongst the applications of external beam radiotherapy in 2021

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). The prostate cancer application segment accounted for the largest market share in the EBRT applications in 2021. The growing number of available treatment procedures, increasing incidence of prostate cancer, and the advantages offered by EBRT for the treatment of prostate cancer are driving the growth of this market segment. An increase in R&D activities in this area (the applications of radiotherapy in prostate cancer therapeutics) will also contribute to the growth of this market segment.

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The image-guided radiotherapy subsegment of the external beam radiotherapy segment, by procedures, accounted for the margest market share in 2021

Based on procedure, the radiotherapy market is segmented into external beam radiotherapy, internal beam radiotherapy/brachytherapy, and systemic radiotherapy. The external beam radiotherapy segment is further classified into image-guided radiotherapy (IGRT), intensity modulated radiotherapy (IMRT), stereotactic therapy, particle beam therapy, and 3D conformal radiotherapy (3D-CRT). The IGRT segment  dominated this market with the highest market share in 2021. IGRT involves the use of images taken before and during treatment, allowing radiation oncologists to adjust the position of the patient to precisely target the tumor and limit exposure to normal tissues. This technique is guided by imaging equipment, such as a CT, X-ray, ultrasound, or optical imaging systems, to route radiation beams toward the patient during treatment.

Hospitals, amongst the end user in the radiotherapy market, are expected to register the highest growth rate during the forecast period of 2022-2027

Based on end user, the market has been segmented into hospitals and independent radiotherapy centers. The hospitals segment registered the highest growth rate amongst the end users in the radiotherapy market during the forecast period of 2022-2027. Hospitals are the fastest growing end-users of radiotherapy owing to the rising number of cancer patients, increasing government initiatives aimed at equipping (or upgrading) hospitals with newer and advanced radiotherapy systems, an increasing number of internal radiation therapy procedures (wherein radioactive seeds are used, and patients are required to be kept in isolation for a definite period of time), and the growing adoption of radiotherapy procedures. Furthermore, the introduction of small-footprint systems, such as single-room particle therapy products, is promoting the adoption of particle therapy for the treatment of cancer in small hospitals.

North America accounted for the largest market share in the radiotherapy market, by region, in 2027

The global radiotherapy 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 rising incidence of cancer, easy accessibility and high adoption of advanced diagnostic technologies (owing to the significant per capita annual healthcare expenditure in the US and Canada), and favorable government initiatives that create awareness and promote the adoption of radiotherapy among key end users are some of the major factors driving the growth of the market in North America.

The dominant players in the global radiotherapy market are Siemens Healthineers AG (Germany), Elekta (Sweden) Accuray Incorporated (US), IBA (Belgium), ViewRay Technologies, Inc. (US), Hitachi Ltd. (Japan), iCAD, Inc. (US), IsoRay, Inc. (US), Mevion Medical Systems, Inc. (US), Panacea Medical Technologies Pvt. Ltd. (India), P-cure Ltd. (Israel), and ZEISS Group (Germany), among others.

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Browse Adjacent Market: Medical Devices Market Research Reports & Consulting

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