Global Radiotherapy Market Maintains Steady Pace of Growth- Projected to reach USD 7.7 billion by 2027

Published | 18 August 2021

The growth of the global radiotherapy market is significantly influenced by both the rapid rise in cancer prevalence and the increasing adoption of cancer diagnostics. Additionally, several research programs are underway for effective cancer diagnosis and treatment, which are expected to drive the market in the forecast period.

A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global radiotherapy market was worth USD 5.7 billion in the year 2020. The market is estimated to grow at a CAGR of 4.5%, earning revenue of around USD 7.7 billion by the end of 2027. Radiation therapy market growth is significantly impacted by a rapid increase in cancer prevalence around the world as well as an increase in cancer diagnostics. Additionally, several research initiatives aimed at improving cancer diagnosis and treatment are projected to drive the market over the forecast period.

Favorable Regulatory and Reimbursement Policies for Cancer Treatment Estimated to Propel the Global Radiotherapy Market Growth

Favorable government regulations and reimbursement policies play an important role in the R&D activities in drugs and medicines, thereby attracting more investors. It also has an impact on the investment return (ROI). Moreover, regulators in the United States and Europe, such as the EU and FDA, regulate and promote research and development in their respective countries, thereby driving the growth of the global radiotherapy market. Regions with limited barriers and controlled drug prices for diseases like cancer are doing better than the rest of the world. For instance, the U.S. spent 70 billion dollars on pharmaceutical research and development in 2016, accounting for approximately 46% of the global share, according to Forbes. Such a favorable regulatory scenario propels research & development activities, thereby powering the growth of the global radiotherapy market.

Increasing Prevalence of Breast Cancer is Projected to Boost the Global Radiotherapy Market During The Forecast Period

Based on applications, the global radiotherapy market is segmented into colorectal cancer, penile cancer, prostate cancer, breast cancer, lung cancer, cervical cancer, gynecological cancer, head & neck cancer, and other cancers. Among these, the breast cancer segment captures the largest market share. Breast cancer is the most common form of cancer worldwide, with more than 2.3 million women diagnosed in 2020, according to different research reports. Furthermore, as women become more aware of breast cancer, more and more are getting diagnosed as a result of which this estimate is projected to jump significantly in the upcoming years. As a result, the demand for the radiotherapy market is estimated to grow substantially during the forecast period.

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Global Radiotherapy Market - By End-user

Based on end-users, the global radiotherapy market is segmented into hospitals and independent radiotherapy centers. The hospital segment accounts for the largest market share. This is because radiotherapy is a long-term procedure that involves frequent hospital visits and often inpatient treatment. Furthermore, the availability of advanced medical technologies and skilled radiation oncologists is what prompts cancer patients to choose hospitals for their radiotherapy procedures. The hospitals also have emergency care units that can cater to the urgent needs of the patients and provide them with comprehensive treatment. Therefore, the adoption of radiotherapy is much more prominent in hospitals, which in turn is driving the growth of this segment,

Global Radiotherapy Market - Regional Insights

Geographically, the global radiotherapy market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, North America dominates the market with the highest demand for radiotherapy. However, the Asia-Pacific region is estimated to witness substantial growth during the forecast period. The surging prevalence of cancer and the adoption of advanced techniques and medical equipment for cancer diagnosis are the major factors driving the growth of the radiotherapy market in this region. The government is also undertaking various programs to promote cancer diagnosis, and offering aid to unprivileged cancer patients, thereby contributing to the growth of the market.

Impact of COVID-19 on Global Radiotherapy Market

The global radiotherapy market has been severely impacted by the COVID-19 pandemic. The rise in COVID-19 infections and death rates made cancer patients hesitant to visit healthcare facilities to receive radiation therapy. This caused the demand for radiotherapy products to fall and reduced revenue for firms offering radiation therapy products.In addition to this, the blockages in both the global supply and demand chains contributed to a severe shortage of raw materials, causing major problems for the manufacturing sector. Nevertheless, the market should return to its previous pattern when radiation therapy procedures resume in the post-COVID-19 period.

Competitive Landscape

The leading market players in the global radiotherapy market are Accuray Incorporated, Hitachi Ltd., Canon Medical Systems Corporation, IBA Worldwide, Varian Medical Systems, Inc., Becton, Dickinson And Company, Icad, Inc., Elekta AB, Siemens Healthineers, Panacea Medical Technologies Pvt. Ltd., Eckert & Ziegler, Zeiss Group, GE Healthcare, Viewray, Inc., Ion Beam Applications, Sumitomo Heavy Industries Ltd., Mirada Medical, Sensus Healthcare, Isoray, and other prominent players.

The industry participants invest significantly towards research and development activities for expanding their product’s efficiency and minimizing its side effects. The companies also engage in competitive strategies like partnerships, mergers, and acquisitions, and collaboration with other biotechnology companies, as well as research institutes, for product approvals and launches.

Don’t miss the business opportunity of the global radiotherapy market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global radiotherapy market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global radiotherapy market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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