Radiotherapy Market to grow by USD 12.2 billion by 2033, Globally at 5.9% CAGR | Market.us
The rising prevalence of cancer worldwide is a significant driver for the growth of the Radiotherapy Market. As the global population ages and lifestyles evolve, the incidence of various cancer types continues to increase, leading to a higher demand for radiotherapy treatments.
New York, Jan. 29, 2024 (GLOBE NEWSWIRE) -- According to Market.us, the global radiotherapy market size is forecasted to exceed USD 12.2 billion by 2033, with a promising CAGR of 5.9% from 2024 to 2033.
Radiotherapy, a crucial component of cancer treatment, plays a pivotal role in the ongoing battle against cancer. The Radiotherapy Market, reflecting the global healthcare landscape, has been witnessing steady growth. This growth can be attributed to several factors, including the increasing incidence of cancer worldwide, advancements in radiotherapy technology, and a growing awareness of its efficacy in targeting and treating various cancer types. Additionally, the aging population and a rise in cancer-related comorbidities have fueled the demand for radiotherapy services and equipment
To Gain greater insights, Request a sample report @ https://market.us/report/radiotherapy-market/request-sample/
Key Takeaway
By therapy type, adaptive radiation therapy is likely to foster the radiotherapy market.
The fastest market growth during the forecast period is likely seen by breast cancer segment.
Due to well prepared radiotherapy units, hospital segment dominates the market in 2023.
North America is anticipated to register the large market growth with a market share of 43.3%.
With several market strategies, the major companies are trying to hold a strong position in the radiotherapy market.
Factors Affecting the Growth of the Radiotherapy Market
There are several factors that can affect the growth of the radiotherapy market. Some of these factors include:
Rise in Prevalence of cancer: The increasing prevalence of cancer worldwide boosts the growth of the market.
Upsurge in cancer Awareness: Increasing awareness about cancer symptoms among people will likely enhance the market growth. This will facilitate early detection and treatment of the disease, thus driving the market.
Increasing Investment in Healthcare Sector: Investments by the government and various organizations will likely propel the market.
Development of novel treatments: Emergence in the novel treatment in the market will likely anticipate market growth.
Top Trends in the Global Radiotherapy Market
The advent of practical therapy, stereotactic body radiation therapy and intensity modulated radiation therapy led to the rise of effective treatments, resulting in adverse effects and improved outcomes. Amongst this, adaptive radiation therapy played a leading role to improve the patient outcomes. Thus, the rising cases of cancer and the increasing demand for effective treatments such as radiotherapy and chemotherapy is fuelling the radiotherapy market.
Market Growth
The growth in the radiotherapy market is due to a rising incidence of the disease and increased awareness about cancer treatments. Cancer affects a large portion of the world's population. It has accounted for approximately 9.6 to 10 million deaths across the world in 2023. This is equivalent to around 26,300 deaths every day due to cancer. Hence, in order to reduce the mortality rate and provide satisfactory treatments the major companies such as Merck and BioNTech are involved to bring best cancer treatment therapies for the patients. Thus, these efforts by the major companies lead to the growth of radiotherapy market.
Regional Analysis
A considerable market share of 43.3% is held by North America, dominating the radiotherapy market in 2023. The region being prominent is by virtue of rise in number of cancer cases, recognized radiotherapy system providers and replacement of old therapies with novel ones. Furthermore, a second largest market revenue share is held by Europe, as the market players are fulfilling the radiotherapy requirement in a compact period of time.
