RADIOTHERAPY MARKET ANALYSIS

Radiotherapy, also known as radiation therapy, uses ionizing radiations that deliver targeted beams of radiation to kill and destroy cancer cells. The advanced technology used in radiotherapy works by bombarding cancerous cells with radiation to kill them, while minimizing damage to the healthy cells around them. Radiotherapy is the most potent and cost-effective treatment for cancer, and when integrated with advanced technologies such as image guided therapy, it leads to enhanced control over tumor and toxicity.

Global radiotherapy market is estimated to be valued at US$ 7,078.91 million in 2022 and is expected to exhibit a CAGR of 6.8% during the forecast period (2022-2030).

Figure 1.Global Radiotherapy Market Share (%), by Product Type, 2022

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Increasing prevalence of cancer is expected to drive growth of the radiotherapy market.

Rising prevalence of oncology diseases such as prostate cancer, lung cancer, and breast cancer, globally is increasing demand for timely management to reduce mortality associated with such conditions. This in turn, is a major factor augmenting growth of the radiotherapy market. For instance, according to data provided by Breastcancer.org, in March 2022, an estimated 287,850 new cases of invasive breast cancer are expected to be diagnosed in women in the U.S., along with 51,400 new cases of non-invasive (in situ) breast cancer in 2022.

Figure 2.Global Radiotherapy Market Share (%), by Region, 2022

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Higher efficacy of radiotherapy equipment with enhanced clinical outcomes are expected to drive market growth during the forecast period.

The high-energy radiation used during radiotherapy permanently damages the DNA of cancer cells, causing them to die. According to the data provided by Mayo Foundation for Medical Education and Research (MFMER), in July 2020, almost half of all people with cancer have radiotherapy as part of their treatment plan. Moreover, according to the data published by NHS inform, in November 2021, 4 out of every 10 cancer cures include radiotherapy as part of the treatment plan

Global Radiotherapy Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

However, the COVID-19 pandemic had a negative impact on the global radiotherapy market, owing to decreased rates of radiotherapies during the pandemic as a result of lockdown. For instance, according to an article published by the Lancet Journal, in March 2021, a population-based study was carried out in England, U.K., to analyze the impact of cancer on radiotherapies done. In this population-based study, data relating to all radiotherapy delivered for cancer between Feb 4, 2019, and June 28, 2020, were extracted from the National Radiotherapy Dataset in England. According to the results, in 2020, mean weekly radiotherapy courses fell by 19·9% in April, 6·2% in May, and 11·6% in June compared with corresponding months in 2019.

Global Radiotherapy Market: Key Developments

In February 2022, the Department of Radiation Oncology at Max Institute of Cancer Care (MICC), Saket, India, launched the Radixact X9 Tomotherapy, which is combined with the 2nd generation synchronization respiratory motion management system. This radiation therapy treatment for cancer patients employs Artificial Intelligence (AI)-based real-time tracking and treatment delivery to ensure that the tumor is not missed due to chest or abdominal breathing movement during radiation.

In April 2022, Elekta, an innovator of precision radiation therapy solutions, and GE Healthcare, a manufacturer and distributor of diagnostic imaging agents and radiopharmaceuticals for imaging modalities used in medical imaging procedures, 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.

Global Radiotherapy Market: Restraint

The major factor that hinders growth of the global radiotherapy market is high cost of the radiotherapy devices. For instance, linear accelerator (linac) such as Varian 600CD/6EX, Elekta Precise, and others are priced at a cost ranging from US$ 175, 000 to US$ 300, 000

Key Players

Major players operating in the global radiotherapy market include Accuray Incorporated, Elekta, Isoray Inc., CIVCO, Hitachi, Ltd., Mevion Medical Systems, ProTom International, VIEWRAY TECHNOLOGIES, INC., Panacea Medical Technologies Pvt. Ltd., Optivus Proton Therapy, Inc., RefleXion, MacroMedics, Vision RT Ltd., and Qfix.