The global radiotherapy market was estimated at USD 7.57 billion in 2023 and is expected to hit around USD 13.96 billion by 2033, growing at a CAGR of 6.31% from 2024 to 2033.
Key Points
- The North America radiotherapy market size was calculated at USD 2.80 billion in 2023 and is expected to expand around USD 5.24 billion by 2033 with a CAGR of 6.46% from 2024 to 2033.
- North America dominated the market with the largest revenue share of 37% in 2023.
- Asia Pacific is expected to grow at the highest CAGR in the market during the forecast period.
- By type, the external beam radiation therapy segment has held a major revenue share of in 2023.
- By type, the internal radiation therapy segment is expected to show notable growth in the market during the forecast period.
- By end users, the hospitals & clinics segment has contributed more than 51% of revenue share in 2023.
- By end users, the other segment is expected to grow rapidly in the market during the forecast period.
The global radiotherapy market is a crucial segment within the broader healthcare industry, primarily focused on the treatment of various forms of cancer. Radiotherapy, also known as radiation therapy, involves the use of high-energy radiation to target and destroy cancer cells. It is employed as a standalone treatment or in combination with surgery, chemotherapy, or immunotherapy, depending on the type and stage of cancer. The market encompasses a wide range of technologies, including external beam radiation therapy, internal radiation therapy (brachytherapy), and systemic radiation therapy. With the increasing incidence of cancer worldwide and advancements in radiotherapy technology, the market is witnessing significant growth and innovation.
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Growth Factors:
Several factors contribute to the growth of the radiotherapy market. Firstly, the rising prevalence of cancer globally is a major driver. According to the World Health Organization (WHO), cancer is one of the leading causes of morbidity and mortality worldwide, with approximately 10 million deaths attributed to it annually. As the incidence of cancer continues to rise, the demand for effective treatment modalities like radiotherapy is expected to increase. Additionally, technological advancements in radiotherapy systems and techniques have enhanced treatment precision and outcomes, driving market growth. Innovations such as intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), and proton therapy have improved the targeting of cancer cells while minimizing damage to surrounding healthy tissue.
Region Insights:
The radiotherapy market exhibits regional variations in terms of market size, adoption rates, and regulatory frameworks. North America dominates the global market, attributed to factors such as a high prevalence of cancer, well-established healthcare infrastructure, and favorable reimbursement policies. The presence of key market players and ongoing research and development activities further contribute to the region’s leadership position. Europe follows closely behind, driven by increasing investments in cancer care and favorable government initiatives. In Asia-Pacific, the market is witnessing rapid growth due to a rising incidence of cancer, improving healthcare infrastructure, and increasing awareness about advanced treatment options. Emerging economies like China and India offer lucrative opportunities for market expansion, supported by growing healthcare expenditure and rising disposable income levels.
Radiotherapy Market Scope
| Report Coverage | Details |
| Radiotherapy Market Size in 2023 | USD 7.57 Billion |
| Radiotherapy Market Size in 2024 | USD 8.05 Billion |
| Radiotherapy Market Size by 2033 | USD 13.96 Billion |
| Radiotherapy Market Growth Rate | CAGR of 6.31% from 2024 to 2033 |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Type, End-user, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Radiotherapy Market Dynamics
Drivers:
Several key drivers fuel the growth of the radiotherapy market. Technological advancements play a significant role, enabling more precise and targeted delivery of radiation therapy while minimizing side effects. For instance, advancements in imaging techniques allow for better visualization of tumors, facilitating accurate treatment planning. Moreover, the growing adoption of hypofractionated radiotherapy, which delivers higher doses of radiation over a shorter period, is gaining traction due to its effectiveness and reduced treatment duration. Additionally, the increasing use of radiotherapy in combination with other treatment modalities, such as chemotherapy and immunotherapy, to improve overall treatment outcomes is driving market growth. Furthermore, the rising awareness about the benefits of early cancer detection and treatment among patients and healthcare providers is contributing to the growing demand for radiotherapy services.
Opportunities:
The radiotherapy market presents several opportunities for growth and innovation. One such opportunity lies in expanding the application of radiotherapy beyond traditional indications. Researchers are exploring the use of radiotherapy in treating non-cancerous conditions such as autoimmune diseases and benign tumors. Furthermore, there is a growing focus on personalized medicine in cancer treatment, wherein treatment regimens are tailored to individual patient characteristics. This trend opens up opportunities for the development of advanced radiotherapy techniques that can deliver targeted treatments based on patient-specific factors such as tumor type, location, and genetic profile. Moreover, the increasing adoption of advanced radiotherapy technologies in emerging markets presents untapped opportunities for market players to expand their presence and cater to the growing demand for cancer care services.
Challenges:
Despite the promising growth prospects, the radiotherapy market faces several challenges that need to be addressed. One of the primary challenges is the high cost associated with radiotherapy equipment and treatment procedures. The initial capital investment required for setting up radiotherapy facilities and the ongoing operational expenses pose financial barriers, particularly in low- and middle-income countries where access to healthcare resources is limited. Additionally, there is a shortage of skilled radiation oncologists and healthcare professionals trained in radiotherapy techniques, leading to disparities in access to quality cancer care services. Furthermore, concerns about radiation exposure and potential side effects of radiotherapy remain significant barriers to patient acceptance and compliance. Addressing these challenges will require collaborative efforts from healthcare stakeholders, including governments, healthcare providers, industry players, and patient advocacy groups, to ensure equitable access to safe and effective radiotherapy services worldwide.
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Radiotherapy Market Recent Developments
- In May 2024, The SoR worked alongside other professional bodies to develop a policy advisory on the provision of radiotherapy in the UK and is urging ministers to heed its recommendations. The Society of Radiographers, the Royal College of Radiologists, and the Institute of Physics and Engineering and Medicine have collaborated to launch the “Recovering Radiotherapy Services in England: Our Plan for Action” guide.
- In July 2023, American Oncology Institute (AOI) Hyderabad launched Ethos Radiotherapy, an advanced radiotherapy equipment to treat cancer patients. Manufactured by the U.S.-based Varian Medical Systems, Ethos Radiotherapy applies Artificial Intelligence and Machine Learning to generate adapted plans within minutes to guide doctors while the patient is still undergoing treatment.
- In June 2023, The Hitec City branch of Yashoda Hospital launched an MRI-guided radiotherapy unit for cancer treatment. The technology, combining magnetic resonance imaging (MRI) with precise radiation delivery, is the country’s first Unity MR Linac, the hospital said.
Radiotherapy Market Companies
- Eckert & Ziegler Group
- Elekta AB
- Ion Beam Applications SA
- Becton, Dickinson, and Company
- MEVION MEDICAL SYSTEMS, INC.
- Isoray, Inc.
- Siemens Healthineers AG
- ICAD INC.
- Accuray Incorporated
- Nordion Inc.
Segment Covered in the Report
By Type
- External Beam Radiation Therapy
- Internal Radiation Therapy
- Systemic Radiation Therapy
By End-user
- Hospitals and Clinics
- Others
By Geography
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
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