Radiotherapy Market by Product, Procedure, Application, End-user and Region – Global Forecasts to 2026 – ResearchAndMarkets.com | Financial Buzz

Radiotherapy Market by Product, Procedure, Application, End-user and Region – Global Forecasts to 2026 – ResearchAndMarkets.com

The “Global Radiotherapy Market by Product (LINAC, CyberKnife, Gamma Knife, Tomotherapy, Particle Therapy, Cyclotron), Procedure (External (IMRT, IGRT, 3D-CRT) Internal (LDR, HDR)), Application (Prostate, Breast, Lung), End User (Hospitals) – Forecasts to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global radiotherapy market is valued at USD 5.9 billion in 2021 and is expected to reach USD 7.3 billion by 2026, at a CAGR of 4.2% during the forecast period.

The growth of this market is primarily driven by the rising burden of target diseases and increasing investments, funds, and grants for the development of novel products.

Additionally, the growing adoption of radiotherapy procedures for cancer treatment, increasing use of particle therapy for cancer treatment, and the rising number of conferences and symposia focusing on the advancements in radiotherapy are some of the other major factors driving the growth of this market.

However, the underdeveloped public health infrastructure in emerging countries, shortage of trained and skilled radiation oncologists, and the limited access to and affordability of various radiotherapy treatment options are the major factors that are expected to restrain the growth of this market during the forecast period.

The prostate cancer segment, by application, accounted for the largest share of the external beam as well as internal beam radiotherapy market in 2020

On the basis of application, the radiotherapy market is classified into two major segments-external beam radiotherapy and internal beam radiotherapy/brachytherapy applications. Based on indication, the external beam radiotherapy applications segment is further divided into prostate cancer, breast cancer, lung cancer, colorectal cancer, head and neck cancer (laryngeal cancer, hypopharyngeal cancer, oropharyngeal cancer, and oral cavity cancer), and other cancers (pancreatic cancer, brain cancer, and gastrointestinal cancer, among others).

The prostate cancer segment accounted for a significant share of both EBRT and brachytherapy market owing to the high and growing prevalence of prostate cancer and the positive outcomes for prostate cancer treatment using radiotherapy.

The particle therapy segment of product to register a significant growth rate amongst the external beam radiotherapy products, owing to new product launches and approvals

On the basis of product, the radiotherapy market is segmented into external beam radiotherapy, internal beam radiotherapy/brachytherapy, and systemic radiotherapy products. The external beam radiotherapy products segment is further divided into linear accelerators, particle therapy systems, and conventional cobalt-60 teletherapy units.

The internal beam radiotherapy/brachytherapy products segment includes seeds, applicators, afterloaders, and IORT systems, while the systemic radiotherapy segment includes iobenguane (I-131), samarium-153, rhenium-186, and other radioisotopes (Yttrium-90, Radium-223, Phosphorous-32, and Radio-labelled antibodies, among others).

Increased installations and government initiatives to drive the segment growth of hospitals end user segment

Based on end user, the radiotherapy market has been segmented into hospitals and independent radiotherapy centers. The hospitals segment accounted for the largest share of the radiotherapy market owing to the rising global prevalence of cancer, increasing installations of advanced radiotherapy equipment in developed as well as developing regions, increasing government initiatives aimed at equipping (or upgrading) hospitals with newer and advanced radiotherapy systems, and the increasing availability of funding for the adoption of advanced cancer treatment technologies.

In 2021, Children’s Hospital of Fudan University, Shanghai and Shanghai Fosun Healthcare (Group) Co., Ltd. (China) signed an agreement with Mevion Medical Systems to establish the first pediatric proton therapy center in China. Many more such recent developments will drive the market for hospital end user segment.

The US market, by region, commanded the largest market share in 2020

On the basis of region, the radiotherapy market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America held the major share of the global radiotherapy market in 2020. The large share of the North American market can be attributed to factors such as the ongoing technological advancements, rising incidence of cancer, improving reimbursement scenario, and the rising focus of key players on strengthening their presence in the region.

Market Dynamics

Drivers

  • Technological Advancements
  • Expansion of the Target Patient Population
  • Increasing Number of Conferences and Symposia Focusing on Spreading Awareness About the Benefits of Radiotherapy
  • Growing Use of Particle Therapy for Cancer Treatment

Restraints

  • Lack of Adequate Healthcare Infrastructure
  • Shortage of Skilled Oncologists/Radiologists
  • Affordability and Accessibility of Treatment
  • Complex Nature of Radiotherapy

Opportunities

  • Rising Healthcare Expenditure Across Developing Countries
  • Growing Government and Private Investments to Meet the Increasing Demand for Cancer Treatment

Challenges

  • Difficulties in Visualizing Tumors During Radiotherapy Procedures
  • Risk of Radiation Exposure

Companies Mentioned

  • Accuray Incorporated
  • Becton, Dickinson and Company
  • Eckert & Ziegler
  • Elekta AB
  • Hitachi Ltd.
  • IBA Worldwide
  • iCAD, Inc.
  • IntraOp Medical, Inc.
  • IsoRay Medical
  • Mevion Medical Systems
  • Optivus Proton Therapy, Inc.
  • P-Cure
  • Panacea Medical Technologies Pvt. Ltd.
  • Provision Healthcare
  • S.I.T Sordina IORT Technologies S.P.A.
  • Sensus Healthcare
  • Sumitomo Heavy Industries Ltd.
  • Varian Medical Systems, Inc.
  • ViewRay, Inc.
  • Zeiss Group

For more information about this report visit https://www.researchandmarkets.com/r/jkltmw

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

Opt-into our eNewsletter NOW! For the Latest Trending Financial News Topics in Cannabis, Tech, Biotechs, Precious Metals, Energy, Renewable Energy and much more!