Market Overview –
By the end of the projection year, the global radiotherapy market will be worth $9641.89 million (a CAGR of 5.49%).
Radiotherapy, or radiation therapy, is frequently used to treat cancer. Two distinct dosages exist. Similar to dental x-rays, low-dose radiation therapy allows doctors to see inside the body. On the other hand, high-dose radiation therapy is effective in reducing the size of the tumor and killing any cancer cells it may have reached.
Rising cancer rates, an ageing population, widespread acceptance of radiation therapy as a viable treatment option, and publicity touting its benefits have all contributed to a surge in recent years in the number of people seeking radiation treatment. Improvements in radiation therapy machinery enabled by technological progress. The radiation therapy business could expand more if it weren’t for a dearth of qualified workers and the difficulty of visualising tumours. During the projected period, the market is also likely to benefit from factors such as the rising prospects in emerging economies and the rising need for cancer therapies.
The previous decade has seen significant technological advancements that have resulted in more accessible, affordable, and efficient cancer treatments. The rising number of cancer cases is another element fueling expansion. The development of real-time imaging has reduced the needless destruction of healthy tissue, enhanced the ability to monitor and manage tumours, and stimulated economic development in many countries. The global market for radiation therapy is being propelled by rising standards of living and consumer spending.
COVID 19 Analysis –
Radiotherapy is only one area of medicine that has seen a significant drop in demand as a result of the global COVID 19 epidemic. A global pandemic has resulted in a 20% increase in the number of cancer patients due to the postponement of various surgeries as the government prioritises providing aid to those with chronic obstructive pulmonary disease (COPD). The PPE (personal protection equipment) kit’s declining market share can be attributed in part to new regulations requiring its reduced use.
Market Dynamics –
The success of radiotherapy treatments has prompted the creation of a number of events, including conferences and symposia, in recent years. At such occasions, there is a heightened focus on educating the public about the many benefits of radiotherapy as a treatment option for cancer. As an example, Portugal is set to host the 6th World Congress on Cancer in September 2022. The 6th Cancer World Congress 2022 will focus on personalised cancer diagnosis and therapy, whereas the 5th Global Cancer Summit – 2022 (GCS-2022) was hosted virtually in May 2022 by BioGenesis Health Cluster, Bangalore and Global Cancer Foundation.
The demand and adoption of radiotherapy devices are expected to increase as a result of the increased awareness of the available radiotherapy procedures and their benefits, which is the goal of the many events being held to spread awareness and impart training for radiotherapy procedures among oncologists and radiographers.
Despite the fact that radiotherapy is a clinical modality in which high standards can only be achieved and maintained by full-time specialists, a lack of trained personnel and a lack of technical expertise are expected to hinder the implementation of advanced radiotherapy. As a result, many cancer patients miss out on effective treatments because of these limitations.
Market Scope and Market Size –
The global market for radiotherapy can be broken down into a number of submarkets based on the different types of radiotherapy offered. Due to its widespread use in the treatment of cancers such as breast, lung, prostate, colorectal, lymphoma, liver, thyroid, brain, cervical, and spinal, the external-beam radiation therapy segment is projected to lead the market in 2022. Since it directs high-energy rays from outside the body directly into the tumour, external-beam radiation therapy is a popular form of radiation therapy for treating cancer. Furthermore, outpatient visits to the treatment centre or hospital are the norm for external-beam radiation therapy.
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The global radiotherapy market is broken down into submarkets for various types of radiotherapy products, such as external beam radiotherapy, internal radiotherapy products, radiotherapy software, systemic radiotherapy, and others. The rising demand for external-beam radiation therapy devices like LINACs, proton therapy, cyberknives, and gamma knives to treat cancers like breast, lung, prostate, colorectal, lymphoma, liver, thyroid, brain, cervical, and spinal will propel the external beam radiotherapy segment to the forefront of the market by 2022. Since external beam radiotherapy can be administered as a non-invasive therapy or from the outside of the body, with more precise results, radiation oncologists are increasingly favouring it over internal radiation therapy. The global population is ageing, which will increase the need for external beam radiotherapy to treat cancer.
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Competitive Landscape –
A company’s presence in the radiotherapy market is described in detail in this section. An overview of the company, its finances, revenue, market potential, R&D investment, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trial pipelines, product approvals, patents, product breadth and depth, application dominance, and a technology lifeline curve are all included. All of the aforementioned information is strictly relevant to the company’s research into the worldwide radiotherapy market.
Key Companies profiled in this report include –
Ion Beam Applications
Varian Medical Systems Inc.
Becton, Dickinson and Company
Mevion Medical Systems
Eckert & Ziegler
By Type –
External Beam Radiation Therapy
Systemic Radiation therapy
Internal Beam Radiation Therapy
By Applications –
Skin and Lip Cancer
Head & Neck Cancer
By Regions –