Radiotherapy Market Global Trends, and Forecast to 2025

Radiotherapy Market – Insights

Radiotherapy, also known as radiation therapy, uses ionizing radiations that deliver targeted beams of radiation to kill and destroy cancer cells. The advanced technology used in radiotherapy works by bombarding cancerous cells with radiation to kill them, while minimizing damage to the healthy cells around them. Radiotherapy is the most potent and cost-effective treatment for cancer, and when integrated with advanced technologies such as image guided therapy, leads to enhanced control over tumor and toxicity.

Several types of radiotherapies such as external beam radiation therapy, internal beam radiation therapy/ brachytherapy, and systemic radiation therapy, are available to combat various types of cancers prevalent globally. External beam radiation therapy is used to treat various types of cancers, including brain tumors, bladder cancer, and bone cancers. Brachytherapy is often used to treat cancers of the head and neck, breast, cervix, prostate, and eye, while systemic radiation therapy is often used to treat certain types of thyroid cancers using radioactive iodine.

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The global radiotherapy market was valued at US$ 5,253.7 million in 2016 and is expected to witness a robust CAGR of 6.8% over the forecast period (2017 - 2025).

Increasing prevalence of cancer is expected to fuel growth of the radiotherapy market

Rising prevalence of oncology diseases such as prostate cancer, lung cancer, and breast cancer, globally is increasing the demand for timely management to reduce mortality associated with such conditions. This in turn, is a major factor augmenting growth of the radiotherapy market. The International Cancer Association, 2014, states that cancer kills more people every year than AIDS, tuberculosis, and malaria combined. This indicated the growing demand for adopting advanced technologies for cancer management. According to the World Cancer Research Fund Organization, 2015, lung cancer is among the most prevalent cancers worldwide contributing 1.9 million or 13% of the total number of new cases diagnosed in 2012. It further states that breast cancer is the second most common cancer prevalent among women, with 1.7 million new cases diagnosed in 2012. Moreover, increasing prevalence of cancer among children is expected to increase the demand for radiation therapy, as it is a highly recommended therapy due to fewer adverse effects associated with it than chemotherapy to accelerate growth of the market as considering the major adverse effects of chemotherapy. According to the International Union against Cancer (UICC) Report, 2017, around 160,000 children are estimated to be diagnosed with cancer and at least 90,000 children are estimated to die of cancer globally.

North America is the major market for radiotherapy equipment providers

North America is expected to hold a dominant position in the radiotherapy market, owing to the increasing prevalence of cancer recorded in the U.S. and increasing preference of the novel therapies in comparison to the traditional chemotherapies to minimize side effects associated with chemotherapies. According to the survey conducted by the National Cancer Institute, 2016, an estimated 1,685,210 new cases of cancer were diagnosed in the U.S. and 595,690 deaths due to cancer were reported. The survey also stated that the public expenditures for cancer care in the U.S. totaled to US$ 125 billion in 2010 and is estimated to reach to US$ 156 billion in 2020, thus raising the demand for radiotherapy for cancer management which will further minimize the economic burden in the region. Furthermore, radiotherapy may cause damage to organs such as the stomach, bowel, liver, and kidneys, which are near the site of treatment, in turn posing as restraining factor for growth of the radiotherapy market.

Higher efficacy of radiotherapy equipment with enhanced clinical outcomes to drive growth of the global radiotherapy market

Radiotherapy is increasingly being adopted for cancer treatment due to its cost-effectiveness. According to the report by The Mesothelioma Center, radiation therapy accounts for an average US$ 2,000 per treatment, whereas the initial treatment cost of chemotherapy is around US$ 7,000. Also, according to a study published in the Journal named Frontiers of Oncology, 2014, the impact of radiotherapy for cancer cure was 40%, compared to 11% of patients by systemic treatments globally. Also, the Royal College of Radiologists states that radiotherapy is a safe, modern, and an efficient targeted cure, contributing to the cure of 40% of cancers, while drug therapy accounts for 10% of cancer cure among patients.

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Europe is expected to be the fastest-growing region in the radiotherapy market, owing to the increasing number of government initiatives being undertaken for cancer care, in turn increasing the introduction of novel therapies in the global market. For instance, in 2015, the Swedish Government launched the National Cancer Program to make cancer care more equitable and accessible. Moreover, in 2017, the Swedish Testbed for Innovative Radiotherapy was launched as a collaborative platform to enable healthcare providers and market players in Sweden, to test new technology and methods in clinical settings for the development of innovative radiotherapies for cancer treatment. Also, in 2016, National Health Service, England announced US$ 183 million investment to upgrade radiotherapy investment, ensuring patients get access to the latest leading-edge technology, thereby transforming cancer treatment across England.

Major players operating the global radiotherapy market include Accuray Incorporated, Varian Medical Systems, Inc., Elekta AB, Ion Beam Applications S.A., C.R. Bard, Inc., Isoray Medical, Inc., CIVCO Radiotherapy, Hitachi Ltd., Mevion Medical Systems, Inc., and ProTom International, Inc.

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This release was published on openPR.