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Radiotherapy Market to be Worth $17.86 Billion by 2030

Radiotherapy Market by Product (Devices [LINAC, Gamma Knife, Cyber Knife, Cyclotron, Synchrotron, Brachytherapy], Services, Software) Technology (IMRT, IGRT, 3D-CRT, Proton Beam Therapy, PDR-BT) Cancer (Breast, Prostate, Lung) - Global Forecast to 2030

Meticulous Research®—a leading global market research company, published a research report titled,Radiotherapy Market by Product (Devices [LINAC, Gamma Knife, CyberKnife, Cyclotron, Synchrotron, Brachytherapy], Services, Software), Technology (IMRT, IGRT, 3D-CRT, Proton Beam Therapy, PDR-BT), Cancer (Breast, Prostate, Lung) - Global Forecast to 2030.’

According to this latest publication from Meticulous Research®, the radiotherapy market is projected to reach $17.86 billion by 2030, at a CAGR of 8.4% during the forecast period. The growth of this market is driven by the rising cancer incidence rate, technological advancements in the field of radiotherapy, growing awareness about the benefits of radiotherapy for cancer treatment, growing healthcare expenditure, and rising use of particle therapy for cancer treatment. However, the high cost and complexities associated with radiotherapy procedures, lack of advanced infrastructure facilities, and lack of skilled healthcare professionals are restraining the market’s growth.

Furthermore, the high growth prospects in emerging economies and rising investments by public and private organizations in Cancer Research are expected to offer significant market growth opportunities. However, the difficulties in visualizing tumors during radiotherapy procedures and the risks associated with radiation exposure are the major challenge to the market’s growth.

The key players operating in the radiotherapy market are Siemens Healthineers AG (Germany), Elekta AB (Sweden), Accuray Incorporated (U.S.), IBA (Belgium), Mevion Medical Systems, Inc. (U.S.), Hitachi, Ltd. (Japan), ViewRay Technologies, Inc. (U.S.), Panacea Medical Technologies Pvt. Ltd. (India), IsoRay, Inc. (U.S.), Optivus Proton Therapy, Inc. (U.S.), and P-Cure, Ltd. (Israel).

Radiotherapy Market: Future Outlook

The radiotherapy market is segmented based on Product [Radiotherapy Devices {External Beam Radiotherapy Systems, (Conventional Linear Accelerators, Conventional Co-60 Teletherapy Units, Advanced Stereotactic Radiotherapy Systems (Gamma Knife, CyberKnife, TomoTherapy), Proton Beam Therapy Systems/Particle Beam Therapy Systems (Cyclotron, Synchrotron, Synchrocyclotron), Internal Beam Radiotherapy Systems/Brachytherapy Systems (Electronic Brachytherapy Products, Afterloaders)}, Radiotherapy Consumables and Accessories, Services, Software], Technology [External Beam Radiotherapy {Intensity Modulated Radiation Therapy (IMRT), Image Guided Radiation Therapy (IGRT), Stereotactic Radiation Therapy (SRT), 3D Conformal Radiation Therapy (3D-CRT), Proton Beam Therapy/ Particle Beam Therapy}, Internal Beam Radiotherapy [Brachytherapy {High Dose Rate Brachytherapy, Low Dose Rate Brachytherapy, Image Guided Brachytherapy, Pulse Dose Rate Brachytherapy}, Systemic Radiation Therapy {Intravenous Radiotherapy, Oral Radiotherapy}], Cancer Type [Breast Cancer, Prostate Cancer, Lung Cancer, Head and Neck Cancer, Colorectal Cancer, Cervical Cancer], and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, in 2023, the radiotherapy devices segment is expected to account for the largest share of the radiotherapy market. High adoption of advanced radiotherapy devices such as CyberKnife and Gamma Knife and higher pricing of these devices over accessories, software, and services are the key factors supporting the segment’s largest share in the market. The key market players are continuously focused on developing and launching new technologies. For instance, in June 2020, Accuray Incorporated (U.S.) launched the CyberKnife system tracks and synchronizes treatment delivery for all stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments within 15 minutes.

Based on technology, in 2023, the external beam radiotherapy segment is expected to account for the largest share of the radiotherapy market. External beam radiation therapy produces radiations that are used outside the body and has the benefits such as coverage of large areas of the body and high accuracy and precision of cancer cell targeting. External beam radiation treats various types of cancers, such as colorectal cancer, prostate cancer, breast cancer, and lung cancer.

Based on cancer type, in 2023, the prostate cancer segment is expected to account for the largest share of the radiotherapy market. The largest market share of this segment is attributed to the high incidence of prostate cancer coupled with the development of newer approaches in radiotherapy for treating prostate cancer. In March 2022, U.S. Food and Drug Administration (FDA) approved Novartis Pluvicto as the first target radioligand therapy for treating progressive, prostate-specific membrane antigen–positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC) in adults.

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the radiotherapy market, followed by Europe and Asia-Pacific. Furthermore, in 2023, the U.S. is expected to be the largest market shareholder in North America. The market growth in the U.S. is attributed to the high healthcare expenditure for cancer, highly developed healthcare infrastructure, the presence of key cancer radiotherapy developing companies such as Accuray Incorporated (U.S.) and Mevion Medical Systems, Inc. (U.S.), and government programs supporting early cancer screening.

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Key questions answered in the report:

  • Which are the high-growth market segments in terms of product, technology, cancer type, and region/country?
  • What was the historical market size for radiotherapy across the globe?
  • What are the market forecasts and estimates for the period 2023–2030?
  • What are the major drivers, restraints, and opportunities in the global radiotherapy market?
  • Who are the major players in the global radiotherapy market?
  • How is the competitive landscape, and who are the market leaders in the global radiotherapy market?
  • What are the recent developments in the radiotherapy market?
  • What are the different strategies adopted by the major players in the radiotherapy market?
  • What are the geographical trends and high growth regions/countries?

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