Radiotherapy market is estimated to be valued at USD 7.97 Bn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period (2024-2031). The growing prevalence of cancer worldwide is one of the key factors fueling the market growth. Cancer is one of the leading causes of mortality which has increased the demand for effective treatment such as radiotherapy.
Market Dynamics:
The growth of the global radiotherapy market is driven by the increasing incidence of cancer and technological advancements in the radiotherapy devices. Over the past few decades, there has been a significant rise in the number of cancer cases owing to changing lifestyle patterns and growing geriatric population worldwide. According to World Health Organization, the cancer burden is expected to grow by over 70% in the next two decades. This rising disease prevalence is expected to drive the demand for radiotherapy procedures for effective cancer treatment over the forecast period. Additionally, manufacturers are increasingly focusing on developing innovative radiotherapy devices with advanced features such as particle therapy and FLASH radiotherapy. This is expected to offer less toxic and more targeted treatment options to patients. Continuous innovations in radiotherapy technology will fuel the adoption of new devices and boost the market revenue growth during the forecast period.
Increasing Incidence and Prevalence of Cancer is Driving the Demand for Radiotherapy
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Advancements in Radiotherapy Technologies are Enabling Precise Treatment Delivery
Constant innovations and advancements in radiotherapy technologies are supporting the increased usage of these systems. Recent innovations include advanced radiation delivery techniques such as intensity-modulated radiation therapy (IMRT), stereotactic radiosurgery, volumetric modulated arc therapy (VMAT), and proton therapy. These new technologies allow for more targeted, precise, and effective radiation treatment while reducing the dose delivered to surrounding healthy tissues. Stringent regulatory approvals for these novel radiotherapy technologies are contributing to their growing commercialization.
High Cost of Treatment and Long Replacement Cycle Hampers the Market Growth
The high cost of radiotherapy equipment, such as linear accelerators, remains one of the key barriers to the widespread adoption of these systems especially in developing and underdeveloped countries. Linear accelerators cost anywhere between USD US$ 1 million to US$ 4 million depending on the type. Additionally, these high-end machines have a long replacement cycle of 8-10 years, thereby influencing the purchase volume. The hefty price tags and long-life cycle strain the budgets of healthcare facilities and hence restricts them from routine equipment upgrades and procurement of new units
Shortage of Trained Professionals Impedes the Market Growth
The global radiotherapy market also faces barriers due to a shortage of trained medical professionals with expertise in delivering radiation treatments. Operating advanced equipment requires specialized training as radiotherapy involves complex procedures. However, recruitment and retaining skilled radiation oncologists, medical physicists, dosimetrists, and radiation therapists is challenging given their limited availability. This skills gap affects the efficient and optimal utilization of existing resources as well as installation of new radiotherapy systems. The lack of trained talent pool creates a hurdle for market players targeting developing countries.
Advancement of Artificial Intelligence Widens Growth Prospects
The integration of artificial intelligence (AI) technologies in radiotherapy presents lucrative opportunities for market players. AI has the potential to help optimize treatment planning and delivery. It allows automated segmentation of tumors and risk organs to extract radiomics features, which facilitates data-driven decision making. AI-powered algorithms can be used for automated treatment adaptation to account for anatomical changes during the course of treatment. AI/machine learning methods also assist in automating daily quality assurance tasks and reduce errors. As AI penetration increases in healthcare, it will transform radiotherapy practices as well.
*Link: https://www.coherentmarketinsights.com/market-insight/radiotherapy-market-1320
Key Development
- In May 2022, Elekta, a medical technology company, announced the launch of Elekta Esprit that offers significantly faster automated treatment planning for clinicians, more personalized and patient-friendly treatments, and a degree of precision able to protect the mind and the person
- In October 2021, The Apollo Hospitals Group, the integrated healthcare services provider, announced that it had launched Varian’s TrueBeam radiotherapy system with Velocity, an intelligent software solution for interventional oncology at Apollo Cancer Institute, Apollo Health City campus, Hyderabad, India
- In June 2020, Accuray Incorporated, a medical technology company, announced that it had launched CyberKnife S7 System. CyberKnife S7 System is the next-generation CyberKnife platform, a robotic, non-invasive radiation therapy device capable of treating cancerous and benign tumors throughout the body, as well as neurologic disorders.
- In June 2020, PMB, a subsidiary of the ALCEN group, an industrial group active in five sectors: Defense & Security, Energy, Medical & Healthcare, Aeronautics & Space and Large-Scale Scientific, announced that it had launched FLASHKNiFE, the FLASH radiotherapy system dedicated to clinical trials
Key Players: 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,