Intraoperative Radiation Therapy Market
Global Intraoperative Radiation Therapy Market to Grow at a CAGR of 6.5% During Forecast Period
Published | 16 August 2022
The global intraoperative radiation therapy market is growing due to the increased incidence of cancer, advancement of technologies, and benefits provided by intraoperative radiation therapy (IORT) over traditional radiotherapy. Additionally, expanding clinical trials investigating the use of IORT for various cancer applications are anticipated to provide lucrative potential prospects to market participants.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Intraoperative Radiation Therapy market is anticipated to grow at a CAGR of 6.5% during the forecast period 2022-2028. The Global Intraoperative Radiation Therapy market is booming due to the rising cancer incidence, changing lifestyles, and an aging population. Moreover, advancements in technologies, increased incidence of cancer, and benefits provided by intraoperative radiation therapy (IORT) over traditional radiotherapy propel the market growth. Additionally, expanding clinical trials investigating the use of IORT for various cancer applications are anticipated to provide lucrative potential prospects to market participants.
The Global Rise in Cancer Cases Coupled with Unhealthy Eating Habits Among People Will Fuel Market Expansion
The market is expected to grow during the forecast period due to the increased incidence of cancer cases, including breast and lung cancer. According to the WHO, cancer was the leading cause of death globally in 2020, accounting for close to 10 million fatalities. The most common cancers vary across different countries, and in 23 countries, cervical cancer is the most common type. The increase in people who are worried about having a higher quality of living is anticipated to boost market progress in the coming years. The cancer cases are predicted to expand due to the rise in people adopting unhealthy lifestyles. When it is thought that minute amounts of cancer may still be present after surgery or when the cancer is hard to remove, IORT is utilized to treat the condition. Hence, the abovementioned factor is expected to propel the demand for IORT in the industry.
In addition, the market would gain from the rise in healthcare spending in the upcoming years. Several behaviors, such as eating unhealthy food or not exercising, can also increase risk. Throughout the expected period, it is anticipated that rising packaged food consumption will also have the greatest positive impact on market revenue.
Lack of Awareness Coupled with Risk Associated with IORT will Restrict the Market.
Due to its simplicity of use and lack of awareness, intraoperative radiation therapy (IORT) systems do not have widespread acceptance among doctors and other healthcare professionals, which restrains the market's expansion. Intraoperative radiation treatment systems are currently viewed as novel technologies for which reimbursements are only partially available, which limits the market's overall expansion. In the event of unintentional radiation exposure, the high doses associated with therapeutic exposures can injure not only the patients electing treatment but also the medical staff and anyone in the immediate vicinity. Hence the aforementioned factor is expected to restrict the market growth in upcoming years.
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Electron IORT Segment Anticipated to Gain the Largest Market Share by Technology
Based on technology, intraoperative radiation therapy is divided into intraoperative brachytherapy, electron intraoperative radiation therapy, and others. In the intraoperative radiation treatment market, the segment for electron IORT is anticipated to develop at the fastest rate. This market's expansion can be ascribed to a host of advantages, such as shorter treatment times, improved depth of penetration, and homogeneous doses that work best. Electron intraoperative radiation therapy delivers electron radiation directly to the underlying tumor or tumor bed during cancer surgery. As the dose quickly decreases after the target site based on the electron energy, forgiving underlying healthy tissue, electron beams are excellent for intraoperative radiation therapy. One benefit of IORT is that it is administered during the surgical procedure when tiny remaining tumor cells are most susceptible to being eliminated. Additionally, IORT is frequently combined with external beam radiotherapy (EBRT) to speed up the healing process and use fewer doses of radiation.
North America Dominated The Intraoperative Market Segment In 2021
North America, which consists of the US and Canada, dominated the intraoperative radiation treatment market in 2021. The key drivers of market expansion in this sector are the easy accessibility and broad implementation of IORT for cancer therapy, the rising cancer incidence, and the substantial yearly per capita healthcare expenditure in the US and Canada. Additionally, groups like the American Society for Radiation Oncology (ASTRO) have supported the use of low-energy IORT, which has increased its penetration of IORT therapy in the region. Other elements that affect market growth in the region include the rising incidence of lung cancer cases and the presence of a significant market player amidst the region, coupled with the launch of innovative services.
Impact of COVID-19 on Global Intraoperative Radiation Therapy Market
The COVID-19 pandemic has escalated global concern for the populace's safety and resulted in the lockdown scenario. The surgical treatments were stopped, resulting in the other medical supplies and equipment failing. The COVID-19 pandemic has had a substantial effect on the market for intraoperative radiation therapy. Hospitals and cancer treatment facilities had to restrict or delay a number of screening, diagnostic, and surgical operations, which caused disruptions in the market for cancer detection and treatment. The pandemic also affected the resources available for medical care. Major regulatory agencies worldwide, including the WHO, TGA, and MHRA, have observed that people with cancer are more likely than healthy adults to get coronavirus infection. Regulatory authorities proposed a few alternative dose-fractionation regimens to lessen the load on the patient and personnel while lowering the danger of exposure. However, the market has been recovering quickly from the pandemic and is likely to show rapid growth over the forecast period.
The key players operating in the global intraoperative radiation therapy market are IntraOp Medical Corporation, GMV Innovating Solutions, ZEISS Group, iCAD Inc., Sensus Healtcare Inc., Variant Medical Systems Inc., Ariane Medical Systems, Sordina IORT Technologies, Eckert and Ziegler Group, Elekta AB, Moffitt Cancer Center, Xoft, E-tech Industry, Derma Optic, and Electronic Technique Co, Merit Medical Systems, Dickinson and Company, RaySearch Laboratories, Salutaris Medical Devices, and other prominent players.
Market leaders maintain their dominance by investing in R&D, incorporating cutting-edge technology into their products, and providing improved products for customers. Other strategies are used, such as strategic alliances, contracts, mergers, and partnerships.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics on the global intraoperative radiation therapy market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Intraoperative Radiation Therapy market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the market's growth drivers, challenges, and competitive dynamics.
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