(MENAFN- GlobeNewsWire - Nasdaq) According to Research by SNS Insider, The Radiotherapy Market, valued at USD 7.01 Billion in 2023, is set to grow at a CAGR of 5.54%, with the increased adoption of personalized radiation therapies and government funding fueling demand for cutting-edge cancer treatment solutions worldwide.Pune, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Radiotherapy market Size & Growth Analysis
“According to SNS Insider, The Radiotherapy Market Size was valued at USD 7.01 Billion in 2023 and is expected to reach USD 11.18 Billion by 2032 and grow at a CAGR of 5.54% over the forecast period 2024-2032.”
The radiotherapy market is growing due to an increasing number of cancer cases worldwide. According to the World Health Organization, cancer continues to be the second leading cause of death in the world, while 19.3 million new cases of cancer were reported in 2023 globally. Governments in every country allocate more funding to offer appropriate solutions for this deteriorating health situation. The radiotherapy procedure has been identified as an essential form of treatment for all types of cancers. The National Cancer Institute in the U. S increased its budget by 7% in 2023 to USD 8.4 billion to be spent on cancer research and treatment to increase radiotherapy among other methods.
The European Commission guaranteed some time ago its“Beating Cancer Plan,” which will be achieved under the EURO 1.2 billion budget. The plan will help in cancer prevention, early diagnosis, and ensuring the treatment and care of patients in the European Union. The treatment of cancer requires much more advanced methods, which leads to the acquisition of more radiotherapy equipment for better solutions. The presence of advanced radiotherapy equipment in hospitals globally proves the need for similar effects to be used on cancer patients other than with radiotherapy.
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List of Key Radiotherapy Companies Profiled in Report are:
Canon Medical Systems Corporation Accuray Incorporated Elekta GE Healthcare ViewRay Technologies Inc. Isoray Inc. Mevion Medical Systems Siemens Healthineers AG Hitachi Ltd. ALCEN (PMB) Varian Medical Systems, Inc. Ion Beam Applications (IBA) Panacea Medical Technologies ProTom International CIVCO Radiotherapy
Radiotherapy Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 7.01 Billion |
| Market Size by 2032 | US$ 11.18 Billion |
| CAGR | CAGR of 5.54% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segmentation Dynamics
Breast cancer dominated the cancer type for radiotherapy treatments by 41% in 2023. According to the U.S. Centers for Disease Control and Prevention, breast cancer is the most common cancer among women, with over 287,850 new cases identified in the U.S. in 2023. This accounts for the national trend and represents a global one, with the breast cancer patient population making up 11,7% of all cancers. The U.S. government invests significant resources in treatment and research as witnessed by the USD1.1 billion dedicated to breast cancer research in 2023.
Radiotherapy is employed for the treatment of localized breast cancer due to its effectiveness. Moreover, it is less invasive compared to other options and allows for specific targeting of tumorous tissues without destroying the surrounding healthy cells. With more and more people surviving breast cancer worldwide, the demand for new radiotherapy solutions is actively growing and contributing to the prosperity of the market. Leading in the market are precision solutions such as proton therapy and image-guided radiotherapy that increase the effectiveness of treatment, reduce time and side effects, and are already widely used in treatment protocols.
Radiotherapy Market Key Segmentation:
By Type
External Beam Radiation Therapy Internal Radiation Therapy Systemic Radiation Therapy
By Application
Skin & Lip Cancer Breast Cancer Prostate Cancer Cervical Cancer Lung Cancer Others
By End User
Hospitals Research Institutes and Ambulatory and Radiotherapy Centers
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Regional Insights
North America dominated the radiotherapy market and held a 45% share in 2023. This dominance is due to several reasons including the high prevalence of cancer, developed healthcare infrastructure, and significant government support. The National Institutes of Health in the U.S. projected that national spending on cancer care will be more than USD 246 billion in the year 2023. The U.S. Food and Drug Administration has been playing an important role in expediting the approvals of next-generation radiotherapy devices which further consolidates the dominance of North America in the global radiotherapy market.
With the increased focus through the government of Canada to invest more than CAD 500 million in 2023 for the advancements in radiotherapy along with the focus in the U.S., North America is unique due to the focus of early adoption of the latest radiotherapy technologies such as SBRT and proton therapy. In addition, North America has a more established network of systems and cancer treatment centers and consistent funding from the government, North America is likely to remain a dominant market for radiotherapy in the future.
Recent Developments
In October 2023, Accuray incorporated received approval for the Tomo C radiation therapy system from the Chinese National Medical Products Administration In July 2023, IBA partnered with India-based Apollo Proton Cancer Centre In April 2022, Elekta and GE Healthcare agreed to provide hospitals with a comprehensive offering in imaging and treatment for cancer patients undergoing radiation therapy.
Key Takeaways
By application, breast cancer leads the market. North America is the highest revenue-generating region due to its developed healthcare infrastructure and the associated support provided by the government.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
Incidence and Prevalence (2023) Prescription Trends, (2023), by Region Drug Volume: Type and usage volumes of pharmaceuticals. Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients
6. Competitive Landscape
7. Radiotherapy Market Segmentation, by Type
8. Radiotherapy Market Segmentation, by Application
9. Radiotherapy Market Segmentation, by End-Use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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