Radiotherapy Market Worth $8.8 Billion | MarketsandMarkets

CHICAGO, Nov. 10, 2023 /PRNewswire/ -- Radiotherapy Market in terms of revenue was estimated to be worth $6.9 billion in 2023 and is poised to reach $8.8 billion by 2028, growing at a CAGR of 5.0% from 2023 to 2028 according to a new report by MarketsandMarkets. The growth of this market is majorly driven by factors such as the rapid rise in cancer cases globally, new developments in radiotherapy treatment such as adaptive radiotherapy, growing awareness about the advantages of proton therapy for cancer treatment. Moreover, increasing investments in research activities in the field of oncology, geographical expansion of radiotherapy devices manufacturers, improving healthcare infrastructure in developing countries are likely to support the growth of the market.

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Browse in-depth TOC on "Radiotherapy Market"

54 - Tables

35 - Figures

300 - Pages

Radiotherapy Market Scope:

The external beam radiotherapy segment, by procedure, is expected to register the largest market share of the global radiotherapy systems market in 2023.

Based on procedure, the radiotherapy market is segmented into external beam radiotherapy, internal beam radiotherapy/brachytherapy, and systemic radiotherapy. The external beam radiotherapy segment dominated this market with a share of in 2022. The large share of this segment can primarily be attributed to the reduced risk of radiation exposure in external beam radiotherapy and the increased precision & accuracy of tumor targeting in this therapy.

This external beam radiotherapy (EBRT) technique is widely preferred over other therapeutic techniques such as brachytherapy and systemic radiotherapy due to its wide range of benefits, including lesser side effects and cost-effectiveness. Moreover, continuous EBRT technological advancements such as MRI Linac, particle therapy and rising research activities in the field of radiation oncology using proton therapy systems are likely to support the growth of the segment

Hospitals were the key end-users in the radiotherapy market

Based on end user, the radiotherapy market has been segmented into hospitals and independent radiotherapy centers. Hospitals commanded the largest share of the global radiotherapy systems market in 2023.  Rising initiatives by government to upgrade hospitals with advanced radiotherapy devices, rising collaborations among cancer hospital and radiotherapy device manufacturers, and increasing number of cancer patients undergoing radiotherapy treatment procedures in hospitals

"The APAC market, by region, to register highest growth rate in the forecast period."

On the basis of region, the radiotherapy market is segmented into North America, Europe, Asia Pacific, and the Latin America, Middle East & Africa.  The Asia-Pacific market is likely witnessing significant growth  owing to increase in cancer patient pool, improving healthcare infrastructure and the implementation of supportive government initiatives in several APAC countries such as India and China. The rising geriatric population, growing incidence of cancer, and the rising acceptance of radiotherapy procedures and devices are the other major factors driving market growth in Asia Pacific. Additionally rising medical tourism and entry of major market players in the Asia Pacific countries are likely to support the radiotherapy market growth in APAC.

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Radiotherapy Market Dynamics:

Drivers:

1.  Technological advancements in radiotherapy treatment

Restraints:

1.  lack of adequate healthcare infrastructure in emerging countries

Opportunities:

1.  Rising Healthcare Expenditure Across Developing Countries

Challenge:

1.  Risk of Radiation Exposure

Key Market Players of Radiotherapy Industry:

As of 2022, the automated radiation therapy systems market was dominated by Siemens Healthineers AG (Germany), Varian Medical Systems, Inc. (US), Elekta (Sweden) Accuray Incorporated (US), IBA (Belgium), ViewRay Technologies, Inc. (US), Hitachi Ltd. (Japan), iCAD, Inc. (US), IsoRay, Inc. (US), among others.

A breakdown of the primary participants referred to for this report is provided below:

·  By Company Type: Tier 1–48%, Tier 2–36%, and Tier 3– 16%

·  By Designation: C-level–10%, Director-level–14%, and Others–76%

·  By Region: North America–40%, Europe–32%, Asia Pacific–20%, Latin America–5%, MEA- 3%

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Recent Developments:

·  In October 2023, Accuray incorporated received approval of Tomo C radiation therapy system by the Chinese National Medical Products Administration (NMPA).

·  In July 2023, IBA entered into partnership with Apollo Proton Cancer Centre (APCC) (India) to provide training to Oncologist on proton beam therapy

·  In April 2022, Elekta and  GE HealthCare entered into a global commercial collaboration agreement in the field of radiation oncology, enabling them to provide hospitals a comprehensive offering across imaging and treatment for cancer patients requiring radiation therapy

Radiotherapy Market - Report Highlights:

·  Addition of MRI LINAC IN linear accelerators sub-segment in technology segmentation

·  In the latest edition of the report, MRI LINAC segment has been added. The updated report will have a detailed understanding of these transplant types.

·  Addition of regional and country-level market data

·  Latest edition of the report includes additional regional data for Latin America and Middle East & Africa and also the latest edition of the report includes country-level data for Italy, Spain, Australia, South Korea, Brazil, and Mexico. The region/country-level data also includes quantitative data for the key technology segments. The newly added segments are expected to provide a deeper insight into the regional as well as the country-level market for various product segments.

·  Updated financial information/ product portfolio of players

·  Newer and improved representation of financial information: In the latest edition of the Radiotherapy  market report, the market ranking analysis of top players in the Radiotherapy  market has been provided for base year (2022) by extensively studying the financial revenues generated by the major players operating in the Radiotherapy  market. The new edition of the report also provides updated financial information in the context of Radiotherapy  market till 2022 for each listed company via a graphical representation in a single diagram (instead of multiple tables). This will help readers to easily analyze the present status of profiled companies in terms of their financial strength, profitability, key revenue generating region/country, and business segment focus (in terms of the highest revenue-generating segment and investment on research and development activities).

·  Updated competitive landscape by adding competitive leadership mapping

·  The competitive leadership mapping includes the study of 25 market players including key as well as emerging players

Radiotherapy Market - Key Benefits of Buying the Report:

The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their market presence.

This report provides insights on the following pointers:

·  Analysis of key drivers (technological advancements, rising prevalence of cancer, growing use of particle therapy), restraints (lack of adequate healthcare, high cost of automated radiation therapy systems, dearth of skilled radiologist), opportunities (rising healthcare expenditure across developing countries), and challenges (risk of radiation exposure) influencing the growth of radiotherapy market

·  Market Penetration: Comprehensive information on the product portfolios offered by the top players in the radiotherapy market

·  Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the radiotherapy market

·  Market Development: Comprehensive information on lucrative emerging regions

·  Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the radiotherapy market

·  Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

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