Radiotherapy Market Scope
The radiotherapy market size was valued at USD 6.5 billion in 2022 and is projected to grow from USD 6.85 Billion in 2023 to USD 9.96 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.49% during the forecast period (2023 - 2030).
Radiotherapy: Latest News on Technological Developments:
- RayCare 2023B is introduced by Varian in July 2023. The updated RayCare oncology information management system (OIMS) from Varian comes with a number of new features and improvements, including enhanced workflow management, support for new treatment modalities, and integration with AI-powered tools.
- IBA and PARTICLE launch the FLASH Proton Therapy Research Partnership in June 2023. This collaboration intends to develop and validate FLASH therapy, a novel proton therapy technique that provides high radiation doses over very brief time intervals. Proton therapy may be more effective with FLASH therapy while having less adverse effects.
- RaySearch and B dot Medical sign a contract in May 2023 for the development of advanced software solutions for proton therapy. Through this collaboration, RaySearch and B dot Medical will work together to create innovative software applications for proton therapy. The objective is to develop technologies that will aid in enhancing proton therapy treatment planning's precision and effectiveness.
- Lenox Hill will be the first location in New York State to utilise cutting-edge imaging technology in April 2023 to improve radiation oncology care. The first hospital in the state to implement TomoDirect, a revolutionary imaging technology, to improve radiation oncology care is Lenox Hill Hospital in revolutionary York City. To increase the precision of radiation therapy, TomoDirect combines CT and MRI imaging to produce a more precise image of the tumour and surrounding tissue.
Primary Restraints and Accelerators
A number of technical advancements in the last ten years have improved the efficiency, usability, and cost-effectiveness of radiotherapy equipment and systems. Modern radiotherapy equipment delivers a precise and improved radiation dose that increases the effectiveness of tumor targeting. Real-time imaging made possible by the transition from 2D to 3D conformal radiotherapy allows for significant radiation conformity to the target as well as dose escalation with improved tumor control. As a result, as technology advancements continue to trend and medical facilities like hospitals and clinics emerge as key end-users, market demand has been increasing globally.
The alarming increase in pediatric cancer cases has increased the need for radiotherapy, as this kind of treatment is linked to fewer adverse effects than chemotherapy. This reason leads MRFR experts to predict that market growth will continue to accelerate in the years to come. The number of pediatric cancer cases is steadily increasing, which is increasing the demand for radiotherapy and will result in a significant market expansion over the coming years.
Market Segmentation
Radiotherapy industry has been considered for type, application, and end-user.
Different radiotherapy types in the market are external beam radiation therapy, systemic radiation therapy and internal radiation therapy.
Major applications of radiotherapy include spine cancer, head and neck cancer, skin and lip cancer, prostate cancer, breast cancer, lung cancer, cervical cancer, and others.
The equipment used during radiotherapy are radiation therapy simulators, treatment planning systems and linear accelerators.
Prominent end-users in the radiotherapy industry are independent radiotherapy centers as well as hospitals.
Geographic Status
The main four markets for radiotherapy globally are Europe, APAC or Asia Pacific, MEA or Middle East Africa, and the Americas.
Due to its high per capita healthcare spending and propensity to accept the newest technologies in the healthcare industry, the US market has been growing rapidly and has taken the lead. The sharp rise in cancer cases in both Canada and the US benefits the local economy. The development of intensity-modulated and image-guided radiotherapy, as well as increased spending on research activities to enhance the efficacy of radiation therapy procedures, have propelled America to the top of the global market.
Flourishing healthcare system and the rising number of radiotherapies centers and hospitals adopting modern technologies has helped Europe secure the second lead in the global market. Significant level of awareness as well as spending on healthcare, rising cases of various types of cancer, and availability of health insurances also fortify the market value in the region. Technological innovations in radiotherapy, like IGRT, 3-DCRT and IMRT in the region have also been favorable. Meanwhile, emergence of new techniques, including stereotactic body radiation therapy has resulted in higher possibility of successful clinical results, thereby fostering the market growth in the region.
The APAC market for radiotherapy will note the fastest advancement in the next couple of years, as the government is actively working on fostering the awareness level among people about the available treatment options. Rampant demand for more effective therapies, paired with the mounting burden of cancer in the region raises the need for radiotherapy. Companies in the region are focused on making strategic movies like distribution agreements, product launches and partnerships to elevate their market rankings.
Affluent Contenders
Some of the most affluent global radiotherapy market players include Mevion Medical Systems, Inc., Hitachi, Ltd., IBA (Ion Beam Applications Sa), C. R. Bard, Inc., Panacea Medical Technologies Pvt. Ltd., Varian Medical Systems, Inc., P-Cure Ltd., Isoray Medical, Inc., Elekta AB (pub), Optivus Proton Therapy, Inc., Provision Healthcare, LLC, to mention a few.
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