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The Trending Investors Favourite Radiotherapy Industry

Cancer patients receive radiotherapy to treat their condition by eliminating cancerous cells and shrinking tumors. During radiotherapy, gamma rays, X-rays, and charged particles use radiation. The radiation beam can be used internally, externally, or systemically depending on the cancer’s severity. The market growth is driven by the most recent advancements in the application of computed tomography-aided intensity-modulated radiotherapy and image-guided procedures. 

The market worth of radiotherapy in 2021 was $6.50 billion and will reach $10.71 billion at a 5.71% CAGR.

Market Dynamics

The global radiotherapy market, significant investments in cancer treatment research and development, technological developments in radiotherapy devices rising geriatric population. The rising adoption of radiotherapy devices, procedures and radiotherapy benefit awareness campaigns are driven by the rising incidence of cancer.

Drivers

An increasing number of cancer cases driving the radiotherapy market growth

According to the WHO, cancer will be the main cause of death for more than 10million people worldwide in 2020. Over 70% of cancer-related deaths occur in low- and middle-income countries. The most prevalent malignancies are breast with 2.26 million cases; lung cancer, with 2.21 million cases; and colon & rectum cancers, with 1.93 million cases in 2020. Cancer kills 1 in 6 people worldwide. The number of cancer cases identified annually has increased significantly due to an increase in life expectancy. which is what is fueling the market’s expansion. Five major nutritional and behavioral factors account for more than one-third of cancer deaths: high body mass index, low intake of fruits and vegetables, inactivity, use of tobacco products, and alcohol drinking. 

Restraints

  • The growth of the sector is hampered by the low installation of radiation devices caused by the limited healthcare spending in developing countries. For instance, the United States spent nearly USD 4.8 trillion on healthcare, compared to USD 34 billion spent by India.
  • The high price of radiotherapy makes patients look for alternative forms of treatment, which slows the expansion of the radiotherapy market. A study found that the median cost of radiation therapy per patient for breast cancer, lung cancer, and prostate cancer was USD 8600, USD 9000, and USD 18,000, respectively.

Opportunities

More nations are boosting their healthcare spending to provide more people with access to improved facilities. This might boost demand for radiation equipment and encourage growth.

Market Segmentation

  • In 2021, the external beam radiation therapy segment generated revenue of USD 4.2 billion in 2021. EBRT assists medical professionals in treating a specific portion of the body. It targets cancers and tissues while inflicting no harm to other portions of the patient’s body. Because of the increased preference for outpatient care, EBRT has become one of the most often used radiation therapies in a variety of healthcare settings. EBRT treatments include stereotactic radiosurgery, helical tomotherapy, 3D conformal radiation therapy (3D-CRT), IGRT, and intensity-modulated radiation therapy (IMRT).
  • The radiotherapy market for prostate cancer is anticipating to reach USD 2.4 billion by 2030. Because of the enormous number of individuals suffering from prostate cancer worldwide, radiotherapy has grown in importance. As per the American Cancer Society, prostate cancer will be the second largest cause of death among men in the United States in 2022.
  • The radiotherapy market in cancer research institutes will grow at a CAGR of more than 4.5% between 2022 and 2030. Cancer research centers are rapidly implementing new radiotherapy equipment to provide sophisticated and effective patient treatment. Increasing government and private sector investments to speed R&D in cancer diagnostics and therapies will allow research facilities to create breakthrough technologies. Cancer research is being catalyzed by healthcare firms, pharmaceutical producers, and government organizations in order to minimize the disease’s global burden.

Regional Analysis

From 2022 to 2030, the Asia Pacific radiotherapy market will grow at a 6.5% CAGR. Advances in radiation therapy will be rising cancer awareness in nations such as China, India, Japan, and South Korea. International healthcare funding and substantial government efforts are increasing access to excellent radiotherapy. For example, India’s Apollo Proton Cancer Centre (APCC) signed an agreement with Belgium’s Ion Beam Applications (IBA) in August 2022 to provide proton-based radiation therapy training for professionals.

Key Players

  • Accuray, Inc.
  • Ion Beam Applications SA
  • Becton, Dickinson, and Company
  • ICAD, Inc.
  • IntraOrp Medical, Inc.
  • GE Healthcare
  • Eckert & Ziegler
  • Hitachi Ltd.
  • IsoRay Medical, Inc.
  • P-cure Ltd.
  • ViewRay, Inc.
  • Mevion Medical Systems, Inc.
  • Panacea Medical Technologies Pvt. Ltd.
  • ZEISS Group

The market worth of radiotherapy in 2021 was USD 6.50 billion and will reach USD 10.71 billion by 2030 at a 5.71 % CAGR. The rising rate and prevalence of cancer, the growing knowledge of radiotherapy’s therapeutic benefits, and technological development in radiotherapy are driving the market expansion rate. The use of radiotherapy is driven by huge prospects in emerging economies and increasing government investment in cancer treatment.

Read More: The Growing Global Digital Therapeutics Market will witness a robust CAGR of 31.4%, valued at $3.02 billion in 2021, expecting to appreciate and reach $35.78 billion by 2030.

Uneeb Khan
Uneeb Khan
Uneeb Khan CEO at blogili.com. Have 4 years of experience in the websites field. Uneeb Khan is the premier and most trustworthy informer for technology, telecom, business, auto news, games review in World.

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