Gain a deeper understanding of how our report can elevate your business strategy. Inquire about a brochure by https://market.us/report/radiotherapy-market/#inquiry
Scope of the Report
Report Attributes | Details |
Market Value (2023) | USD 6.8 Billion |
Forecast Revenue 2033 | USD 12.1 Billion |
CAGR (2024 to 2033) | 5.9% |
North America Revenue Share | 43.3% |
Base Year | 2023 |
Historic Period | 2018 to 2022 |
Forecast Year | 2024 to 2033 |
Market Drivers
Rising pervasiveness of cancer across the globe is the major driver to fuel the radiotherapy market. In addition to this, the rise in the approval of radiotherapy devices and propelling investments for carrying out reaearch and development activities significantly expands the market in less period of time. There is a huge demand for non-surgical processes, as the treatment undergoes quick work action coupled with modest recovery period. Furthermore, the new approach within the hospitals for replacing the older equipments with novel therapy systems dealing with best facilities further fosters the market in the upcoming years.
Market Restraints
Radiotherapy being a vital treatment option is coupled with high therapy cost. For low income countries, the treatment seems quite expensive, hindering the market substantially. In addition to this, the limited expenditure in developing countries causes various restraints for the market expansion.
Opportunities
In order to bring advancement in diagnosis and treatment of cancer there is an up surged public-private investment and fundings to support cancer research. Various developed countries are raising their expenditure in the healthcare sector for the allowance of better facilities to the cancer patients. These factors creates sky rocketing opportunities for the growth of radiotherapy market.
Unlock Instant Access | Acquire This Premium Research Report https://market.us/purchase-report/?report_id=44129
Report Segmentation of the Radiotherapy Market
By Therapy Type Analysis
Based on therapy type, the market is segmented into external beam radiation therapy, internal beam radiation therapy and systemic radiation therapy. The segment accounting for the largest market revenue share of 77.5% is external beam radiotherapy segment. This dominance owes to the fact of the treatment being more accurate for directing beams on cancerous cells, causing less destruction to normal cells. The rising awareness regarding novel and advanced radiotherapy methods further bolsters the market in the upcoming days.
By Application Analysis
The application segment of radiotherapy market is broadly divided into prostate cancer, breast cancer, lung cancer, head and neck cancer, colorectal cancer, gynaecological cancer, cervical cancer, penile cancer, prostate cancer, liver cancer, spine cancer, thyroid cancer, bladder cancer and lip cancer. Owing to large number of patients suffering from prostate cancer worldwide, the prostate cancer segment dominates the other applications significantly by holding a large market share of 18.3%. People dealing with prostate cancer go for radiotherapy rather than adopting the conventional therapies, as radiation therapy has been found effective to kill cancer cells in the prostate gland. Moreover, breast cancer segment holds the fastest growing radiation therapy market.
By End User Analysis
Hospitals & diagnostic laboratories, cancer treatment & research centers, academic research organizations and ambulatory surgery centers are the end users of radiotherapy market. The hospitals and diagnostic laboratories segment dominated the market by holding a large market revenue share of 51.8% in 2023. The dominance is considerable due to the hospitals being leveraged by well equipped radiotherapy units providing several need for radiotherapy methods. In order to prevent the reappearance of tumor after surgery, hsopitals and diagnostic centres make use of adjuvant therapy to treat various types of tumors.
Explore essential market insights, including key trends, drivers, and challenges, empowering clients to enhance their strategies and maintain a competitive edge. Access a sample PDF report @ https://market.us/report/radiotherapy-market/request-sample/
Impact of Macroeconomic Factor
Significant issues with its cancer care infrastructure including radiotherapy was created with the Russian Invasion of Ukraine. Damage from direct bombing and loss of infrastructure under Russian occupations, Ukraine’s cancer care capacity suffered from a range of indirect problems. Air and drone strikes disrupt supply chains and interfere with procedures from surgery to diagnostics by interrupting electricity and internet connections. These problems cumulatively make it harder for the patients to access treatment. Thus a negative feedback loop regarging the economy is established, as more time and resources further strain the healthcare system, creating more delays.
Recent Development in the Radiotherapy Market
Elekta AB bought IMPAC Medical Systems, Inc. in September 2023. They did this to make their cancer treatment systems work better.
Varian Medical Systems launched Halcyon 3.0 in November 2023. It uses AI to plan treatments faster and improve patient care.
