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The global radiotherapy market was valued at USD 7.3 billion in 2023, and it is anticipated to grow up to USD 12.5 billion by 2033, at a CAGR of 5.4% during the forecast period.
Radiotherapy, commonly known as radiation therapy, is used for cancer patients to cure cancer by destroying the cancer cells and reducing the size of tumors. X-rays, gamma rays, and charged particles are commonly used in the radiotherapy market. Modern radiotherapy makes use of highly precise collimating devices that positively impact market expansion.
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Market Trends and Drivers
The rising number of cancer cases is expected to accelerate market growth. The surging number of cancer cases worldwide is expected to foster the market demand for radiotherapy over the analysis timeframe. According to the WHO, cancer is the leading cause of death globally, and around ten million deaths occurred in 2020. Breast, prostate, lung, colon, and rectum are among the most common cancers that further accelerate the market progress for radiotherapy. Similarly, according to the International Agency for Research on Cancer (IARC), over seventeen million new cancer cases across the globe were observed in 2018. And by 2040, it is projected to grow to 27.5 million new cases. Therefore, radiotherapy is the most common method used to treat cancer ease the symptoms of cancer and further slows or stops the growth of damaged cells. Hence, the aforementioned aspects will prove beneficial for the overall market progression.
Market Restraints and Challenges
Difficulties in visualizing tumors during radiotherapy procedures may impede the market growth. One of the major challenges faced during radiotherapy procedures is difficulties faced in the visualization of tumors and demarcations from normal healthy tissues. Advancements in ionizing radiation therapy for cancer treatment are expected to help overcome this challenge. However, since tumors can change their shape daily, it becomes difficult to only radiate the cancerous outgrowth without affecting the surrounding tissues. To limit this, radiologists include a safety margin around the tumor. Also, to minimize the damage to the surrounding healthy tissue, it becomes a compulsion to limit the radiotherapy dose range, increasing the number of treatment cycles needed to eradicate tumorous cells. This is one of the major factors responsible for increasing the cancer treatment costs for patients undergoing radiotherapy.
Global Radiotherapy Market Segmentation
Type
- External Beam Radiation Therapy
- Intensity-Modulated Radiation Therapy (IMRT)
- Image-Guided Radiation Therapy (IGRT)
- Proton Therapy
- Others
- Internal Radiation Therapy
- Systemic Radiation Therapy
Application
- Lung Cancer
- Prostate Cancer
- Breast Cancer
- Cervical Cancer
- Head & Neck Cancer
- Others
End-use
- Hospitals
- Radiotherapy Centers & Ambulatory Surgery Centers
- Cancer Research Institutes
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Major Players in the Global Radiotherapy Market
The key players in the market are Siemens Healthineers AG (Germany), Elekta (Sweden), Accuray Incorporated (US), IBA (Belgium), ViewRay Technologies, Inc. (US), Hitachi Ltd. (Japan), iCAD, Inc. (US), Mevion Medical Systems, Inc. (US), Panacea Medical Technologies Pvt. Ltd. (India), ZEISS Group (Germany), among others.
COVID-19 Impact:
The COVID-19 outbreak is anticipated to have a negative impact on the growth of the radiotherapy market. Lockdown were imposed to control the spread of COVID-19. Many hospitals were converted into COVID-19 centers. Hence, cancer patients faced difficulty getting their radiotherapy on time. Furthermore, the surging number of COVID-19 cases, along with travel restrictions and limited access to hospitals and other facilities, further led to delayed installations and an entire healthcare sector’s focus shifting towards COVID-19. Thus, COVID-19 has had a negative impact on the radiotherapy market.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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