Radiotherapy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Radiotherapy Market is segmented by Type (External Beam Radiation Therapy, Internal Radiation Therapy and Systemic Radiation Therapy), Application (Skin & Lip Cancer, Breast Cancer, Prostate Cancer, Cervical Cancer, Lung Cancer and Others), End User (Hospitals, Research Institutes and Ambulatory and Radiotherapy Centers), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments.

Radiotherapy Industry Overview

Radiotherapy Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 6.9 %

Major Players

Radiotherapy Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Radiotherapy Market Analysis

The Radiotherapy Market is expected to register a CAGR of 6.9% over the forecast period (2022-2027).

The outbreak of the COVID-19 pandemic had a significant impact on the market studied. After the pandemic began, the World Health Organization (WHO) guidelines suggested chronic disease patients remain indoors. Hence, this hampered the radiotherapy market. However, the surge in the number of researchers studying the impact of the treatment delay on patients with cancer amid COVID-19 increased. The research and studies increased during the pandemic to find the effectiveness of radiation therapy to treat the COVID-19 infection. The research article “Low-Dose Radiation Therapy in the Management of Coronavirus Disease 2019 (COVID-19) Pneumonia (LOWRAD-Cov19): Preliminary Report” published in March 2021 stated in their conclusion that Low-dose radiation therapy (LD-RT) has been shown to have an anti-inflammatory effect, and preliminary results of the study showed that LD-RT is feasible to treat patients with Covid-19 pneumonia. Such research during the pandemic is expected to create demand for radiation therapy. Therefore, the pandemic is predicted to considerably impact the studied market.

Certain factors driving the market growth include increasing incidence of cancer, extensive research and development (R&D) pipelines, and rising awareness about cancer among the target population. For instance, the “Breast Cancer Facts and Statistics” updated in July 2022 by “Breastcancer.org”, 1 in 8 American women (about 13%) may get invasive breast cancer, over the course of their lifetime. And in 2022, an estimated 287,850 new cases of invasive breast cancer are expected to be diagnosed in women in the United States, along with 51,400 new cases of non-invasive (in situ) breast cancer. Thus, the prevalence of breast cancer among the target population globally is augmenting the demand for radiotherapy treatment. Thereby, bolstering the growth of the market studied.

Moreover, the increased R&D is predicted to drive the demand for radiotherapy over the forecast period. For instance, in August 2021, Manipal Hospitals, India’s second-largest multi-specialty hospital launched an advanced Radixact System, that comes with Synchrony Automatic, Real-time Motion Synchronization Technology, for the precise treatment of cancer patients. By precisely targeting the tumor location, which moves with breathing, with high-precision radiation, the method minimizes damage to healthy tissue. Manipal Hospitals has obtained the requisite license from the Atomic Energy Regulatory Board (AERB) for Radixact X9 Tomotherapy with Synchrony tumor tracking technology, which is the first machine with this feature in India. Thus, such advancements and developments in radiotherapy are expected to drive market growth.

Therefore, the factors mentioned above are attributed collectively to the studied market growth over the forecast period. However excessive costs associated with therapies and stringent regulatory framework are expected to hinder the market growth over the forecast period.

Radiotherapy Industry Segments

As per the scope of the report, radiation therapy (also called radiotherapy) is a cancer treatment that uses high doses of radiation to kill cancer cells and shrink tumors. At low doses, radiation is used in X-rays to see inside the body, for example, X-rays are used to detect broken bones. The Radiotherapy Market is segmented by Type (External Beam Radiation Therapy, Internal Radiation Therapy and Systemic Radiation Therapy), Application (Skin & Lip Cancer, Breast Cancer, Prostate Cancer, Cervical Cancer, Lung Cancer and Others), End User (Hospitals, Research Institutes and Ambulatory and Radiotherapy Centers), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.

