Market Size of Intraoperative Radiation Therapy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Global Intraoperative Radiation Therapy Market Analysis
The intraoperative radiation therapy market is expected to record a CAGR of 6.3% over the forecast period.
COVID-19 significantly impacted the intraoperative radiation therapy market. Various screening, diagnostics, and surgical procedures were restricted or postponed at hospitals and cancer treatment centers, disrupting cancer diagnosis and treatment procedures. As per a research study published in October 2021 by the Journal of Medical Screening, during the pandemic, breast cancer screening was affected globally as many countries such as Canada, the Netherlands, Germany, Italy, the United Kingdom, and Australia halted their breast screening programs in response to COVID-19. Thus, this led to a decline in the diagnosis of cancer and severely impacted the market's growth. However, the market has recovered well due to a decline in COVID-19 cases and the resumption of diagnostic and screening processes globally. It is anticipated to gain traction due to an increase in cancer cases throughout the forecast period.
An increase in the incidence and prevalence of cancer globally is projected to drive the intraoperative radiation therapy market during the forecast period. The most common cancers are breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum cancer, melanoma of the skin, bladder cancer, non-Hodgkin lymphoma, kidney and renal pelvis cancer, endometrial cancer, leukemia, pancreatic cancer, thyroid cancer, and liver cancer. According to the Breast Cancer Factsheet Now 2021, around 55,000 women and 370 men in the United Kingdom are diagnosed with breast cancer every year. This figure is expected to climb to 1.2 million by 2030. Thus, the huge prevalence of cancer cases is likely to increase the demand for radiation therapy, thereby boosting the market's growth over the forecast period.
Besides, increasing demand for highly efficient radiation therapy systems for cancer treatment, new product approvals, and fundraising are projected to augment the intraoperative radiation therapy market during the forecast period. For instance, in October 2022, PLANET successfully raised GBP 1 million for a ground-breaking radiation system to fully purchase Mobetron, a cutting-edge mobile device that administers intraoperative radiotherapy during surgery.
However, the lack of skilled personnel to operate the equipment and preference for conventional radiotherapy over IORT may hinder the market's growth.