ViewRay Inc. partnered with RefleXion Medical in December 2023. They combined MR imaging with ablation tech for lung and liver tumors.
Siemens Healthineers and ZEISS Group teamed up in January 2024. They're making AI-powered radiotherapy planning to personalize treatments and improve results.
Market Segmentation
By Therapy Type
External beam radiation therapy
Internal beam radiation therapy
Systemic radiation therapy
By Application
Prostate cancer
Breast cancer
Lung cancer
Head and neck cancer
Colorectal cancer
Gynaecological cancer
Cervical cancer
Penile cancer
Prostate cancer
Liver cancer
Spine cancer
Thyroid cancer
Bladder cancer
Lip cancer
By End User
Hospitals & diagnostic laboratories
Cancer treatment & research centers
Academic research organizations
Ambulatory surgery centers
By Geography
North America
US
Canada
Europe
Germany
France
The UK
Spain
Italy
Russia
Netherland
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
New Zealand
Singapore
Thailand
Vietnam
Rest of APAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
South Africa
Saudi Arabia
UAE
Rest of MEA
Competitive Landscape
The competitive landscape of the market has also been examined in this report. The presence and monopoly of a few key businesses characterize the competitive landscape of the radiotherapy market. Varian Medical Systems and Elekta were among the highest contributors and held a hefty global market revenue. The dominance of these market leaders is due to their extensive product portfolio rife with assorted product categories.
Market Key Players:
Varian Medical Systems, Inc.
Elekta AB
Accuracy Incorporated
VIEWRAY TECHNOLOGIES INC
Panacea Medical Technologies Pvt. Ltd.
Mevion Medical Systems
Hitachi, Ltd.
IsoRay Inc.
Carl Zeiss AG
Siemens Healthineers AG
ViewRay Inc.
RefleXion Medical
Koninklijike Philips N.V.
iCAD, Inc.
Eckert & Ziegler
ZEISS Group
Other Key Player
Explore More Life Science Market Research Reports
Global cancer immunotherapy market size is expected to be worth around USD 674 Bn by 2032 at a CAGR of 13.8% forecast period from 2022-2032
Global ovarian cancer drugs market size is expected to be worth around USD 9,857 Mn by 2032 CAGR of 14.3% forecast period from 2022 to 2032.
Global Breast Cancer Market size is expected to be worth around USD 49.2 Bn by 2032 at a CAGR of 9.8% For forecast from 2022 to 2032.
Cancer Diagnostics Market is expected to grow at a CAGR of 7% over the next ten years and will reach US$ 332.4 Bn in 2032
Cancer Cachexia Market size is expected to be worth around USD 4034 Mn by 2032 from USD 2,554 Mn in 2022, growing at a CAGR of 4.8%.
Global cancer biological therapy market size is expected to be worth around USD 225 Mn by 2032 at a CAGR of 7.6% forecast period 2022-2032.
Global Liver Cancer Drugs Market size is expected to be worth around USD 2,332 Mn by 2032 from USD 980 Mn in 2022, growing at a CAGR of 9.3%
Gene Therapy Market size is expected to be worth around USD 49.3 Bn by 2032 at a CAGR of 25% forecast period 2023-2032.
Brachytherapy Market size is expected to be worth around USD 2159.7 Mn by 2033 from USD 982 Mn in 2023, at a CAGR of 8.2% (2024 to 2033).
Photodynamic Therapy Market Size Is Expected To Be Worth Around USD 5.0 Bn By 2032 From USD 2.3 Bn In 2022, Growing At A CAGR Of 8.3%.
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on LinkedIn
Our Blog:
CONTACT: Global Business Development Team - Market.us Market.us (Powered By Prudour Pvt. Ltd.) Email: inquiry@market.us Address: 420 Lexington Avenue, Suite 300, New York City, NY 10170, United States Tel: +1 718 618 4351 Website: https://market.us/
