Radiotherapy Market Worth $10.15 billion by 2025 at a CAGR of 5.6% from 2019 to 2025
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According to this latest publication from Meticulous Research®, the global radiotherapy market is expected to grow at a CAGR of 5.6% from 2019 to reach $10.15 billion by 2025. The growth in radiotherapy market is mainly attributed to growing awareness about the benefits of radiotherapy for cancer control and eradication, increasing incidence & prevalence of cancer, and technological advancements in the field of radiotherapy. In addition, significant opportunities from emerging economies and growing government investments for treatment of cancer offer growth opportunities for the players operating in this market. However, high cost and complexities associated with the radiation procedures, paucity of skilled healthcare professionals, and lack of advanced infrastructure facilities are the key factors expected to hinder the adoption of radiotherapy products.
Growth Prospects in Radiotherapy Market
The global radiotherapy market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts for 2025 - by product (radiotherapy devices, radiotherapy consumables & accessories, software, and services), by procedure (external beam radiotherapy and internal beam radiotherapy), by technology (external beam radiotherapy (IMRT, IGRT, SRT, 3DCRT, Particle Therapy), internal beam radiotherapy (high-dose rate brachytherapy, low-rate brachytherapy, image-guided brachytherapy, pulse-dose rate brachytherapy, intravenous systemic radiotherapy and oral systemic radiotherapy), application (breast, prostate, brain, lung, lung, head & neck, colorectal, cervical, and others), end user (hospitals, independent radiotherapy centers, cancer research institutes), and Geography. The study also evaluates industry competitors and analyzes the market at regional and country level.
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Based on product, the radiotherapy devices segment accounted for the largest share of this market in 2018. The large share of this segment is mainly attributed to increasing installations of radiotherapy systems globally and frequent product launches with advanced technology.
Based on procedure, the external beam radiotherapy segment accounted for the largest share of this market in 2018. The large share of this segment is mainly attributed to higher & growing adoption of external beam radiotherapy procedures due to better clinical outcomes and less damage to normal tissues even at high radiation dose, and increasing installations of the external beam radiotherapy systems, globally. In external beam radiotherapy segment, linac based teletherapy accounted for the largest share. The high growth of this segment can be attributed to their growing adoption owing to accuracy in tumor treatment, high radiation penetration, and radiation deposition within small volume limiting damage to normal cells.
Based on technology, the external beam radiotherapy market is classified into IMRT, IGRT, SRT, 3DCRT, Particle Therapy, and VMAT. The particle beam therapy segment is projected to grow at a fastest CAGR during the analysis period, mainly due to continuous innovations in the particle beam therapy technologies, increasing availability of advanced proton therapy systems, and increasing investment in the proton therapy room across the globe.
Based on application, breast cancer segment is forecasted to grow at a fastest CAGR during the forecast period due to rising incidence of breast cancer and related mortality, rising diagnosis and treatment rate of the disease with growing awareness about the fatality and benefits of early diagnosis and treatment across the globe.
The hospitals segment held the largest share in the global radiotherapy market in 2018. This is primarily attributed to large volume of radiotherapy procedures performed in hospitals owing to their easy accessibility, availability of advanced infrastructure, and availability of wide range of healthcare services across various disease areas. Growing number of hospitals and government initiatives to develop advanced healthcare facilities are further supporting the growth in this segment.
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This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and Middle East & Africa. North America commanded the largest share of the global radiotherapy market in 2018, followed by Europe and Asia Pacific. However, Asia Pacific region is expected to grow at the higher CAGR during the forecast period. Growth in this market is expected to be driven by large pool of cancer patients; increasing government focus on healthcare sector; and increasing disposable income of the population driving access to better healthcare services and cancer diagnosis and treatment. In addition, favorable government policies and healthcare structural reforms are further expected to drive the market growth.
The key players operating in the global radiotherapy market are Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, C. R. Bard, Inc., Mevion Medical Systems, Inc., Hitachi, Ltd., ViewRay, Inc., Panacea Medical Technologies Pvt. Ltd., IsoRay, Inc., Optivus Proton Therapy, Inc., P-Cure, Ltd., Provison Healthcare, LLC, Ion Beam Applications S.A., and Theragenics Corporation.
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, with the help of its unique research methodologies, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions.
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