Global Radiotherapy Market

Global Radiotherapy Market, By Product (Internal Beam Radiotherapy/Brachytherapy Products, External Beam Radiotherapy Products, Systemic Radiotherapy), By Application (Prostate Cancer, Penile Cancer, Colorectal Cancer, Breast Cancer, Gynecological Cancer, Lung Cancer, Cervical Cancer, Head & Neck Cancer, Other Cancers), By Procedure (External Beam Radiotherapy, Image-Guided Radiotherapy, Internal Beam Radiotherapy/Brachytherapy, Systemic Radiotherapy), By End-User (Hospitals, Independent Radiotherapy Centers), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: August 2021
  • Report ID: BWC2147
  • Available Format: PDF
  • Page: 193

Report Overview

The global radiotherapy market is flourishing because of the high and growing prevalence of cancer worldwide, which is fueling the demand for cancer treatment, further propelling the demand for radiotherapy for treatment. The innovations and technological advancements introduced by the companies is also influencing the market growth.

The global radiotherapy market was worth USD 5.7 billion in 2020 and is further projected to reach USD 7.7 billion by the year 2027, growing at a CAGR of 4.5% during the forecast period. The high and growing prevalence of cancer worldwide is fueling the demand for cancer treatment, further propelling the demand for radiotherapy for treatment. With more than 19.3 million cancer cases and 10 million deaths in 2020 alone, the market for radiotherapy is estimated to flourish during the forecast period.

Global Radiotherapy Market

Source: BlueWeave Consulting

Global Radiotherapy Market- Overview

Radiotherapy or radiation therapy is a cancer treatment procedure that uses high doses of radiation to kill or prevent the growth of cancer cells. This procedure is used for both curing and shrinking early-stage cancer. Radiotherapy decreases tumors that may have developed prior to surgery as part of pre-operative surgery. Moreover, adjuvant therapy helps prevent cancer from returning following surgery. External beam radiation therapies in cancer patients are often performed with equipment such as the medical linear accelerator (LINAC).

Global Radiotherapy Market Forecast and Trends

Growth Drivers

Increasing Prevalence of Cancer

The prevalence of cancer is increasing at a very high rate across the globe. According to GLOBOCAN, there were 19.3 million cancer cases and 10 million cancer-related deaths worldwide in 2020. According to the National Cancer Institute, the number of cancer cases is expected to increase to 29.5 million annually and there will be around 16.4 million deaths related to it. As a result, the demand for radiotherapy is increasing due to the increase in cancer diagnosis and treatment. Obesity and aging are termed major risk factors for such an increasing rate of cancer.

Innovations by Biomedical Companies in Cancer Treatment

Companies in the biomedical industry have been investing significant amounts in R&D activities to improve radiotherapy procedures. For example, efforts are being made in developing radiopharmaceuticals, an emerging medicine that is designed to flow through the blood and deliver radiation to the exact location of the tumor without harming healthy cells. Moreover, biomedical companies are adopting the use of innovative technologies such as real-time and cloud-based software which offers a wide range of capabilities, such as real-time image-guided adaptive radiotherapy technologies, fixed beam radiotherapy treatment units, and much more.

Restraints

Side Effects of Radiation Therapy

Radiation therapy is one of the most common treatments for curing cancer and preventing the spread of the tumor. This process involves high doses of radiation for killing cancer cells. Radiation therapy, on the other hand, has a number of side effects that, in the long run, can be harmful. Additionally, radiation therapy patients may experience weariness and changes in their skin. They may also face headaches, nausea, vomiting, hearing loss, skin and scalp changes, etc. Furthermore, there is a substantial risk of harming healthy cells throughout the radiotherapy process. Such factors may restrict the growth of the radiation therapy market.

Impact of COVID-19 on Global Radiotherapy Market

The COVID-19 pandemic has had a severe impact on the global radiotherapy market. This is because the number of patients receiving radiation reduced considerably due to nationwide lockdowns imposed by several countries to curb the spread of the virus. Several studies revealed that cancer patients were more at risk of contracting the deadly coronavirus as compared to regular patients. Therefore, such patients were avoiding their visits to healthcare facilities for the fear of getting infected by the virus. Furthermore, the number of cancer diagnoses declined as a result of the virus outbreak, which adversely affected the global radiotherapy market.

Global Radiotherapy Market - By Product

Based on products, the global radiotherapy market is segmented into internal beam radiotherapy/brachytherapy products, external beam radiotherapy (EBRT) products, and systemic radiotherapy. The demand for external beam radiotherapy products is very prominent in radiotherapy procedures, and therefore, this segment holds the largest market share. The EBRT product segment can further be classified into linear accelerators, conventional linear accelerators, stereotactic advanced electron/cobalt-60 linear accelerators, particle therapy systems, and conventional cobalt-60 tele therapy units. Among these, the demand for linear accelerators is currently the highest.

Global Radiotherapy Market - By Procedure

Based on procedures, the global radiotherapy market is segmented into external beam radiotherapy, internal beam radiotherapy/brachytherapy, image-guided radiotherapy, and systemic radiotherapy. The external beam radiotherapy segment accounts for the largest market share. It uses external sources of ionizing radiation on the patient’s tumor. This technique is the most common type of radiation therapy and is increasingly being used during the treatment of breast and lung cancer. Brachytherapy, also known as internal beam radiotherapy, is also gaining significant traction and is estimated to grow at a high CAGR during the forecast period.

