Radiotherapy Market By Therapy Type (External Beam Radiation Therapy, Internal Beam Radiation Therapy, and Systemic Radiation Therapy), By Application (Prostate Cancer, Breast Cancer, Lung Cancer, Head &Neck Cancer, Colorectal Cancer, Cervical Cancer, and Others), By End-User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2024-2033

Report Overview

The Global Radiotherapy Market size is expected to be worth around USD 12.1 Billion by 2033 from USD 6.8 Billion in 2023, growing at a CAGR of 5.9% during the forecast period from 2023 to 2032.

Radiotherapy is a cancer treatment that uses high doses of radiation to destroy cancer cells and shrink’s tumors. Radiotherapy is essential in cancer treatment and improves cancer patient survival rates. In addition, it is commonly used with other cancer treatments, such as surgery and chemotherapy. The market is increasing owing to the rising prevalence of cancer advances in technology and investment in cancer research.

Key Takeaways

• Market Growth Projection: The global radiotherapy market is set to reach USD 12.1 billion by 2033, with a robust CAGR of 5.9% from 2024 to 2033.
• Therapy Type Dominance: External Beam Radiation Therapy holds a dominant 77.5% market share in 2023, driven by precise beam targeting and minimal harm to normal tissues.
• Application Dominance: Prostate cancer commands an 18.3% revenue share, showcasing the efficacy of radiotherapy over surgery for a widespread patient base.
• End-User Dynamics: Hospitals & Diagnostic Laboratories lead with a 51.8% market revenue share in 2022, well-equipped to provide diverse radiotherapy methods.
• CAGR Focus: Cancer Research Institutes are projected to exhibit the highest CAGR of 4.3%, swiftly adopting advanced radiotherapy devices for enhanced patient care.
• Driving Force – Technology: Technological advancements in radiotherapy, a rising geriatric population, and increased cancer cases propel the market, fostering a CAGR of 5.9%.
• Restraining Factor – Cost: The high cost of radiotherapy treatment restricts market growth, urging patients to explore alternative treatments, impacting global market expansion.
• Growth Opportunities – Investments: Rising public-private investments in cancer research fuel advancements in diagnosis and treatments, propelling the demand for radiotherapy equipment.
• Trending Innovation: Recent radiotherapy innovations, such as adaptive radiation therapy, enhance treatment efficacy, driving demand for advanced cancer treatment globally.
• Regional Dynamics: North America claims a significant 43.3% market revenue share in 2023, driven by investments in novel healthcare devices and the prevalence of rare diseases.

Driving Factors

Technological Developments in Radiotherapy to Drive the Market Growth

Technological developments in radiotherapy products, a rising geriatrics population, an increasing prevalence of cancer cases across the globe, increasing symposiums, increasing approval of radiotherapy devices, and compelling investments in radiotherapy will drive the radiotherapy market.

A few other factors fueling this market growth are the rising preference for non-surgical processes and the requirement for replacement, as hospitals are replacing older equipment with novel therapy systems that deal with better facilities. In addition, the increasing geriatric population is the primary factor propelling the market growth.

Restraining Factors

High Cost of Radiotherapy Treatment

The cost of radiotherapy is high, which causes patients to look for other treatment modes, thus hindering market growth. As a result, the global radiotherapy market growth is restricted. Furthermore, the limited healthcare expenditure in developing countries causes the low installation of radiotherapy devices.

Growth Opportunities

Growing Public-Private Investments in Cancer Research

Rising public-private investments and funding for cancer research to bring in advancements in the diagnosis and treatments of cancer is one of the main factors supporting the growth of the global market.

Currently, several countries are raising their expenditure in the healthcare sector to allow more individuals access to better facilities. This could increase the radiotherapy equipment requirement, propelling the market growth.

Trending Factors

Recent Innovations in Radiotherapy Market

Recent inventions in radiotherapy have enhanced effective treatments, resulting in adverse effects and improved outcomes. Significant developments are observed in practical therapy, stereotactic body radiation therapy, and intensity-modulated radiation therapy. One of the main developments is the advent of adaptive radiation therapy treatment, which can be adjusted to improve patient outcomes.

Since the features of tumors and patients change during the treatment course. The increasing requirement for cancer and the rise in demand for advanced cancer treatments, such as chemotherapy and radiotherapy, are among the main factors driving market growth in the upcoming years.

Therapy Type Analysis

External Beam Radiation Therapy Segment to Witness Significant Growth

Based on therapy type, the global radiotherapy market is segmented into external beam radiation therapy, internal beam radiation therapy, and systemic radiation therapy.

In 2023, The external beam radiotherapy segment accounted for the largest market revenue share of 77.5% during the forecast period. Due to the accuracy of the directed beam at the cancerous cells, thus causing less destruction to normal tissues, tolerating oncologists use advanced disease radiotherapy for treatment and rise in the cancer population.

In addition, an increase in awareness among individuals regarding the novel and advanced methods for radiotherapy is also anticipated to drive segmental growth.

Application Analysis

Prostate Cancer Segment Dominates the Market

Based on application, the global radiotherapy market is divided into prostate cancer, breast cancer, lung cancer, head and neck cancer, colorectal cancer, gynecological cancer, cervical cancer, penile cancer, prostate cancer, liver cancer, spine cancer, thyroid cancer, bladder cancer, lip cancer, and other cancers.

