Radiotherapy Market
Radiotherapy Market Size, Share & Industry Analysis, By Type (External Beam Radiation Therapy, Internal Beam Radiation Therapy, Systemic Radiation Therapy), By Application (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Head and Neck Cancer, Others), By End User (Hospitals, Specialty Clinics, Cancer Treatment Centers), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) - Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
The global Radiotherapy Market is projected to grow at a CAGR of XX% from 2024 to 2031, with the market value expected to rise from USD XX billion in 2024 to USD YY billion by 2031.
North America currently dominates the market, driven by advanced healthcare infrastructure and high cancer prevalence. Key metrics include increasing cancer incidence rates, technological advancements in radiation therapy equipment, and growing adoption of combination therapies.
The radiation market is rapidly developing, driven by rising cancer diagnoses worldwide and continued advances in treatment delivery technologies. Precision medicine and the application of artificial intelligence in treatment planning are changing the landscape, promising improved patient outcomes with fewer side effects.
Market Dynamics:
Market Trend: Adoption of advanced radiotherapy techniques drives precision and efficacy
The radiation market is undergoing a rapid shift towards more advanced treatments. Intensity-modulated radiation treatment (IMRT) and image-guided radiation therapy (IGRT) are gaining popularity due to their ability to provide precise radiation doses to tumors while sparing healthy tissue. These novel approaches offer personalized treatment strategies that adapt to tumor changes during therapy.
The global IMRT market is expected to grow at a 9.8% CAGR between 2024 and 2031, reflecting the increasing acceptance of these high-precision technologies. Furthermore, using artificial intelligence and machine learning algorithms into treatment planning increases radiation administration precision and efficiency, potentially shortening treatment times and improving patient outcomes.
Market Driver: Increasing cancer incidence and aging population fuel market growth
The increasing global cancer burden is a major driver of the radiation market. According to the World Health Organisation, cancer diagnoses are anticipated to increase by 60% by 2040, with an estimated 29.5 million new cases each year. This rise in cancer incidence, paired with an aging population that is predisposed to cancer, is driving demand for radiotherapy services. In 2023, more than half of all cancer patients received radiation therapy throughout their treatment.
The older population, which is more likely to get cancer, is expected to reach 1.5 billion by 2050, boosting the need for radiotherapy services. Furthermore, developments in early detection and diagnosis are resulting in more patients being diagnosed at stages where radiotherapy can be particularly effective, hence driving market growth.
Market Restraint: High initial costs and limited access in developing regions hinder market expansion
The high capital investment required for radiation equipment and infrastructure is a significant impediment to industrial growth. A single linear accelerator can cost between $1.5 million and $3 million, with additional expenses for facility upgrades, employee training, and maintenance. This high cost barrier limits the deployment of sophisticated radiation equipment, particularly in underdeveloped countries and rural areas. As a result, access to radiotherapy services varies over the world, with low- and middle-income countries facing a 50-60% gap in radiotherapy equipment. This lack of accessibility has an impact not just on patient care, but also on market growth in specific places.
Segment Overview:
External Beam Radiation Therapy (EBRT) dominates the radiotherapy market, accounting for the largest market share in terms of revenue and treatment volume.
External Beam Radiation Therapy is the foundation of radiation therapy, enabling flexibility in treating a wide range of cancer types and locations. The segment's dominance stems from its noninvasive nature, ability to treat deep-seated tumors, and continual technological advancements. Linear accelerators (LINACs), the major EBRT equipment, have shown substantial improvements in precision and efficiency. The global LINAC market was valued at YY billion in 2023 and is predicted to grow to $5.9 billion by 2031, with a 6.8% CAGR.
Recent advances in EBRT include the use of real-time imaging technologies such as cone-beam CT and MRI-guided radiation therapy. These advancements make adaptive radiotherapy possible, allowing treatment plans to be altered on a daily basis based on tumor response and changes in patient anatomy. Elekta's Unity MR-Linac system, which combines high-field MRI and a linear accelerator, has shown promising results in treating moving targets like lung and prostate cancer, with a 30% reduction in treatment-related toxicities compared to standard radiotherapy.
The proton therapy subsegment of EBRT is fast developing because of its superior dose distribution and fewer side effects. The global proton treatment market is expected to grow at a CAGR of 12.5% between 2024 and 2031, with major cancer centers investing in cutting-edge equipment. In 2023, there were over 100 operational proton therapy centres worldwide, with another 50 under construction or in the planning stages. This extension is supported by increasing clinical data demonstrating that proton therapy is successful in treating child cancers as well as some adult tumours such as head and neck cancers and liver tumours.
Regional Outlook:
North America leads the global radiotherapy market, driven by advanced healthcare infrastructure and high cancer incidence rates.
North America's supremacy in the radiation sector is fuelled by high healthcare spending, early adoption of sophisticated technologies, and a high cancer prevalence. In 2023, the region represented about YY% of the global radiotherapy market, with the United States leading the way. The American Cancer Society forecasts that 1.9 million additional cancer cases would be diagnosed in the United States by 2024, creating a strong need for radiation services.
The FDA has approved novel radiation equipment and treatment planning software, among other recent improvements in the North American market. Varian Medical Systems will launch its Ethos therapy system in 2023, an AI-powered holistic solution that allows for real-time adaptive therapy. This system has been adopted in over 100 cancer centers throughout North America, demonstrating the region's quick adoption of cutting-edge technology.
The US radiation market is defined by its high concentration of advanced treatment facilities. As of 2023, there were over 2,500 radiation therapy centers in the country, with over 65% offering IMRT and IGRT services. Proton treatment is also gaining popularity, with 41 operational facilities in the United States as of early 2024, accounting for roughly 40% of total proton therapy capacity.
