Radiotherapy, also called radiation therapy, is a cancer treatment that uses high doses of radiation to kill cancer cells and shrink tumors. Various radiotherapy techniques such as external beam radiation therapy, internal radiation therapy, and systemic radiopharmaceutical therapy are used to treat different cancer types including breast cancer, lung cancer, skin cancer, prostate cancer and cervical cancer.
Radiotherapy Market Size products include linear accelerators, cobalt-60 teletherapy machines, high and low dose rate brachytherapy after loaders and sealed radioactive isotopes. Radiotherapy provides non-invasive cancer treatment with quick recovery and retains organ function. With advancements in technologies, radiotherapy delivers higher radiation doses to tumors and lower doses to surrounding healthy tissues and organs.
The Global Radiotherapy Market is estimated to be valued at US$ 7.1 Billion in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Radiotherapy market are Varian Medical Systems, Accuray, Elekta AB, Brain Lab, IBA Worldwide, GE Healthcare, Mevion Medical Systems, ViewRay, Nordion, and Isoray Medical.
Rising prevalence of cancer and increasing use of radiotherapy for treatment are fueling market growth. According to WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.
Major players are expanding their global footprint by entering emerging markets in Asia Pacific, Latin America, and Middle East & Africa. Varian acquired Radiosurgery service provider Reflexion to strengthen radiotherapy offerings in 2020.
Market Key Trends
Radiotherapy Companies technologies are witnessing increased adoption with advantages of painless procedures, focused radiation delivery, and shorter treatment times. Companies are continuously investing in R&D to develop compact and affordable next-generation radiotherapy systems including MRI-guided systems, proton therapy, and FLASH radiotherapy. Growing preference for non-invasive treatment and favorable government initiatives to install radiotherapy units in hospitals and cancer treatment centers are further expected to drive the radiotherapy market during the forecast period.
Porter’s Analysis
Threat of new entrants: High capital requirements for setting up manufacturing units and stringent regulations act as a deterrent for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of many established players offering a variety of radiotherapy products and treatment options.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and established supply relationships of key players with raw material providers and component manufacturers.
Threat of new substitutes: Threat is moderate as there are very few effective substitutes for radiotherapy in cancer treatment.
Competitive rivalry: Intense due to technological advancements, innovation, and focus on portfolio expansion by major players to gain higher market share.
Geographical Regions
North America dominates the global radiotherapy market with the highest value share owing to presence of major players, high healthcare spending, growing cancer prevalence, and rising geriatric population in the US and copyright.
Asia Pacific is projected to grow at the fastest pace during the forecast period attributed to increasing healthcare investments, expanding medical tourism industry, rising standards of living, and growing incidence of cancer in densely populated countries like China and India.
Get More Insights On, Granular Urea Market
For More Insights Discover the Report In language that Resonates with you
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
Comments on “Radiotherapy Market Size Trends And Growth Analysis”