In 2023, The prostate cancer segment registers the 18.3% market revenue share during the forecast period. Owing to the large number of patients suffering from prostate tumors worldwide. Studies have found that radiation therapy, used to kill cancerous cells in the prostate gland, is as effective as surgery. It also removes the adverse effects associated with surgical processes. Therefore, rising patient dominance for radiotherapy over conventional processes will favor industry growth. However, the breast cancer segment registers the fastest market growth revenue share during the forecast period.

The demand for radiotherapy market growth in the upcoming years is due to the increase in the incidence of breast cancers. In addition, the rising use of advanced technologies such as image-guided therapy, intensity-modulated radiotherapy, and others. However, the growing investment in improving innovative radiotherapy products and increasing awareness about breast cancer and its treatments are anticipated to boost the market growth further.

End-User Analysis

The Hospitals & Diagnostic Laboratories Segment Dominated the Highest Market Growth

Based on end-users, the global radiotherapy market is divided into hospitals & diagnostic laboratories, cancer treatment & research centers, academic research organizations, ambulatory surgery centers, and others.

In 2023, The hospitals & diagnostic laboratories segment dominated the market revenue share of 51.8% in 2022. Commonly, hospitals are well prepared with radiotherapy units to provide the several need for radiotherapy methods.

Hospitals and diagnostics laboratories are used to treat variations of cancerous tumors as a part of adjuvant therapy to prevent the reappearance of tumors after surgery and remove a primary malignant tumor. The cancer research institutes segment is anticipated to exhibit the highest CAGR of 4.3%. Cancer research institutes rapidly install advanced radiotherapy devices to provide advanced and effective patient care.

Key Market Segments

By Therapy Type

• External Beam Radiation Therapy
  • Stereotactic Radiosurgery (SRS)
  • Stereotactic Body Radiation Therapy (SBRT)
  • Intensity- Modulated Radiation Therapy (IGRT)
  • Proton Therapy
  • Image Guided Therapy (IGRT)
  • Volumetric Modulated Arc Therapy(VMAT)
  • Others
• Internal Beam Radiation Therapy
  • Low- dose Rate Brachytherapy (LDR)
  • High-dose Rate Brachytherapy (IGBT)
  • Image-guided Brachytherapy (IGBT)
  • Pulse Dose Rate Brachytherapy (PDR)
• Systemic Radiation Therapy

By Application

• Prostate Cancer
• Breast Cancer
• Lung Cancer
• Head and Neck Cancer
• Colorectal Cancer
• Gynecological Cancer
• Cervical Cancer
• Penile Cancer
• Prostate Cancer
• Other Applications

By End-User

• Hospitals & Diagnostic Laboratories
• Cancer Treatment &Research Centers
• Academic Research Organizations
• Ambulatory Surgery Centers
• Other End-Users

Regional Analysis

North America Region Accounted Significant Share of the Global Radiotherapy Market.

In 2023, North America accounted for a significant radiotherapy market revenue share of 43.3% and holds USD 2.9 Billion market value for the year. Owing to the rising investments in developing novel devices in healthcare. Additionally, the increasing dominance of the rate of rare diseases across North America also influences the market requirements. Factors such as recognized radiotherapy system providers and the replacement of old therapies with novel ones fueling the regional demand for market growth.

Europe held the second-largest market revenue share during the forecast period, and the market players are fueling the requirements for the radiotherapy market during the forecast period. The Asia-Pacific region is anticipated to witness the maximum revenue share due to the introduction of novel radiotherapy in healthcare centers and hospitals in developing countries.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Key market players use strategies such as collaborations, mergers & acquisitions, and partnerships to maintain their position in the market. Several companies in the radiotherapy industry include Varian Medical Systems, Inc., Elekta AB, Accuracy Incorporated, Hitachi, Ltd, Siemens Healthineers AG, and other key players. The following are some of the major players in the global radiotherapy market industry

Key Market Players

• Varian Medical Systems, Inc.
• Elekta AB
• Accuracy Incorporated
• VIEWRAY TECHNOLOGIES INC
• Panacea Medical Technologies Pvt. Ltd.
• Mevion Medical Systems
• Hitachi, Ltd.
• IsoRay Inc.
• Carl Zeiss AG
• Siemens Healthineers AG
• ViewRay Inc.
• RefleXion Medical
• Koninklijike Philips N.V.
• iCAD, Inc.
• Eckert & Ziegler
• ZEISS Group
• Other Key Player

Recent Developments

• In January 2024, Siemens Healthineers joined forces with the ZEISS Group to co-develop and market AI-powered radiotherapy planning solutions. This collaboration brings together Siemens’ proficiency in medical imaging and radiation therapy with ZEISS’s expertise in AI and visualization. The goal is to tailor treatment plans to individual patient needs, ultimately enhancing clinical outcomes.
• In December 2023, ViewRay Inc. entered into a partnership with RefleXion Medical to seamlessly integrate Reflex iGuide into its MRIdian Linac system. This collaboration aims to leverage ViewRay’s real-time MR imaging alongside RefleXion’s image-guided ablation technology, facilitating minimally invasive ablative treatments for lung and liver tumors.
• In November 2023, Varian Medical Systems introduced the Halcyon 3.0 treatment planning system. Noteworthy features of the new system include AI-powered automation tools and streamlined workflows, with a promise of expedited treatment planning processes and heightened quality of patient care.
• In September 2023, Elekta AB successfully acquired IMPAC Medical Systems, Inc., a move strategically designed to fortify Elekta’s oncology information systems (OIS) portfolio. This acquisition is anticipated to enhance workflow efficiency and data management within cancer treatment centers.

Report Scope