Radiotherapy Market to Hit USD 9.62 Billion by 2030 with 4.9% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Dec. 11, 2024 /PRNewswire/ -- The global Radiotherapy market is expected to grow to USD 9.62 Billion by 2030, up from USD 7.21 Billion in 2024, at a CAGR of 4.9% over the forecast period. The focus on use of particle therapy for cancer treatment in hospitals, advancements in radiotherapy treatment technology. Furthermore, rising patient population globally is anticipated to further propel market growth.
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Moreover, in recent years, the market players are also focusing on providing cost-effective radiotherapy systems due to its growing demand amongst various end users in the market. Also, there is an increasing demand for radiotherapy specially EBRT in the emerging markets. All these factors are expected to drive provide growth opportunities for market players offering radiotherapy market.
Radiotherapy is gaining recognition due to increasing awareness, technological advancements, regulatory requirements, consumer demand for effective cancer treatment. Also, governments in these countries are prioritizing the provision of modern & advanced healthcare services to larger portion of their population. Factors such as improved reimbursement coverage, rapid growth in per-capita healthcare expenditure and increasing public demand for affordable healthcare services are driving the expansion of healthcare products, including oncology devices. This trend is reflected in the overall rise in healthcare expenditure. For example, the World Bank projects global healthcare spending to increase by 5-6% annually through 2030, driven by rising demand for advanced treatments and aging populations. Furthermore, healthcare spending in emerging markets, such as Brazil, India, and South Africa, is expected to grow by over 7% annually, as governments and private sectors prioritize health investments.
In addition to low treatment costs, the markets in developing countries are characterized by the presence of less stringent regulations and data requirements. Also, the regulatory policies in the Asia Pacific are considered to be more adaptive and business-friendly by market players. All these factors are encouraging market players to focus more on emerging markets in the coming years.
The significant target patient population, untapped opportunities, and low competition in developing economies such as China, India, and Brazil are expected to offer significant growth opportunities for players operating in the radiotherapy market.
Based on the system, software & service, radiotherapy market is segmented into system and software & service. During the forecast period, system is expected to dominate the radiotherapy market. The rising usage of automated radiotherapy systems among cancer facilities is one of the major factors after the growing number of cancer cases for the adoption of the system. Furthermore, the growth of the system segment will be driven by increase in industry adoption of radiotherapy products.
Based on procedure, the radiotherapy market is segmented into external beam radiotherapy procedures and internal beam radiotherapy procedures/brachytherapy. The EBRT is further divided into Intensity modulated radiotherapy (IMRT), Image guided radiotherapy (IGRT), 3D Conformal radiotherapy (3D-CRT), Stereotactic radiotherapy (SRT), Particle therapy and others. Meanwhile, the IBRT/brachytherapy is further divided into LDR brachytherapy, HDR brachytherapy and PDR brachytherapy. Throughout the forecast period, the EBRT segment is projected to claim the leading position in the market. The primary growth drivers include the reduced risk of radiation exposure in EBRT and the increased precision & accuracy of tumor targeting.
Based on application, the radiotherapy market is segmented into external beam radiotherapy (EBRT) applications and internal beam radiotherapy (IBRT)/brachytherapy applications. During the forecast period, the external beam radiotherapy (EBRT) sector is poised to command the most substantial market share in the radiotherapy market. This dominance is fueled by the increasing adoption and the efficacy of EBRT for new cancer types.
The radiotherapy market covers five key geographies - North America, Europe, Asia Pacific, Latin America, and the Middle East. In 2024, the Asia-Pacific region is anticipated to present noteworthy growth prospects for radiotherapy. This expansion is credited to the rising healthcare spending, the growth of the cancer hospitals and radiotherapy sectors in India and China, and annual rise in geriatric population in several Asia Pacific countries.
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The radiotherapy market exhibits moderate competitiveness, featuring both established companies and emerging competitors for the same market share. As of 2023, the key player operating in the global radiotherapy market are Siemens Healthineers GmbH (Germany), Elekta (Sweden), Accuray Incorporated (US), IBA WORLDWIDE (Belgium), ViewRay Technologies, Inc (US), Perspective Therapeutics, Inc. (US), Hitachi High Tech Corporation (Japan), Sumitomo Heavy Industries Ltd. (Japan), Carl Zeiss Meditec AG (Germany) and Koninklijke Philips N.V. (Netherlands).
In the past four years, top players in this market have employed key strategies such as product and service launches, making agreements, and undertaking expansions. In 2023, a major share of the radiotherapy market was held by Merck KGaA (Germany), Danaher Corporation (US), Thermo Fisher Scientific, Inc. (US), Corning Incorporated (US) and Greiner Bio-One International GmbH (Austria).
MERCK KGAA (GERMANY)
Siemens Healthineers AG became the leading player in the radiotherapy market after acquiring Varian Medical Systems, Inc. (US) in April 2021. Varian's broad product portfolio and the combined sales and distribution capabilities of both companies allowed it to gain the leading market share. The company focuses on organic and inorganic growth strategies to enhance its footprint. During the last three years, Varian, under Siemens Healthineers, has introduced and received regulatory approvals for several products and has entered into several agreements, partnerships, collaborations, and contracts.
ELEKTA (SWEDEN)
Elekta sells its products and services through direct sales and third-party distributors and has a strong presence in North America, Asia Pacific, and European countries. The growth in the company's sales, which was particularly strong in North America, Europe, and Asia, also contributed to maintaining its leading position. Elekta provides its radiotherapy products to over 6,000 hospitals and cancer research institutes worldwide. By 2023-end, the company had an installed base of ~7,300 radiotherapy devices, of which about 5,250 units were LINACs, MR LINACs, or Leksell Gamma Knife systems.
ACCURAY INCORPORATED (US)
Accuray Incorporated is a global innovation company focusing on innovation and product launches in radiotherapy to provide advanced solutions. The company is a leading radiotherapy industry player with a strong market presence in over 50 countries. Accuray Incorporated primarily pursues product innovation to sustain its position in the global radiotherapy market. Thermo Fisher primarily pursues product innovation to sustain its position in the global radiotherapy market. The company mainly depends on the US for revenue generation.
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