Forecasted Growth: Radiotherapy Market Worth $8.8 Billion By 2028

By Author: Markets and Markets
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The global radiotherapy market is valued at USD 6.9 billion in 2023 and is expected to reach USD 8.8 billion by 2028, at a CAGR of 5.0% during the forecast period.

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The expanding prevalence of cancer worldwide and the rising aging population has increased the demand for advanced and non-invasive cancer treatment. According to National Institute of Health (NIH), approximately 1,958,310 new cancer cases are expected to be registered in US by end of 2023.

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Radiotherapy Market by Type (Product, Service), Technology(MRI LINAC, Stereotactic, Particle Therapy, Cobalt-60 Teletherapy), Procedure (IMRT, IGRT, 3D-CRT, LDR, HDR), Application (Prostate, Breast, Lung), End User (Hospital) - Global Forecast to 2028

Rising technological advancements in radiotherapy systems and software are playing a significant role in offering precise and personalized cancer treatment. Additionally, investments in oncology research activities ...
... by public & private organizations and initiatives by government to enhance the accessibility of radiotherapy devices are likely to contribute towards the significant growth of market during the forecast period. However, high cost associated with device procurement , limited financial budget, lack of health insurance coverage and inadequate healthcare infrastructure in low-income countries are likely to hinder the growth of radiotherapy market during the forecast period.

On the basis of type, the radiotherapy market is segmented into products and software & services. The products segment accounted for the largest share of radiotherapy market in 2023. Whereas the software & services segment is anticipated to register a significant growth rate from 2023-2028. This is attributed to the adoption of treatment planning softwares allowing more precise and optimized radiation dose delivery.
On the basis of technology, the radiotherapy market is segmented into external beam radiotherapy (further divided into linear accelerators, particle therapy systems, and conventional cobalt-60 teletherapy units, internal beam radiotherapy/brachytherapy (further segmented into seeds, applicators, after loaders, and IORT systems), and systemic radiotherapy products (including includes iobenguane (I-131), samarium-153, rhenium-186, and other radioisotopes (Yttrium-90, Radium-223, Phosphorous-32, and Radio-labelled antibodies, among others).
In 2022, linear accelerators, a sub-segment of external beam radiotherapy segment accounted for the largest market This is attributed to the increased capabilities of LINAC in delivering effective radiation dosage, growing usage of LINAC across developed and developing nations, growing awareness about the advancements associated with LINAC systems.
Based on end user, the radiotherapy market has been segmented into hospitals and independent radiotherapy centers. The hospitals segment accounted for the largest share of the radiotherapy market in 2023. This is attributed to the rising number of cancer patients undergoing radiotherapy treatment in hospitals and budget allocation implemented government in developing nation with an aim to enhance healthcare infrastructure, including the upgrading of radiotherapy equipment in hospitals.
The global radiotherapy market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the radiotherapy market in 2022, followed by Europe. The larger share of North America is attribute to the strong adoption of advanced radiotherapy technology, presence of market players and favorable reimbursement policy in the region. The radiotherapy market in Asia Pacific is anticipated to experience significant growth opportunities in coming years owing to the government support for the development and commercialization of advanced radiotherapy devices , increased healthcare infrastructure, and rising number of cancer patients propelling demand for radiotherapy services across Asia Pacific Countries

the radiotherapy market was dominated by Siemens Healthineers AG (Germany), Varian Medical Systems, Inc. (US), Elekta (Sweden) Accuray Incorporated (US), IBA (Belgium), ViewRay Technologies, Inc. (US), Hitachi Ltd. (Japan), iCAD, Inc. (US), IsoRay, Inc. (US), , among others.

Recent Developments of Radiotherapy Industry
• In October 2023, Accuray incorporated received approval of Tomo C radiation therapy system by the Chinese National Medical Products Administration (NMPA).
• In July 2023, IBA entered into partnership with Apollo Proton Cancer Centre (APCC) (India) to provide training to Oncologist on proton beam therapy
• In April 2022, Elekta and GE Healthcare entered into a global commercial collaboration agreement in the field of radiation oncology, enabling them to provide hospitals a comprehensive offering across imaging and treatment for cancer patients requiring radiation therapy