Global Radiotherapy Market Size, Share, Growth Analysis, By Technology(External Beam Radiotherapy and Internal Beam Radiotherapy), By End-User(Hospitals and Independent Radiotherapy Centers) - Industry Forecast 2023-2030

Global Radiotherapy Market size was valued at USD 7.7 billion in 2021 and is poised to grow from USD 8.56 billion in 2022 to USD 24.57 billion by 2030, growing at a CAGR of 12.3% during the forecast period (2023-2030).

The global radiotherapy market is a swiftly growing sector within the healthcare industry, focusing on the use of radiation for treating various types of cancer. This form of treatment, also known as radiation therapy, entails delivering high-energy radiation precisely to cancerous cells, either eliminating them or impeding their growth. The demand for radiotherapy has been consistently rising on a worldwide scale for several reasons. Firstly, there has been an increase in the prevalence of cancer globally, leading to a higher demand for effective treatment options. According to the World Health Organization (WHO), cancer ranks among the top causes of global mortality, and the number of new cases is projected to continue rising. Secondly, advancements in technology and medical equipment have significantly improved the accuracy and effectiveness of radiotherapy. Innovative techniques like intensity-modulated radiation therapy (IMRT), stereotactic radiosurgery (SRS), and proton therapy have enabled more precise delivery of treatment, minimizing harm to healthy tissues and reducing side effects for patients. While the global market offers promising opportunities, it also encounters certain challenges. These include the high cost of equipment, limited accessibility in specific regions, and potential side effects associated with radiation therapy. Nonetheless, ongoing efforts in research and development aim to tackle these challenges and enhance the overall effectiveness and safety of radiotherapy.

Top-down and bottom-up approaches were used to estimate and validate the size of the global radiotherapy Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

Global Radiotherapy Market is segmented by Technology, end-user, and region. Based on Technology, the market can be segmented into external beam radiotherapy and internal beam radiotherapy. Based on end-user, the market is segmented into hospitals and independent radiotherapy centers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers:

Increasing Demand for External-Beam Radiation Therapy

Because of its increasing application in the management of numerous cancer types, such as lung, prostate, breast, colon, liver, thyroid, lymphoma, brain, and spine cancers, there is a significant surge in demand for external-beam radiation therapy. Among the various radiation therapy modalities employed in cancer treatment, external-beam radiation therapy stands out as one of the most commonly utilized methods. This technique directs high-energy external radiation precisely to the tumor site, which consequently fuels the growth of the market.

Restraints:

Lack of Skilled Oncologists and Technicians

Skilled medical professionals are essential for the successful implementation of advanced radiotherapy techniques in patient treatment. The shortage of qualified personnel and technical expertise is expected to impede the growth of the market for sophisticated radiation therapies. A significant shortage of oncologists exacerbates this issue.

Market Trends:

The global radiotherapy market is witnessing significant developments that are influencing its expansion and evolution. A prominent trend in this field involves the growing utilization of advanced technologies like IMRT, IGRT, and proton therapy. These innovations enable more precise and focused treatment delivery, resulting in enhanced outcomes and diminished adverse effects.

Another notable trend involves the incorporation of radiotherapy into a broader spectrum of treatment modalities. Combination therapies, which involve merging radiotherapy with surgical procedures, chemotherapy, immunotherapy, or targeted therapies, are on the rise in terms of popularity. This holistic approach seeks to optimize the efficacy of cancer treatment by harnessing various strategies. There is a growing emphasis on patient-centered care and enhancing the quality of life, with a dedicated focus on minimizing adverse effects through the use of advanced treatment planning and delivery methods.