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Intraoperative Radiation Therapy Market Worth $ 66 Million By 2025 : Emerging Economies Offer High Growth Potential
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.
The rising incidence of cancer, technological advancements, and advantages offered by IORT over conventional radiotherapy are the major factors driving the growth of the global intraoperative radiation therapy market. Additionally, growing clinical trials exploring the use of IORT for various cancer applications is expected to offer lucrative growth opportunities to market players.
According to the new market research report “Intraoperative Radiation Therapy Market by Technology (Electron IORT, Brachytherapy), Products & Services (Accelerators, Treatment Planning system, Applicators, Afterloaders, Accessories), Application (Breast, Brain, Lung Cancer) – Global Forecasts to 2025″, published by MarketsandMarkets™, the Intraoperative radiation therapy products market is projected to reach USD 66 million ...
... by 2025 from USD 48 million in 2020, at a CAGR of 6.4% during the forecast period.
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The technological advancements such as the introduction of mobile IORT system, rising incidence of cancer, and advantages offered by IORT over conventional radiotherapy are the major factors driving the growth of the global intraoperative radiation therapy products market. Additionally, growing clinical trials exploring the use of IORT for various cancer applications is expected to offer lucrative growth opportunities to market players.
The Electron IORT segment to account for the largest share of the intraoperative radiation therapy market, by technology, in 2019
Based on technology, the intraoperative radiation therapy market is segmented into electron IORT and intraoperative brachytherapy. The electron IORT segment is expected to account for the largest share of the market in 2019. IOERT is a suitable option for patients with locally advanced or recurrent cancer such as partial breast and rectal cancer. Thus, rising target patient population, promising clinical trials, and growing R&D investments will further drive the segment growth.
The breast cancer segment, by application, is to register the highest CAGR in the market during the forecast period
Based on application, the intraoperative radiation therapy market is segmented into breast cancer, brain tumor, gastrointestinal cancer, head & neck cancer, colorectal cancer, endometrial and cervical cancer, lung cancer, and other cancers. IORT offers a reduced amount of irradiation, shorter treatment time, and lesser clinical effects on the skin, lung, and heart. Furthermore, in the case of early-stage breast cancer, IORT offers partial breast irradiation and can be used as a breast-conserving alternative to traditional lumpectomy and mastectomy. Intraoperative radiotherapy offers advantages such as high precision, better cosmetic outcomes, greater patient comfort, and cost-effectiveness. These factors driving adoption of IORT for breast cancer appication.
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North America to dominate the intraoperative radiation therapy market during the forecast period
The Intraoperative radiation therapy products market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The North American region is expected to account for the largest share of the market in 2019. The growth in this market is mainly attributed to the increasing healthcare expenditure in the region, technological advancements, and high adoption of IORT products owing to the increasing incidence of cancer.
The major players operating in the intraoperative radiation therapy market are ZEISS Group (Germany), iCAD, Inc. (US), Eckert & Ziegler (Germany), Elekta AB (Sweden), GMV Innovating Solutions (Spain), Sensus Healthcare, Inc. (US), IntraOp Medical, Inc. (US), Isoray, Inc. (US), Becton, Dickinson and Company (US), Sordina IORT Technologies (Italy), Varian Medical Systems, Inc. (US), SeeDos Ltd. (UK), IsoAid LLC (US), Ariane Medical Systems Ltd. (UK), Panacea Medical Technologies Pvt. Ltd. (India), Salutaris Medical Devices (US), Brainlab AG (Germany), RaySearch Laboratories (Sweden), REMEDI Co., Ltd. (South Korea), Merit Medical Systems, Inc. (US), among others.
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