Radiotherapy or radiation therapy uses high-energy rays and particles to treat cancer and control its symptoms. It works by damaging cancer cell DNA to stop cancer cells from multiplying. The growing prevalence of cancer across the globe due to changing lifestyles and increasing aged population has fueled the demand for effective cancer treatment options like radiotherapy. The global Radiotherapy Market is estimated to be valued at US$ 7,078.91 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing incidence of cancer cases is one of the major drivers of the radiotherapy market. According to the World Health Organization (WHO), cancer is the second leading cause of death globally and is responsible for an estimated 10 million deaths in 2020. The rising pollution levels, smoking & alcohol consumption, obesity, and other factors have contributed to the growth in the incidence of cancer cases over the years. This has resulted in increased adoption of radiotherapy for cancer treatment over the forecast period.
SWOT Analysis
Strength: Radiotherapy is an advanced and effective treatment technique for cancers like prostate, breast, lung, kidney, etc. It has minimal side effects and helps preserve organs as compared to surgery.
Weakness: High installation and maintenance costs of radiotherapy equipment limits their adoption in low and middle income countries. Complex treatment planning and delivery process requires highly skilled radiologists.
Opportunity: Rising cancer incidence worldwide is driving the demand for effective treatment options like radiotherapy. Technological advancements are making radiotherapy more customizable and affordable.
Threats: Stringent regulatory approval pathway for new radiotherapy systems increases R&D costs. Alternative cancer treatment options like chemotherapy pose competition.
Key Takeaways
The global radiotherapy market is expected to witness high growth over the forecast period driven by increasing cancer prevalence.
Regional Analysis: North America currently dominates the market attributed to growing geriatric population, availability of advanced healthcare facilities, and favorable reimbursements for cancer treatments. Asia Pacific is expected to grow at the fastest rate supported by rising healthcare investments, growing awareness about cancer care, and improving access to diagnostics and therapies.
Key players operating in the radiotherapy market are 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. These companies are focusing on expanding their product portfolios and presence across different geographies through organic and inorganic growth strategies. Technological innovations to make radiotherapy more cost-effective and efficient are expected to intensify the competition over the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it