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Radiotherapy is a treatment which uses high-energy radiation to either cure cancer or control its growth and spread. It employs radiation with high energy beams such as X-rays or gamma rays to destroy cancer cells. Radiation therapy is one of the major modes of treatment for cancer patients in combination with chemotherapy and surgery. Over 50% of all cancer patients undergo some type of radiotherapy treatment. Some of the major types of radiotherapy include external beam radiotherapy, internal beam radiotherapy or brachytherapy and systemic radiotherapy or radiopharmaceuticals. External beam radiotherapy delivers high-energy x-rays or protons to the site of the tumor. Brachytherapy involves sealed radioactive sources placed inside or very close to the area requiring treatment. Radiotherapy improves survival and quality of life by destroying cancer cells while minimizing damage to normal tissues.
The global Radiotherapy Market is estimated to be valued at US$ 7,078.91 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the radiotherapy market is integration of advanced technologies for precise treatment procedures. Manufacturers are focusing on development of advanced radiation therapy systems integrated with imaging modalities like CT, PET and MRI to provide image-guided radiotherapy. For instance, ViewRay’s MRIdian system uses magnetic resonance imaging to visualize soft tissues during treatment which allows for daily adjustments of the radiation beams based on changes in tumor size. Another key trend in the market is adoption of particle therapy. Particle therapy utilizes proton or ion beams to treat cancer which allows for greater dose conformality over traditional photon therapy. Proton therapy decreases unintended radiation exposure to surrounding healthy tissues. Moreover, increasing prevalence of cancer globally is presenting significant growth opportunities. According to WHO, cancer burden is projected to increase by 70% by 2030. Growing geriatric population and changing lifestyle habits leading to greater risk of developing cancer are major factors driving demand. However, high costs associated with procurement and maintenance of radiotherapy equipment and availability of alternative therapies remain key challenges.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established value networks make it difficult for new players to enter the market. However, advancement in radiotherapy technologies has encouraged new product innovation.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes. They can negotiate on pricing and demand advanced product features.
Bargaining power of suppliers: A few major players dominate the supply market. Suppliers have moderate power regarding components and services they provide.
Threat of new substitutes: Alternatives like chemotherapy, immunotherapy and surgery pose threats. However, radiotherapy remains preferred for non-invasive localized cancer treatment.
Competitive rivalry: Intense competition exists between dominant global players. Companies compete based on product differentiation, service quality and geographic expansion.
Key Takeaways
The global Radiotherapy Market is expected to witness high growth. Advancements in treatment techniques along with increasing adoption of particle therapy will dominate market trends.
Regional analysis: North America dominates due to advanced healthcare infrastructure and increasing cancer cases. Asia Pacific is poised to grow at the fastest pace owing to rising healthcare spending, growing medical tourism and increasing patient pool.
Key players operating in the Radiotherapy Market are Accuray Incorporated, Elekta, Isoray Inc., CIVCO, Hitachi, Ltd., Mevion Medical Systems, ProTom International, VIEWRAY TECHNOLOGIES, INC., Panacea Medical Technologies Pvt. Ltd., Optivus Proton Therapy, Inc., RefleXion, MacroMedics, Vision RT Ltd., and Qfix. Companies are focusing on capacity expansion, product innovation and strategic collaborations for business growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
