Radiation Therapy Market Developments Status and Forecast 2021- 2031

Radiation Therapy Market Outlook 2031

The global radiation therapy market was valued at US$ 6.3 Bn in 2021

The global market is projected to grow at a CAGR of 5.4% from 2022 to 2031

The global radiation therapy market is anticipated to reach US$ 10.6 Bn by the end of 2031

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Overview of Radiation Therapy Market

Radiotherapy, also called radiation therapy, is a treatment provided to cancer patients. In this therapy, tumor cells are killed by using X-rays. External beam therapy and internal radiation therapy are the two primary types of radiotherapy. Radiotherapy depends on various factors such as type of cancer, size of the tumor, location of the tumor in the body, and other general parameters of the body.

Flash therapy is one of the key trends in radiation oncology. Furthermore, image-guided radiotherapy has become popular in the market. Emerging economies such as India, China, Brazil, and Malaysia offer numerous opportunities in the health care sector. Development of health care systems in these countries is propelling the demand for radiation therapy for cancer and radiation therapy equipment.

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Technological advancements have been driving the global radiation therapy market over the last few years. Increase in R&D activities, rise in number of patients suffering from diseases such as cancer, and rapid growth of the health care sector in developed and developing economies have led to the introduction of new & technologically superior systems for treatment. This is likely to propel the global radiation therapy market in the next few years.

Rise in Demand for Non-invasive Treatment Procedures to Drive Global Radiation Therapy Market

There has been a paradigm shift in the health care sector in terms of usage of methods to treat diseases, from those causing substantial pain to those that are minimally invasive and cause less pain.

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Brachytherapy is one such painless therapy compared to X-ray therapy. Brachytherapy kills tumor cells or cancer cells without causing any harm or pain to the cancer patient. Treatments are delivered with a series of daily sessions or over a prescribed period. Rise in preference for non-invasive treatment procedures is creating lucrative opportunities for players in the global radiation therapy market.

Increase in Incidence of Cancer to Boost Global Radiation Therapy Market

The number of cancer patients is increasing rapidly across the globe. According to the WHO, cancer was the second largest cause of death globally, accounting for 10 million deaths in 2020. Cancer accounts for an estimated 9.6 million deaths (one in six deaths) globally each year. According to the American Institute of Cancer Research, around 18 million cancer cases were diagnosed across the world in 2018. Thus, increase in number of cancer patients is driving the global radiation therapy market.

External Beam Radiation Therapy Helps Increase Patient Outcomes

In terms of type, the global radiation therapy market has been bifurcated into external beam radiation therapy and internal radiation therapy. The external beam radiation therapy segment accounted for a large share of the global market in 2021. Increase in incidence and prevalence rates of cancer in developing and developed countries across the world, rise in technological advancements, and surge in health care spending are projected to boost the global radiation therapy market during the forecast period.

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Cancer centers are making external beam radiation therapies, such as 3-D conformal radiation therapy, intensity-modulated radiation therapy (IMRT), and stereotactic radiosurgery, increasingly available to improve patient outcomes. Such therapy options are enabling health care companies to increase their R&D activities in oncology radiation therapy.

High Cancer Patient Footfall in Hospitals to Benefit Market Players

Based on end-user, the global radiation therapy has been divided into hospitals, specialty clinics, and others. The hospitals segment is projected to account for major share of the global market during the forecast period. This can be attributed to the rise in cancer patient population and growth in usage of various radiation therapies in hospitals. Surgeons are increasingly adopting intraoperative radiation therapy (IORT) in hospitals, since IORT facilitates higher effective doses of radiation as compared to the conventional radiation therapy.

Regional Outlook of Global Radiation Therapy Market

North America is projected to account for substantial share of the global radiation therapy market from 2022 to 2031. Increase in incidence of cancer, new product approvals, rise in mergers & acquisitions, and surge in health care expenditure are anticipated to augment the radiation therapy market in the region during the forecast period. According to the CDC, the total number of new cases of cancer in the U.S. is likely to increase by 24% in men and nearly 21% in women every year.

Rise in research & development activities, availability of more efficient & precise treatments for cancer, and collaborations among manufacturers are anticipated to drive the market in Europe during the forecast period. The market in Germany is expected to advance at a high CAGR from 2022 to 2031. This is evident as health care providers are paying more attention to radiotherapy patient positioning, as this technique helps give a patient more radiation in fewer sessions, thus saving upon time and money.

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Rise in number of local players and presence of rapidly developing countries such as India are likely to augment the market in Asia Pacific. Increase in launch of new products by manufacturers is also projected to drive the radiation therapy market in Asia Pacific in the next few years.

Analysis of Key Players in Radiation Therapy Market

The global radiation therapy market is consolidated, with a small number of large players accounting for a significant share. Leading companies are making significant investments in research & development activities. Diversification of product portfolios and mergers & acquisitions are the important strategies adopted by key players. Elekta AB, Varian Medical Systems, IBA Radiopharma Solutions, Accuray Incorporated, Isoray, Inc., Mevion Medical Systems, Hitachi, Ltd., ViewRay, Inc., and Panacea Medical Technologies Pvt. Ltd. are the prominent players operating in the global radiation therapy market.

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