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Radiotherapy Market size to exceed $9.8bn by 2028

  • Published Date: April 27, 2022

Radiotherapy Market size is set to surpass USD 9.8 billion by 2028, according to a new research report by Global Market Insights Inc.
 

Increasing healthcare infrastructure along with R&D investment and adaptation of advanced technology are expected to drive market expansion. Rising number of cancer cases globally and rising public awareness regarding radiation therapy will foster the market growth.
 

Technological advancement will fuel the market progression

The rising incidences of cancer disorders such as lung cancer, breast cancer, prostate cancer, cervical cancer, head & neck cancer, etc. in developed and developing countries will spur the market forecasts. Moreover, with the development of 3D radiation therapy, other forms of treatment planning have been generated including intensity modulated radiation therapy and stereotactic radiosurgery and stereotactic body radiation therapy. Such scenarios increase the radiotherapy market demand.
 

Rising public awareness regarding radiology therapy will fuel the market statistics

Internal radiation therapy segment exceeded USD 1.4 billion in 2021. The growing demand brachytherapy is attributed for its high dose delivery of radiation directly to the tumor at the site of cancer. Additionally, internal radiation therapy is a process in which a radioactive implant is inserted inside the body near or in the tumor. Moreover, various types of brachytherapy include low-dose rate implants, high-dose rate implants, and permanent implants. Brachytherapy is majorly preferred to treat cancers of breast, cervix, prostate, and head & neck. Therefore, raising public awareness for detecting different types of cancer will boost the product demand.
 

Browse key industry insights spread across 190 pages with 216 market data tables & 13 figures & charts from the report, “Radiotherapy Market Size By Type (External Beam Radiation Therapy {Intensity-Modulated Radiation Therapy [IMRT], Image-Guided Radiation Therapy [IGRT], Proton Therapy}, Internal Radiation Therapy, Systemic Radiation Therapy), Application (Lung Cancer, Prostate Cancer, Breast Cancer, Cervical Cancer, Head & Neck Cancer), End-use (Hospitals, Radiotherapy Centers & Ambulatory Surgery Centers, Cancer Research Institutes), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028 in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/radiotherapy-market
 

Growing cases of lung cancer will ramp up the application segment

Radiotherapy market from lung cancer segment accounted for around USD 1 billion in 2021. The is attributed to rising cases of cancer across the globe. Lung cancer mainly occurs in people who smoke regularly and dependent on exposure to various toxins. In addition, to treat non-small-cell lung cancer, radical method is preferred and for small tumors, stereotactic radiotherapy is used. Thus, to treat increasing types of cancer, different methods are preferred based on different cancer. Such scenarios will augment segment revenue.
 

Increasing R&D in cancer research institutes will accelerate the industry trends

Radiotherapy market from cancer research institutes segment is projected to witness over 4.6% CAGR from 2022 to 2028. This is owing to rising demand for technologically advanced and safe radiotherapy increases the research and development activities in cancer research institutes. As per the National Cancer Institute, there are 71 designated cancer centers focusing on developing new approaches to prevent, diagnose and treat cancer. These cancer centers are affiliated with several institutes and medical centers for research and development activities. Therefore, cancer research institutes have increased, thereby promoting its market statistics.
 

Highly competitive market in Europe will spur to industry expansion

Europe radiotherapy market is expected to grow at 6.2% CAGR during the forecast period. The is attributable to the rising number of cancer cases. With rising cases, companies are focusing on increasing their research and development activities, manufacturing instruments for the therapy process along with advanced technology. Medical instrument manufacturing companies focus maintaining strategy based on number of cancer cases each year, types of cancer, and age population mainly through World Health Organization data for research purposes to treat cancer. Thereby fostering the regional market size.
 

Major leaders are focusing on strategies & launching innovative products to capture a higher market share

Some of the prominent industry players operating in the radiotherapy industry include Elekta, Siemens Healthineers, Accuracy, ViewRay, Isoray, IBA Dosimetry, RefleXion, Mevion Medical Systems, Inc., and Hitachi. These market players are implementing various strategic collaborations, innovations, mergers, and acquisitions to sustain market competition and strengthen its value.
 

For instance, in April 2020, ViewRay and VieCure collaborated to drive personalized treatment and care to patients by educating cancer related practices on both company’s precision oncology solutions. This strengthened their global leadership position in the market.
 

Authors: Sumant Ugalmugale, Rupali Swain