Global Radiotherapy Market - Regional Insights

Geographically, the global radiotherapy market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, North America dominates the market with the highest demand for radiotherapy. The prevalence of breast, lung, and prostate cancer in people in Northern America is estimated at 1.9 million cases, causing a severe demand for radiotherapy in this region. Furthermore, favorable reimbursement policies and extensive research and development activities in cancer treatment are also influencing the the growth of radiotherapy market in North America.

Regional Insights

Source: BlueWeave Consulting

Competitive Landscape

The leading market players in the global Radiotherapy market are Accuray Incorporated, Hitachi Ltd., Canon Medical Systems Corporation, IBA Worldwide, Varian Medical Systems, Inc., Becton, Dickinson And Company, Icad, Inc., Elekta AB, Siemens Healthineers, Panacea Medical Technologies Pvt. Ltd., Eckert & Ziegler, Zeiss Group, GE Healthcare, Viewray, Inc., Ion Beam Applications, Sumitomo Heavy Industries Ltd., Mirada Medical, Sensus Healthcare, Isoray, and other prominent players.

The industry participants invest significantly towards research and development activities for expanding their product’s efficiency and minimizing its side effects. The market players have also been engaging in competitive strategies like partnerships, mergers& acquisitions, collaboration, with other biotechnology companies as well as research institutes for product approvals and launches.

Recent Developments

  1. In July 2021, Elekta, a Swedish radiotherapy company announced its collaboration with scientists at the Netherlands Cancer Institute and University of Amsterdam to explore the use of Artificial Intelligence (AI) for delivering personalized therapy to patients.
  2. In June 2021, Nanobiotix, a clinical biotechnology company, announced the initiation of a new phase I study for the evaluation of NBTXR3 activated by radiation therapy (RT) for patients with non-small cell lung cancer (NSCLC) amenable to re-irradiation.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product Service/Segmentation

By Product, By Application, By Procedure, By End-User, By Region

Key Players

Accuray Incorporated, Hitachi Ltd., Canon Medical Systems Corporation, IBA Worldwide, Varian Medical Systems, Inc., Becton, Dickinson And Company, Icad, Inc., Elekta AB, Siemens Healthineers, Panacea Medical Technologies Pvt. Ltd., Eckert & Ziegler, Zeiss Group, GE Healthcare, Viewray, Inc., Ion Beam Applications, Sumitomo Heavy Industries Ltd., Mirada Medical, Sensus Healthcare, Isoray, and other prominent players.

 

By Product

  • Internal Beam Radiotherapy/Brachytherapy Products

Seeds

Applicators

Afterloaders

Iort Systems

  • External Beam Radiotherapy Products

Linear Accelerators

Conventional Linear Accelerators

Stereotactic Advanced Electron/Cobalt-60 Linear Accelerators

Particle Therapy Systems

Conventional Cobalt-60 Teletherapy Units

  • Systemic Radiotherapy

Iobenguane (I-131)

Samarium-153

Rhenium-186

Other Systemic Radiotherapy Products

By Application

  • Prostate Cancer
  • Penile Cancer
  • Colorectal Cancer
  • Breast Cancer
  • Gynecological Cancer
  • Lung Cancer
  • Cervical Cancer
  • Head & Neck Cancer
  • Other Cancers

By Procedure

  • External Beam Radiotherapy
  • Image-Guided Radiotherapy

Stereotactic Therapy

Particle Therapy

Intensity-Modulated Radiotherapy

3D Conformal Radiotherapy

  • Internal Beam Radiotherapy/Brachytherapy

High-Dose-Rate Brachytherapy

Low-Dose-Rate Brachytherapy

Pulsed-Dose-Rate Brachytherapy

  • Systemic Radiotherapy

Intravenous Radiotherapy

Oral Radiotherapy

Instillation Radiotherapy

By End-User

  • Hospitals
  • Independent Radiotherapy Centers

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle-East & Africa (MEA)

 

FAQs:

1. What is the current size of the global radiotherapy market?

Answer: The global Radiotherapy market reached USD 5.7 billion in 2020.

2. What are the major factors driving the growth of the global radiotherapy market?

Answer: The major factors driving the growth of the global radiotherapy market are the increasing prevalence of cancer worldwide and innovations by biomedical companies in cancer treatment.

3. Who are the key players in the global radiotherapy market?

Answer: The key players in the global Radiotherapy market are: Accuray Incorporated, Hitachi Ltd., Canon Medical Systems Corporation, IBA Worldwide, Varian Medical Systems, Inc., Becton, Dickinson And Company, Icad, Inc., Elekta AB, Siemens Healthineers, Panacea Medical Technologies Pvt. Ltd., Eckert & Ziegler, Zeiss Group, GE Healthcare, Viewray, Inc., Ion Beam Applications, Sumitomo Heavy Industries Ltd., Mirada Medical, Sensus Healthcare, Isoray, and other prominent players.

4. Which end-user segment accounted for the largest share in the global radiotherapy market?

Answer: The hospitals segment accounted for the largest share in the global radiotherapy market.

5. Which region is at the highest growth rate in the global radiotherapy market?

Answer: North America has the largest share in the global radiotherapy market.