Radiation therapy is becoming more widely available in Canada thanks to the country's universal healthcare system. The Canadian government has allocated CAD 180 million for radiotherapy equipment upgrades across provinces between 2021 and 2024, with the goal of lowering wait times and enhancing treatment quality. This investment is expected to promote regional market growth over the forecast period.
Competitive Intelligence:
The global radiation industry is marked by severe competition between a few notable players who control the market through breakthrough technologies and broad product ranges. The two main businesses, Varian Medical Systems (now part of Siemens Healthineers) and Elekta AB, account for more than 80% of the linear accelerator systems market.
Varian Medical Systems' position has strengthened since its acquisition by Siemens Healthineers for $16.4 billion in 2021, which combined Varian's radiotherapy expertise with Siemens' diagnostic imaging capabilities. This combination has accelerated the development of integrated solutions, such as AI-powered treatment planning tools that use diagnostic imaging data to pinpoint medicines more precisely.
Elekta AB has focused on developing its MR-Linac technology, with the Unity system gaining traction in major cancer clinics across the world. The company reported a 14% increase in order intake for their Unity system in fiscal year 2023, indicating that MRI-guided radiation is gaining market acceptance.
New entrants, such as ViewRay and RefleXion Medical, are disrupting the industry with groundbreaking innovations. In 2023, ViewRay's MRIdian system, which combines MRI guidance and linear accelerator technology, had a 25% increase in installations over the previous year. RefleXion Medical's biology-guided radiotherapy (BgRT) platform, approved by the FDA in 2023, has the potential to transform metastatic cancer therapies.
Strategic partnerships and cooperation continue to shape the competitive landscape. For example, IBA (Ion Beam Applications) has collaborated with numerous global healthcare providers to expand access to proton therapy, with plans to construct 15 new facilities worldwide by 2026.
Future market dynamics are likely to be influenced by the increased emphasis on personalized medicine, with companies investing heavily in AI and machine learning technologies to better treatment planning and implementation. To address increased demand in emerging nations, the industry is shifting towards more compact and cost-effective radiation solutions.
Analyst Opinion:
The radiotherapy industry is poised for significant growth and transition in the next few years, because of technological developments and a growing global cancer burden. The use of artificial intelligence and machine learning into therapy planning and delivery has the potential to alter the sector, improving outcomes and reducing harmful effects for patients.
FLASH irradiation, which provides ultra-high dosage rates in microseconds, is a new concept to keep a watch on. Early preclinical studies have shown promising results in terms of tumour suppression while significantly minimizing normal tissue damage. FLASH treatment, which is still in its early stages, has the potential to represent a paradigm shift in radiation oncology if properly administered in clinical practice.
Major Players:
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Varian Medical Systems (Siemens Healthineers)
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Elekta AB
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Accuray Incorporated
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IBA (Ion Beam Applications)
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ViewRay, Inc.
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Hitachi, Ltd.
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Mevion Medical Systems
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RefleXion Medical
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IntraOp Medical Corporation
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Isoray Medical, Inc.
Key Developments:
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Varian Medical Systems (Siemens Healthineers) received FDA certification in June 2023 for its Ethos adaptive intelligence system, which increases real-time adaptive radiation capabilities.
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Elekta AB will launch Harmony Pro, its next-generation linear accelerator, in September 2023, with the goal of increasing treatment accuracy and reducing treatment times by up to 25%.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Varian Medical Systems (Siemens Healthineers)
5.2. Elekta AB
5.3. Accuray Incorporated
5.4. IBA (Ion Beam Applications)
5.5. ViewRay, Inc.
5.6. Hitachi, Ltd.
5.7. Mevion Medical Systems
5.8. RefleXion Medical
5.9. IntraOp Medical Corporation
5.10. Isoray Medical, Inc. (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Adoption of advanced radiotherapy techniques drives precision and efficacy
6.1.2. Integration of AI and machine learning in treatment planning
6.1.3. Development of FLASH radiotherapy
6.2. Market Drivers
6.1.1. Increasing cancer incidence and aging population fuel market growth
6.2.2. Advancements in early detection and diagnosis
6.2.3. Growing adoption of combination therapies
6.3. Market Restraints
6.3.1. High initial costs and limited access in developing regions hinder market expansion
6.3.2. Shortage of skilled radiotherapy professionals
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. External Beam Radiation Therapy
7.1.1. Linear Accelerator (LINAC) based therapies
7.1.2. Proton Therapy
7.1.3. Gamma Knife
7.2. Internal Beam Radiation Therapy
7.2.1. Brachytherapy
7.2.2. Systemic Radioisotope Therapy
7.3. Systemic Radiation Therapy
7.3.1. Oral Radioisotopes
7.3.2. Intravenous Radioisotopes
8. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Breast Cancer
8.2. Lung Cancer
8.3. Prostate Cancer
8.4. Colorectal Cancer
8.5. Head and Neck Cancer
8.6. Others
8.6.1. Brain Cancer
8.6.2. Gynecological Cancers
8.6.3. Skin Cancer
9. BY END USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Hospitals
9.1.1. Public Hospitals
9.1.2. Private Hospitals
9.2. Specialty Clinics
9.3. Cancer Treatment Centers
9.3.1. Academic and Research Centers
9.3.2. Standalone Cancer Centers
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Type:
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External Beam Radiation Therapy
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Internal Beam Radiation Therapy
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Systemic Radiation Therapy
By Application:
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Breast Cancer
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Lung Cancer
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Prostate Cancer
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Colorectal Cancer
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Head and Neck Cancer
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Others
By End User:
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Hospitals
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Specialty Clinics
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Cancer Treatment Centers
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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