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The global radiotherapy market is an integral part of the healthcare sector and plays a vital role in the treatment of cancer and other diseases. Radiotherapy uses high-energy radiation, such as X-rays, gamma rays, and charged particles, to damage cancer cell DNA and curb their ability to multiply. Common radiotherapy procedures used include external beam radiotherapy, internal radiotherapy or brachytherapy, and systemic radiotherapy using radiolabelled molecules. Technological advancements have led to the development of new products such as stereotactic radiosurgery, intensity-modulated radiation therapy, image-guided radiation therapy, proton therapy, and robotic radiosurgery. These innovative treatment approaches allow higher radiation doses to be targeted precisely at tumors while minimally affecting surrounding healthy tissues.
The global radiotherapy market is estimated to be valued at US$ 7,078.91 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The radiotherapy market is expected to be flourished by advancements in radiotherapy treatment equipment and procedures. One such driver is the development of cutting-edge technologies such as proton therapy and gamma knife radiosurgery that allow highly targeted radiation delivery with increased accuracy and minimal side effects. Proton therapy uses a beam of protons rather than X-rays to treat cancer. It conforms more precisely to the size and shape of the tumor and causes less damage to surrounding healthy tissues. Similarly, gamma knife radiosurgery is a non-invasive treatment that delivers concentrated doses of radiation from multiple angles to a tumor. The introduction of these technologies is expected to increase the adoption of modern radiotherapy methods globally. Furthermore, increasing incidences of cancer worldwide will also drive the demand for radiotherapy procedures over the forecast period.
Segment Analysis
The global radiotherapy market is segmented on the basis of type into external beam radiotherapy and internal radiotherapy. Among these, the external beam radiotherapy segment holds the largest market share as it is preferred treatment for cancer patients. This type of radiotherapy utilizes high-energy X-rays from a machine to treat cancer externally through aim and focus beams to destroy cancerous cells accurately without affecting surrounding healthy tissues.
PEST Analysis
Political: Government policies have supported rise in healthcare infrastructure and investment in oncology equipment in emerging markets. Favorable reimbursement policies have also boosted adoption of radiotherapy systems.
Economic: Rising cancer incidence along with increasing healthcare expenditure globally is fueling market growth. High cost of advanced systems remains a challenge for price-sensitive regions.
Social: Growing awareness about early cancer screening and rise in positive healthcare outcomes achieved through radiotherapy have increased acceptance for the treatment modality.
Technological: Advancements in image-guided radiation therapy, stereotactic radiosurgery/stereotactic body radiation therapy techniques have enhanced precision and efficacy of treatment. Integration of artificial intelligence and connectivity is also positively impacting the market.
Key Takeaways
The global radiotherapy market is expected to witness high growth over the forecast period supported by increasing cancer prevalence, rising adoption of advanced treatment procedures and favourable government policies.
Regional analysis: North America commands the largest share in the global radiotherapy market backed by widespread availability of advanced treatment systems, ongoing technological advancements and supportive reimbursement policies in the region. Asia Pacific is identified as the fastest growing market led by initiatives to strengthen local healthcare infrastructure and increasing healthcare spending in China and India.
Key players: Key players operating in the radiotherapy market are Accuray Incorporated, Elekta, Isoray Inc., CIVCO, Hitachi, Ltd., Mevion Medical Systems, ProTom International, VIEWRAY TECHNOLOGIES, INC., Panacea Medical Technologies Pvt. Ltd., Optivus Proton Therapy, Inc., RefleXion, MacroMedics, Vision RT Ltd., and Qfix. Accuray and Elekta hold a significant share of the market owing to their comprehensive portfolios of external beam radiotherapy systems, treatment planning software and services.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
