July 25, 2024
Radiotherapy Market

Technological Innovations is estimated to Drive Growth in the Global Radiotherapy Market

The global Radiotherapy Market is estimated to be valued at US$ 7560.28 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 Overview:
Radiotherapy, also known as radiation therapy, is a therapy that uses high doses of radiation to treat cancer and control its growth. It is primarily used in treating various forms of cancer including breast cancer, lung cancer, prostate cancer, colorectal cancer, and lymphoma. Radiotherapy works by damaging the DNA of cancer cells and stopping them from multiplying. Advanced radiotherapy technologies deliver high doses of radiation accurately to the size and shape of the tumor while minimizing the radiation exposure to surrounding normal tissues. Key radiotherapy technologies include external beam radiotherapy, brachytherapy, proton therapy, stereotactic radiosurgery, and intensity-modulated radiotherapy (IMRT).

Market key trends:
Technological innovations in radiotherapy are a major trend fueling the market growth. Key players are increasingly investing in advanced radiotherapy modalities such as stereotactic body radiation therapy (SBRT), intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), volumetric modulated arc therapy (VMAT), and proton therapy. For instance, proton beam therapy is an advanced form of external beam radiotherapy that utilizes proton beams to treat cancer. Proton therapy offers more conformal dose distribution and better tissue sparing compared to conventional photon therapy. Similarly, stereotactic body radiation therapy (SBRT) delivers very precise high doses of radiation to tumors while minimizing damage to surrounding healthy tissues. Owing to advantages such as precision, effectiveness, and non-invasiveness, demand for newer radiotherapy technologies is growing significantly. Growing prevalence of cancer globally due to changing lifestyles is another major trend fueling the radiotherapy market.
Porter’s Analysis

Threat of new entrants: Low capital requirements and presence of already established players make the entry of new players difficult in this market.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of many established players.

Bargaining power of suppliers: Suppliers have high bargaining power due to differentiated and specialized nature of products and services involved.

Threat of new substitutes: Development of new advanced technologies pose threat of substitution.

Competitive rivalry: Intense due to presence of large global as well as regional players.

Key Takeaways

The global Radiotherapy Market Share is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period, due to increasing incidence of cancer cases globally.

The global Radiotherapy market size for 2023 is US$ 7560.28 Mn. Regional analysis North America dominates the global Radiotherapy market and is expected to maintain its dominance over the forecast period owing to high awareness and adoption of advanced therapies. Asia Pacific is expected to witness fastest growth rate owing to rising healthcare expenditure and increasing penetration of market players in the region.

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. Accuray being the global leader provides full array of treatment delivery solutions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it