Radiotherapy Market is expected to reach US$ 10,170.80 million With CAGR of 5.9% from 2021 to 2028

According to our new research study on “Radiotherapy Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Product, Application, and End User,” the market is expected to reach US$ 10,170.80 million by 2028 from US$ 6,474.78 million by 2020; it is estimated to grow at a CAGR of 5.9% from 2021 to 2028. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The growth of the market is attributed to a few key driving factors such as increasing prevalence of cancer and rising number of conferences and symposiums to boost the awareness about radiation therapy. However, increased risk of adverse effects due to radiation therapy restrains the market growth.

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Based on type, the radiotherapy market is segmented into external-beam radiation therapy, internal radiation therapy, and systemic radiotherapy/radiopharmaceuticals. The external-beam radiation therapy segment held the largest market share in 2020, and the same segment is estimated to register the highest CAGR during the forecast period. Increasing adoption of external-beam radiation due to its benefits for cancer treatment drives the market growth for this segment. Moreover, the higher number of product availability of external-beam radiations are estimated offer lucrative opportunities for market growth.

The radiotherapy market is expected to witness substantial growth after the COVID-19 pandemic. Delayed or rescheduled radiation therapy treatments and new cancer cases are anticipated to have positive impact on the market growth post-pandemic.

Siemens Healthineers AG, Accuray Incorporated, Sumitomo Heavy Industries, Ltd., Elekta AB, Hitachi, Ltd., Koninklijke Philips N.V., Brainlab AG, PROTOM INTERNATIONAL, Varian Medical Systems, Inc., Maastro, and Mevion Medical Systems are among the leading companies operating in the radiotherapy market.

Market Insights

Increasing Number of Conferences and Symposium to Boost Awareness about Radiation Therapy

In the last few years, there has been an increase in investments in research activities focused on early detection of cancer, as well as development of new technologies for cancer treatment and management. Along with this, the education & research centers, healthcare authorities, and market players are actively participating in number of conferences and symposiums for sharing the knowledge, as well as showcasing new technologies. In addition, such programs are prominently contributing to spread awareness about radiation therapy, which will eventually drive the market during the forecast period. In October 2019, a European symposium was conducted by ViewRay Inc. to present the benefits of MRI-guided radiation therapy. In addition, the program also featured an updated information on Health Economics in Radiation Oncology Project (HERO). Further, the German Cancer-research Center announced its proposed plan to conduct 8th MR in RT Symposium in Heidelberg, Germany in April 2021. The symposium will foster the discussion among specialists about the recent developments in physics and technology of MR-guided radiotherapy. Moreover, in July 2019, the Department of Radiation Oncology at UCLA announced conference of radiation therapists. The conference will allow the therapists to share their ideas and new aspects of radiation therapy. Furthermore, in November 2018, Beijing Allcure Medical Technology Co. and Mevion Medical Systems jointly conducted a conference on Trends in Compact Proton Therapy in China at the annual meeting of the China Society for Radiation Oncology. Such conferences and meetings are likely to boost the innovation and new product developments across the globe. In addition, the symposiums are anticipated to contribute to the product enhancements, which will eventually drive the global radiotherapy market by 2028.

The report segments radiotherapy market as follows:

By Type

• External-Beam Radiation Therapy
• Internal Radiation Therapy
• Systemic Radiotherapy/Radiopharmaceuticals

By Product

• External Beam Radiotherapy Products
• Internal Radiotherapy Products
• Radiotherapy Software
• Others

By Application

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Cervical Cancer
• Liver Cancer
• Thyroid Cancer
• Lymphoma
• Spine Cancer
• Brain Cancer
• Others

By End User

• Hospitals
• Specialty Clinics
• Radiation Therapy Centers

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of APAC
• Middle East & Africa (MEA)
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA
• South and Central America (SCAM)
  • Brazil
  • Argentina
  • Rest of SCAM

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