By Type
External Beam Radiation Therapy
Intensity-Modulated Radiation Therapy (IMRT)
Image-Guided Radiation Therapy (IGRT)
Tomotherapy
Stereotactic Radiosurgery
Stereotactic Body Radiation Therapy
Proton Therapy
Internal Radiation Therapy
Systemic Radiation Therapy
By Application
Skin & Lip Cancer
Breast Cancer
Prostate Cancer
Cervical Cancer
Lung Cancer
Others
By End User
Hospitals
Research Institutes
Ambulatory and Radiotherapy Centers
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America

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Radiotherapy Market Trends

This section covers the major market trends shaping the Radiotherapy Market according to our research experts:

Skin and Lip Cancer Segment is Expected to Grow Over the Forecast Period

The skin and lip cancer segment is expected to grow over the forecast period. Certain factors driving the segment growth include increasing incidence of skin and lip cancer, extensive research and development (R&D) pipelines, and rising awareness about the cancers. Moreover, as per the International Agency for Research on Cancer, 24,658 people died out of melanoma and this count is projected to 35,799 by 2040. In addition, as per the data updated by “Cancer Council NSW” in 2022, radiation therapy damages cancer cells by administering a controlled dosage of radiation. For basal cell carcinomas (BCCs) and squamous cell carcinomas (SCCs) that cannot be surgically removed, for big areas, or for patients who are not physically fit for surgery, radiation therapy is the primary treatment. Thus, the burden of skin cancers globally is anticipated to generate demand for radiation therapy, thereby driving segment growth.

Furthermore, owing to the increased use of tobacco and smoking cancer of the lip has been increasing globally, creating a major healthcare burden. For instance, as per the data published in Globocan 2022, the estimated number of new lip/oral cancer cases are projected to be 5,35,157 by 2040. As per the same source, 2,64,211 male and 1,13,502 female population were affected with lip cancer in 2020.

In this context, the data updated by “Mayo Foundation for Medical Education and Research (MFMER)” in January 2022 shows that for lip cancer, radiation therapy may be applied either before or after surgery. The lymph nodes in the neck may potentially be targeted by the radiation, in addition to the lip. The most common source of radiation therapy for lip cancer is a sizable apparatus that carefully concentrates the energy beams. Thus, the high burden of lip cancer among the target population is expected to create a demand for radiation therapy. That is further predicted to bolster the segment to grow over the forecast period.

Moreover, the insights on increased R&D in the segment are also predicted to drive the segment growth. For instance, in December 2021, researchers and radiologists at Northampton General Hospital-National Health Service (NHS) Trust introduced skin brachytherapy, a highly targeted radiotherapy technique used to treat certain types of basal cell or squamous cell skin cancers. Such developments in the segment are expected to fuel segment growth in the future as well.

Hence, the skin and lip cancer segment is anticipated to have significant growth over the forecast period.

Number of Cancer Cases (in thousand), Europe, 2020

North America Dominates the Market and Expected to do the Same in the Forecast Period

North America is expected to dominate the overall radiation therapy market throughout the forecast period. The market growth is due to factors such as the increasing prevalence and incidence of cancers. The United States is expected to be the largest market in this region.

The well-established healthcare infrastructure-focused market players in research and development (R&D) for cancer therapeutics, coupled with recent product launches and the rising burden of various cancers in the United States are primary growth factors for the market in the country. For instance, in September 2021, SkinCure Oncology declared positive results from a clinical trial, showing positive data (99.3% cure rate) for Image-Guided Superficial Radiotherapy (IGSRT) in treating basal cell carcinoma (BCC) and squamous cell carcinoma (SCC). In addition, in October 2021, at the American Society for Radiation Oncology (ASTRO)-2021 event, GE Healthcare showcased more than 15 innovative multi-modality radiation therapy solutions, to improve patient-centered care and advance the practice of precision medicine. These recent developments are expected to drive the radiotherapy demand in the country, driving the overall market growth in the region.

Furthermore, according to the “American Cancer Society”, the estimated new numbers of cancer cases were 1.9 million in 2021 and in 2022 the same source projected that the new number of cancer cases will be 1.9 million in the United States. Additionally, according to the “National Cancer Institute”, breast cancer is the most common cancer, with 290,560 new cases estimated in the United States in 2022. Prostate cancer and lung cancer are the next most frequent cancers in the country. This burden of cancer is anticipated to drive the demand for radiotherapy in the country. Thus, the incidence and prevalence of cancer in the country are demanding the development of advanced radiotherapy treatment, which is further predicted to propel the overall market growth in the region.

Hence, as per the factors mentioned above, North America is anticipated to create opportunities for radiation therapy, driving the overall market growth over the analysis period.

