Global Radiotherapy Market, by Product Type (External Beam Radiation (Compact Advanced Radiotherapy Systems (Cyber Knife, Gamma Knife, and Others), Proton Therapy Systems (Synchrotron and Cyclotron), and High Energy Linear Accelerators (LINAC)), Internal Beam Radiation (Applicators, Afterloader, and Seeds), and Systemic Radiation), by Therapy Type (External Beam Radiation Therapy (Stereotactic Radiosurgery (SRS), Stereotactic Body Radiation Therapy (SBRT), Intensity-modulated Radiation Therapy (IMRT), Proton Therapy, Image-guided Radiotherapy (IGRT), Volumetric Modulated Arc Therapy (VMAT), and Others), Internal Beam Radiation Therapy(Low-dose Rate Brachytherapy (LDR), High-dose Rate Brachytherapy (HDR), Image-guided Brachytherapy (IGBT), and Pulse Dose Rate Brachytherapy (PDR)), and Systemic Radiation Therapy), by Application (Prostate Cancer, Breast Cancer, Lung Cancer, Colorectal Cancer, Cervical Cancer, and Others), by End User (Hospitals, Oncology Clinics, and Ambulatory Radiotherapy Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Radiotherapy market is expected to gain significant traction, owing to radiotherapy being a highly effective and affordable therapy for cancer treatment. Recent advancements in radiotherapy techniques to enhance the accuracy of treatment with the approval from regulatory agencies is a major factor augmenting growth of the radiotherapy devices. For instance, in December 2021, ViewRay Inc., a company that develops radiation therapy technology for the treatment of cancer, received Food and Drug Administration (FDA) 510(k) clearance for its next generation of magnetic resonance image-guided radiotherapy features, focused on enhancing on-table adaptive workflow and expanding clinical utility. MRIdian A3i includes a suite of new features to streamline on-table adaptive workflow and provide the potential to reduce treatment times, along with a new brain treatment package expanding clinical utility into cranial stereotactic radiosurgery (SRS) and stereotactic radiation therapy (SRT).
Global Radiotherapy Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions.
However, the COVID-19 pandemic had a negative impact on the radiotherapy market, owing to the disruptions in radiation treatment (RT). For instance, according to an article published by American Society of Clinical Oncology Journal, in February, 2021, a departmental quality assurance database for all patients who underwent radiation planning computed tomography simulations (CT sim) between March 6, 2020, through April 30, 2020 was reviewed from a multicenter New York,U.S., area institution. According to the results, in 42% of cases, there was an impact of the pandemic on at least one aspect of the patient's radiation treatment. Changes in treatment or care plan can broadly be placed into three categories: unplanned impact on workup and modalities available, patient decisions to delay or cancel treatment, and proactive physician-initiated changes to the radiation timing and prescription.
Global Radiotherapy Market: Key Developments
In December 2021, the U.S. Food and Drug Administration granted Breakthrough Device Designation to therapeutic oncology company RefleXion for its biology-guided radiotherapy (BgRT), which is used to treat lung tumors. BgRT involves the utilization of injected radiotracers for the immediate treatment of moving tumors. These radiotracers give off active signals, known as emissions, that set guidance points for treatment delivery.
In April 2021, Siemens Healthineers, a medical device company, completed the acquisition of Varian, a U.S. based radiation oncology treatments and software maker based in Palo Alto, California, U.S.
Browse 38 Market Data Tables and 26 Figures spread through 205 Pages and in-depth TOC on “Global Radiotherapy Market”- Forecast to 2030, Global Radiotherapy Market, by Product Type (External Beam Radiation (Compact Advanced Radiotherapy Systems (Cyber Knife, Gamma Knife, and Others), Proton Therapy Systems (Synchrotron and Cyclotron), and High Energy Linear Accelerators (LINAC)), Internal Beam Radiation (Applicators, Afterloader, and Seeds), and Systemic Radiation), by Therapy Type (External Beam Radiation Therapy (Stereotactic Radiosurgery (SRS), Stereotactic Body Radiation Therapy (SBRT), Intensity-modulated Radiation Therapy (IMRT), Proton Therapy, Image-guided Radiotherapy (IGRT), Volumetric Modulated Arc Therapy (VMAT), and Others), Internal Beam Radiation Therapy(Low-dose Rate Brachytherapy (LDR), High-dose Rate Brachytherapy (HDR), Image-guided Brachytherapy (IGBT), and Pulse Dose Rate Brachytherapy (PDR)), and Systemic Radiation Therapy), by Application (Prostate Cancer, Breast Cancer, Lung Cancer, Colorectal Cancer, Cervical Cancer, and Others), by End User (Hospitals, Oncology Clinics, and Ambulatory Radiotherapy Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the Global Radiotherapy Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/radiotherapy-market-1320
Moreover, increasing prevalence of cancer is expected to drive market growth over the forecast period. For instance, according to data provided by the Centers for Disease Control and Prevention, 1,752,735 new cancer cases were reported and 599,589 people died of cancer, in the U.S. in 2019.
Key Takeaways of the Global Radiotherapy Market:
- Global radiotherapy market is expected to exhibit a CAGR of 6.8% during the forecast period due to increasing product launches for radiotherapy. For instance, in June 2020, Accuray Incorporated, a radiation oncology company that develops, manufactures and sells precise, innovative tumor treatment solutions, launched the CyberKnife S7 System, an innovative device combining speed, advanced precision, and real-time artificial intelligence (AI)-driven motion tracking and synchronization treatment delivery for all stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments
- Among end users, the hospitals segment is estimated to hold a dominant position in the global radiotherapy market over the forecast period, owing to higher adoption and availability of advanced radiotherapy systems offering enhanced care. For instance, in August 2021, Manipal Hospitals, a multi-speciality hospital chain in India, launched advanced Radixact System. The System delivers 360 degree rotational delivery for the whole body and computed tomography based daily IGRT (image-guided radiation therapy) treatment. The combined technologies enable the delivery of radiation using a variety of methods. These range from image-guided intensity-modulated radiation therapy (IG-IMRT) to stereotactic body radiation therapy (SBRT) to treat almost any tumor
- On the basis of region, North America is estimated to account for the largest market share in the global radiotherapy market over the forecast period, owing to increasing adoption of inorganic strategies by key players in the region such as agreements and collaborations. For instance, in May 2022, GE Healthcare, a manufacturer and distributor of diagnostic imaging agents and radiopharmaceuticals for imaging modalities used in medical imaging procedures, announced that it had entered into an agreement to collaborate with RaySearch Laboratories AB, a leading radiation oncology software provider, to develop a new radiation therapy simulation and treatment planning workflow solution, designed to simplify how radiation will be targeted to shrink a tumor.
- 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
