News | Radiation Therapy | August 06, 2020

Radiotherapy Market to Cross $17 Million Revenue by 2030

Global radiotherapy market revenue is set to expand from $7,222.4 million in 2019 to $17,194.4 million by 2030, at an 8.4% CAGR between 2020 and 2030, the key factor driving the market growth is the increasing number of cancer cases, according to the report published by P&S Intelligence.

Image courtesy of Elekta

August 6, 2020 — Global radiotherapy market revenue is set to expand from $7,222.4 million in 2019 to $17,194.4 million by 2030, at an 8.4% CAGR between 2020 and 2030, the key factor driving the market growth is the increasing number of cancer cases, according to the report published by P&S Intelligence.

As per the World Health Organization (WHO), cancer is the second-leading cause of human deaths, killing 9.6 million people annually, at least. Additionally, the American Institute of Cancer Research says that by 2030, around 25 million cases will be diagnosed every year.

Due to the coronavirus pandemic, the radiotherapy market is witnessing subdued growth, as the focus of the healthcare fraternity has shifted from chronic diseases to mitigating the COVID-19 spread. This is why several cancer-specialty hospitals are either shut or have converted to COVID care centers. Moreover, with the uncertain supply chain, the import and export of radiotherapy systems have been hit hard. However, several hospitals are reopening their cancer wards in the present scenario, which is pushing up the number of radiotherapy treatments.

The external beam category, on the basis of type, held the largest share in the radiotherapy market in the past. This technique involves the use of a machine outside the body of the patient, which shoots high-energy X-ray beams at the tumor. With the rising cancer prevalence and research and development (R&D) activities, the usage of external-beam radiotherapy is set to increase further in the coming years.

During the next decade, the fastest growth in the radiotherapy market would be witnessed by the hospitals division, under the end-user segment. This is because of the complexity and critical nature of such treatments, which is why they are performed by trained professionals in hospitals. In addition, as hospitals offer the best possible healthcare services, patients prefer these facilities over others.

North America is the largest radiotherapy market currently, owing to its high incidence of cancer, existence of established radiotherapy system providers, and developed healthcare infrastructure. Further, the disposable income in Canada and the U.S. is quite high, which is why people here are more-easily able to afford the expensive radiotherapy treatments. In the years to come, Asia-Pacific (APAC) is predicted to observe the highest CAGR, on account of the rising number of cancer patients, growing public and private investments, and bettering healthcare infrastructure.

In order to make the most of the increasing radiotherapy market opportunities, companies providing such solutions are engaging in collaborations, partnerships, and other such co-working agreements, with the idea of:

  • Gaining distribution partners for their equipment
  • Offering clinicians a combined solution of image-guided radiotherapy systems and electronic medical record (EMR) platform
  • Developing novel tracers for pre-clinical and clinical neurological and oncologic applications
  • Providing hospitals with advanced proton therapy capabilities
  • Upgrading the motion tracking and correction technologies of their radiotherapy systems

The major players in the global radiotherapy market include Accuray Incorporated, Elekta AB, Becton, Dickinson and Company, Hitachi Ltd., Isoray Inc., Ion Beam Applications SA, Sumitomo Heavy Industries Ltd., Provision Healthcare, ViewRay Inc., Varian Medical Systems Inc., Optivus Proton Therapy Inc., Mevion Medical Systems Inc., P-Cure Ltd., and Panacea Medical Technologies Pvt. Ltd.

For more information: www.psmarketresearch.com

Related Radiotherapy Content:

Image Gallery of New Radiotherapy Technology at AAPM 2019

Find more news and videos from the AAPM meeting

Related Content

News | Radiation Therapy | May 06, 2021
May 6, 2021 — Individuals living with severe...
Research finds that a commonly used risk-prediction model for lung cancer does not accurately identify high-risk Black patients who could benefit from early screening

Getty Images

News | Lung Imaging | May 05, 2021
May 5, 2021 — Lung cancer is the third most common cance
The emergence of #therapeutic #radiopharmaceuticals and its adoption in #cancer care provide one more weapon in combating cancer

Getty Images

Feature | Radiation Oncology | May 04, 2021 | By Vinay Shivaprasad
The term nuclear medicine is associated with the diag
Despite receiving high radiation doses to their tumors, lung cancer patients treated with technique that spares a large part of the esophagus did not develop severe inflammation of the esophagus

Getty Images

News | Lung Imaging | April 30, 2021
April 30, 2021 — For many patients with localized lung cance...
#prostatecancer During the first wave of the corona pandemic, 36 percent fewer men were diagnosed with prostate cancer in Sweden than in previous years.

Getty Images

News | Prostate Cancer | April 30, 2021
April 30, 2021 — During the first wave of the corona pandemic, 36 percent fewer men were diagnosed with prostate canc
A 63-year-old multiple #myeloma patient, with skeletal pain. New #FDG avid axillary #lymphadenopathy 62 days (9 weeks) after second #mRNA #vaccination dose. Image used with permission of the Radiological Society of North America (#RSNA)

A 63-year-old multiple myeloma patient, with skeletal pain. New FDG avid axillary lymphadenopathy 62 days (9 weeks) after second mRNA vaccination dose. Image used with permission of the Radiological Society of North America (RSNA)

Feature | Coronavirus (COVID-19) | April 29, 2021 | By Melinda Taschetta-Millane
A phase 1 clinical trial led by investigators at the University of Chicago Medicine testing the effects of stereotactic body radiotherapy for treating multiple metastases has determined that treatments used for single tumors can also be safely used for treating patients with multiple metastases.

Image courtesy of Accuray

News | Stereotactic Body Radiation Therapy (SBRT) | April 23, 2021
April 23, 2021 — A phase 1 clinical trial led by investigators at the...
A Norwegian study for the first time reveals benefit of the #PARP inhibitor #Olaparib in patients with early #breastcancer not harboring germline mutations

Getty Images

News | Radiation Therapy | April 22, 2021
April 22, 2021 — Targeted therapy in early stages of breas...