Radiotherapy Market Forecast Analyzes Significant Growth

July 9, 2024 — Insights from the latest Mordor Intelligence report, “Radiotherapy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)” are offered here and present a snapshot summary of significant findings into a healthcare segment which continues to innovate and expand to meet increasing demand.

Radiation therapy, also referred to a radiotherapy, is a cancer treatment which utilizes high doses of radiation to kill cancer cells and shrink tumors. The major factors driving the market growth include increasing incidence of cancer, extensive research and development (R&D) pipelines, and rising awareness about cancer among the target population.

Mordor Intelligence’s report offered nine need-to-know, newsworthy observations:

• In 2023, the Radiotherapy Market size was estimated at USD 9.77 billion.
• In 2024, the Radiotherapy Market size is expected to reach USD 10.18 billion, with the CAGR from 2024-2029 forecast at 4.2% leading to a USD 12.51 billion market size by 2029.
• In 2024, the North America accounts for the largest market share in Radiotherapy Market, and is expected to register significant growth during the forecast period.
• The North American market growth is due to factors such as the increasing prevalence and incidence of cancers, the presence of prominent players in the region, and new product launches.
• While North America is the largest market, the fastest-growing radiotherapy market is Asia Pacific, estimated to grow at the highest CAGR over the forecast period (2024-2029).
• The burden of cancer is anticipated to drive the demand for radiotherapy in the country.
• The incidence and prevalence of cancer in the country demand the development of advanced radiotherapy treatment, which is further predicted to propel the overall market growth in the region.
• Prominent players in the region are actively participating in various radiotherapy-related developments, which is burgeoning the regional market growth, noted Mordor Intelligence’s report.
• Rising advancements in radiotherapy devices are expected to fuel their adoption across radiotherapy centers, hence contributing to the market growth.

Recent developments, which our ITN team sees and learns about regularly at ASTRO, RSNA and from vendor exhibitors at other conferences and scientific sessions, are expected to drive the radiotherapy demand in the country, driving the overall market growth in the region. As noted by Mordor Intelligence, and as we have covered consistently, Canon Medical Systems, GE HealthCare, Accuray Incorporated, Siemens Healthineers AG, Elekta, ViewRay Technologies, Inc., Mevion Medical Systems, Isoray, Hitachi, Ltd. and ALCEN (PMB) are the primary companies operating, and holding the most substantial market share, in the Radiotherapy Market. Mordor Intelligence notes that the market is highly competitive both globally and regionally. According to the authors, due to the availability of government support, increased reimbursements, and funds by private and public organizations, the threat of new entrants is high in the studied market.

End users include hospitals, ambulatory services, radiotherapy centers, with applications including breast, prostate, lung, cervical, skin and lip and other cancers.

Types of radiotherapy include both External and Internal Beam Radiation Therapy. External beam radiation therapy is offered through the following:  intensity-modulated radiation therapy (IMRT); Image-guided radiation therapy (IGRT); Tomotherapy; Steriotactic Radiosurgery; Steriotactic Body Radiation Therapy; and Proton Therapy.

Significant updates on the market’s development from Mordor Intelligence were also presented, and echo the insight shared in an ITN One on One feature interview with American Society for Radiation Oncology ASTRO President Howard Sandler, MD, MS, FASTRO, last fall, where he spoke to the collective movement toward more personalized treatment by radiation oncologists. The organization’s 66th annual meeting, ASTRO 2024, Targeting Provider Wellness for Exceptional Patient Care, will be held in Sept. 29-Oct.2, in Washington, DC.

For its part, Mordor Intelligence offered an analysis of a Dovepress Journal (April 2022) summary which highlighted developments in devices (multileaf collimator, integration of imaging techniques like computed tomography (CT), positron emission tomography (PET), and involvement of advanced dose calculation algorithms), as well as delivery techniques which have increased tumor dose distribution and decreased normal tissue toxicity. This, added Mordor’s report authors, provides effective management of cancer to the target population with enhanced patient survival and improved quality of life.

Additionally, the analysis credited the same source in sharing these insights: Intensity-modulated radiotherapy (IMRT), three-dimensional conformal radiotherapy (3DCRT), particle therapy, stereotactic radiotherapy, and image-guided radiotherapy (IGT) have also facilitated the planning procedures, accurate tumor delineation, and dose estimation for effective personalized treatment. The astute analysis concluded by offering that with the increase in the prevalence of cancer, advancements in technology, and expansion of access to healthcare facilities, the radiotherapy market is projected to register significant growth during the forecast period.

Reference

https://www.mordorintelligence.com/industry-reports/global-radiotherapy-market-industry