Radiotherapy Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3539
Radiotherapy Market size is projected to expand at an exponential rate from 2021 to 2027. This is due to the increasing adoption of radiation therapy to prevent the spread of cancer cells, relieve symptoms of advanced cancer, and enhance the effectiveness of surgery. Likewise, the rising investment from governmental and non-governmental organizations to scale up cancer treatment and services will further augment industry expansion in the coming years. Radiotherapy refers to a highly effective cancer treatment, which uses radiation as a means to eliminate cancer cells and is classified into external beam and internal radiation therapy. At high doses, the therapy can kill cancer cells or slow down their growth by damaging their DNA, whilst protecting other organs and tissues in the human body. This therapy contributes to 40% of the total cancer cures globally.
Rising prevalence of breast cancer, along with the mounting risk of obesity among children and adults, are some of the factors proliferating the overall radiotherapy market trends during the forecast timeline. According to the WHO, over 39 million children below 5 years of age were overweight in 2020, which could foster the market growth, as extra body fat can increase the risk of various cancer types. In addition, the rapid technological advancements and the use of AI for personalization of radiotherapy to predict radiation sensitivity prior to the treatment will also contribute to the market during the forecast timeframe.
Based on application, the lung cancer segment will hold a considerable share in the radiotherapy market by 2027. This is attributable to the escalating number of tobacco users, especially in low- and middle-income countries. Moreover, the presence of potentially hazardous chemical substances in the environment will further amplify the need for radiotherapy for lung cancer treatment worldwide.
The Asia Pacific radiotherapy market is expected to depict a strong growth rate through 2027, considering the rise in healthcare expenditure and the upsurge in geriatric population in countries such as Japan and India. Furthermore, the increasing burden and risks of people with cancer will also boost the acceptance of radiotherapy technology across the region. As per Cancer Research and Treatment’s estimates, over 259,999 new cancer cases are poised to be registered in Korea in 2021.
The competitive landscape of the global market consists of companies such as Isoray Medical, Elekta AB, IntraOp Medical Corp., Accuray Incorporated, C. R. Bard (BD), Nordion (Sotera Health), Varian Medical Systems, Canon Medical System Corporation (Toshiba), Siemens AG, and GE Healthcare. These industry participants are focusing on strategic initiatives such as new service launches and business expansions to strengthen their presence across the global market.
For instance, in July 2021, GE Healthcare integrated an AI-based software of Spectronic Medical AB with its AIR Recon DL technology. This initiative was taken to allow MR-only based radiotherapy planning to ensure efficient soft tissue differentiation and improve direction of radiation therapy. In February 2021, Elekta Korea unveiled Elekta Unity, its new radiation therapy equipment with MR-LINAC, a combination of magnetic resonance imaging and linear accelerator, designed to transform cancer treatment.
Decline in Cancer Treatment During COVID-19 to fuel Radiotherapy Market Trends:
The novel coronavirus pandemic has adversely impacted the functioning of various industries worldwide, including oncology. Patients with breast cancer, for example, postponed their treatment due to the concerns of contracting the virus in medical settings. In addition, various treatment modalities such as systemic anticancer therapy, surgery, and radiotherapy have been affected owing to staff shortage and other challenges, creating a hindrance to the steady growth of the industry. However, a higher risk of COVID-19-related illness among cancer patients due to their weakened immune system may assert a positive influence on industry dynamics during the forecast period.
The radiotherapy market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:
Market, By Type
- Internal radiotherapy
- External radiotherapy
Market, By Application
- Skin cancer
- Breast cancer
- Prostate cancer
- Cervical cancer
- Lung cancer
Market, By End-use
- Hospitals & clinics
- Ambulatory surgical centers (ASCs)
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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