Radiotherapy Market - Growth Rate by Region

Radiotherapy Market Competitor Analysis

The Radiotherapy Market is highly competitive globally and regionally. Globally, due to the availability of government support, increased reimbursements, and funds by private and public organizations, the threat of new entrants are high in the studied market. The radio therapy market consists of a few major players. Canon Medical Systems Corporation, GE Healthcare, Elekta, ViewRay Technologies, Inc., Eckert & Ziegler, Siemens Healthineers AG, Varian Medical Systems, Inc., Accuray Incorporated, Isoray Inc., Hitachi, Ltd., and ALCEN (PMB), among others, hold a substantial market share in the radiotherapy market.

Radiotherapy Market Top Players

  1. GE Healthcare

  2. Accuray Incorporated

  3. Siemens Healthineers AG

  4. Elekta

  5. ALCEN (PMB)

*Disclaimer: Major Players sorted in no particular order

Radiotherapy Market Concentration

Radiotherapy Market Recent Developments

  • In June 2022, RefleXion Medical, an innovative therapeutic oncology firm using biology-guided radiation (BgRT)* for all stages of cancer, conducted its first symposium focused on the power of using cancer biology to direct treatment planning and delivery for personalized radiotherapy. The symposium is the inaugural event at the company’s newly dedicated Sanjiv “Sam” Gambhir Memorial Learning Center.
  • In February 2022, the International Atomic Energy Agency (IAEA) launched a plan to tackle a severe shortage of cancer care capacity in many lower-middle-income countries (LMICs), with an initial focus on Africa where cancer mortality is higher due to a lack of access to potentially life-saving nuclear medicine and radiotherapy.

Radiotherapy Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Number of Cancer Patients

      2. 4.2.2 Lucrative Reimbursement Plans

      3. 4.2.3 Huge Government and Non-Government Investments in R&D of Cancer Treatment

    3. 4.3 Market Restraints

      1. 4.3.1 Lack of Skilled Personnel to Perform Radiotherapy

      2. 4.3.2 Competent Alternative Treatment

      3. 4.3.3 Not Effective for Metastasized State of Cancer

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - USD Million)

    1. 5.1 By Type

      1. 5.1.1 External Beam Radiation Therapy

        1. 5.1.1.1 Intensity-Modulated Radiation Therapy (IMRT)

        2. 5.1.1.2 Image-Guided Radiation Therapy (IGRT)

        3. 5.1.1.3 Tomotherapy

        4. 5.1.1.4 Stereotactic Radiosurgery

        5. 5.1.1.5 Stereotactic Body Radiation Therapy

        6. 5.1.1.6 Proton Therapy

      2. 5.1.2 Internal Radiation Therapy

      3. 5.1.3 Systemic Radiation Therapy

    2. 5.2 By Application

      1. 5.2.1 Skin & Lip Cancer

      2. 5.2.2 Breast Cancer

      3. 5.2.3 Prostate Cancer

      4. 5.2.4 Cervical Cancer

      5. 5.2.5 Lung Cancer

      6. 5.2.6 Others

    3. 5.3 By End User

      1. 5.3.1 Hospitals

      2. 5.3.2 Research Institutes

      3. 5.3.3 Ambulatory and Radiotherapy Centers

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Canon Medical Systems Corporation

      2. 6.1.2 GE Healthcare

      3. 6.1.3 Elekta

      4. 6.1.4 ViewRay Technologies, Inc.

      5. 6.1.5 Mevion Medical Systems

      6. 6.1.6 Eckert & Ziegler (BEBIG Medical)

      7. 6.1.7 Siemens Healthineers AG

      8. 6.1.8 Accuray Incorporated

      9. 6.1.9 Isoray Inc.

      10. 6.1.10 Hitachi, Ltd.

      11. 6.1.11 ALCEN (PMB)

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments
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Radiotherapy Market Research FAQs

The Global Radiotherapy Market is studied from 2018 - 2028.

The Global Radiotherapy Market is growing at a CAGR of 6.9% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

GE Healthcare, Accuray Incorporated, Siemens Healthineers AG, Elekta, ALCEN (PMB) are the major companies operating in Global Radiotherapy Market.

Global Radiotherapy Industry Reports

In-depth industry statistics and market share insights of the Global Radiotherapy sector for 2020, 2021, and 2022. The Global Radiotherapy research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Global Radiotherapy report PDF.

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