Market Research Report
Radiotherapy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Radiotherapy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 114 Pages
Delivery time: 2-3 business days
The radiotherapy market is expected to witness a CAGR of 6.9% over the forecast period. Certain factors that are driving the market growth include an increasing number of cancer patients, reduction in the cost of treatment, and huge government and non-government investments in R&D of cancer treatment.
The number of people suffering from various cancers has always been the major driving factor for this market. Cancer is one of the major life-threatening diseases of our times. According to the World Health Organization, cancer is the second leading cause of death, globally, and was responsible for an estimated 9.6 million deaths in 2018. Globally, about one in six deaths are due to cancer. Approximately 70% of deaths from cancer occur in low and middle-income countries. Head and neck cancer account for nearly 5-6% of the cancer cases in the United States. It is the 15th most prevalent type of cancer in Europe, with nearly 56,000 cases diagnosed annually.
However, inadequate resources to meet the demands of the radiotherapy and lack of skilled, experienced professionals, to carry out the workload, are observed across all the major markets. The actual number of skilled personnel required to perform a radiotherapy procedure depends not only on the number of patients treated but also on other factors, such as complexity of the treatment and the nature of the local equipment.
IMRT is the most common type of external beam radiation therapy. It has the largest market share among all the types of external beam radiation therapies. The primary advantage of IMRT is that it can deliver high doses of radiation to cancer sites. IMRT consists of numerous beams of radiation targeting multiple sites with different doses. The beams can be turned on or off during the course of treatment. The tumor cells are mapped precisely in three dimensions, which is an added advantage of this therapy technique. The increasing prevalence of cancer globally and the increasing demand for the IMRT is likely to boost the segment. The high cost of treatment is a restraint for this market. Cost reduction is likely to enhance more penetration in the emerging markets.
Almost half of all cancer patients in the United States receive cancer treatment. There are different types of radiation therapies that are available, such as external beam radiation therapy, internal radiation therapy, and systemic therapy. In most cases, radiation therapy is administered as a curative therapy, while in a few cases, as palliative therapy. The United States has the largest market for radiotherapy. The market is driven by factors, such as increasing incidences of cancer, replacements of older therapies with newer ones, and the availability of reimbursements for radiation therapy.
The radiotherapy market is highly competitive and consists of a few major players. Companies like Canon Medical Systems Corporation, Elekta AB, GE Healthcare, Ion Beam Applications, Isoray, Mirada Medical, Nordion (Canada) Inc., Siemens AG, and Varian Medical Systems, Inc., among others, hold the substantial market share in the radiotherapy market.