Radiotherapy Market Analysis

Global Radiotherapy Market Overview

Radiotherapy Market Size was valued at USD 8.09 Billion in 2023. The Global Radiotherapy industry is projected to grow from USD 9.03 Billion in 2024 to USD 19.16 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.85% during the forecast period (2024 - 2032).

Radiotherapy is an important tool in cancer treatment and has improved cancer patients' survival rate and quality of life. It is frequently used in combination with other cancer treatments, such as chemotherapy and surgery, to improve patient outcomes. The market of radiotherapy is growing due to the increasing prevalence of cancer, advances in technology, and increased funding for cancer research. These are just a few of the market drivers that are driving the market.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

January 2024 saw Siemens Healthineers and the ZEISS Group collaborating for the development and commercialization of AI-backed radiotherapy planning products. This will join Siemens’ medical imaging and radiation therapy competence with Zeiss’s strengths in AI and visualization. It is aimed at customizing treatment plans to suit specific patient needs, ultimately leading to improved clinical outcomes.

This meant that ViewRay Inc. entered into a partnership with RefleXion Medical in December 2023 to enable easy integration of Reflex iGuide with its MRIdian Linac system. This will combine real-time MR imaging by ViewRay with image-guided ablation from RefleXion, promoting minimally invasive ablative therapy for lung and liver tumors.

Varian Medical Systems unveiled Halcyon 3.0 treatment planning system in November 2023. The new system is characterized by automation tools that incorporate artificial intelligence as well as streamlining workflows that aim at reducing treatment planning processes and improving quality of care.

For instance, in May 2023, IntraOp Medical Corporation announced the launch of its Phase II Electron FLASH Trial indicated for treating nonmelanoma skin cancer (NMSC).

May 2023: GE Health Care develops three radiotherapy devices such as intelligent radiation therapy (IRT), auto segmentation, updated magnetic resonance (MR) radiation therapy suite (AIR Open Coil Suite).

In February 2023, RefleXion Medical received approval from SCINTIX biology-guided radiotherapy, a novel technique to treat early- and late-stage cancers by, the US Food and Drug Administration.

RefleXion Medical had its first symposium on the benefits of studying cancer biology on personalized radiotherapy delivery and planning using BgRT* for all stages of cancer: A cutting-edge approach towards therapeutic oncology held in June 2022. The company's inaugural event is being hosted by the newly established Sanjiv “Sam” Gambhir Memorial Learning Centre.

In February 2022, the International Atomic Energy Agency (IAEA) launched a program aimed at addressing severe cancer care capacity shortages in most lower-middle-income countries (LMICs). It is starting in Africa, where there is higher cancer mortality because there is little access to life-saving nuclear medicine and radiotherapy.

For example, Manipal Hospitals, India’s second largest multi-specialty hospital, introduced an advanced Radixact System with Synchrony Automatic, Real-time Motion Synchronization Technology for precise treatment of cancer patients in August 2021. As a result, damage to healthy tissue is minimized by providing high-precision radiation directly targeted at tumor sites, which move when the patient breathes. So Manipal Hospitals has been licensed by the Atomic Energy Regulatory Board (AERB) of India for Radixact X9 Tomotherapy with Synchrony tumor tracking technology; this is the first machine with such a feature in the country. Therefore, these advances and improvements made in radiotherapy will likely spur market growth.

Radiotherapy Market Trends

• Growing number of cancer patients to drive the market growth

The growing incidence of cancer and the increase in demand for advanced cancer treatments, such as radiotherapy and chemotherapy, are among the major factors driving the growth of the cancer treatment market. Late-stage diagnosis and inaccessible treatment are the major factors responsible for rising mortality from cancer across the globe. The lack of pathology and cancer treatment services in low-income countries, as well as the increasing incidence of cancer ly, are driving the demand for radiotherapy treatments and creating market growth opportunities for the radiotherapy. Thus, it is anticipated that this aspect will accelerate radiotherapy market revenue.

The growth in technological advancements in radiotherapy is driving the market growth of the radiotherapy. With an increasing number of cancer cases ly and the development of more advanced and effective radiotherapy techniques, the demand for radiotherapy is expected to increase in the coming years. The increasing use of radiotherapy for a wide range of cancer types and the increasing accessibility of radiotherapy services are also expected to contribute to market growth.

The high success rate and effectiveness of radiotherapy in treating various types of cancer drive its demand, leading to the market growth of the radiotherapy. The adoption of innovative technologies and an expansion in awareness about the benefits of radiotherapy further contribute to the growth of the market. Thus, this factor is driving the market CAGR.

Radiotherapy Market Segment Insights

Radiotherapy Type Insights

The market segments of radiotherapy, based on type, includes systematic radiation therapy, internal radiation therapy, external beam radiation therapy. The external beam radiation therapy segment held the majority share in 2022. EBRT's ability to provide precise and accurate doses of radiation to the target tissue while minimizing exposure to healthy tissue is driving the market growth of radiotherapy. The increasing incidence of cancer and rising demand for advanced treatments also contribute to the market's growth. Factors like the increasing investment in research and development, favorable reimbursement policies, and the growing need for cost-effective and efficient cancer treatment options is anticipated to promote the market radiotherapy market growth in the coming years.

Radiotherapy Application Insights

The market segmentation of Radiotherapy, based on application, includes skin and lip cancer, head and neck cancer, breast cancer, prostate cancer, cervical cancer, lung cancer, spine cancer, others. The breast cancer segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. This is due to the rise in the incidence of breast cancer and the increase in the demand for radiotherapy in the treatment of breast cancer are predicted to drive market growth in the coming years. In addition, the increasing use of advanced technologies, such as intensity-modulated radiotherapy, image-guided radiotherapy, and others, in breast cancer treatment is also expected to fuel the growth of the market. Additionally, the increasing investment in the development of innovative radiotherapy products and treatments, and the rise in awareness about breast cancer and its treatments, are expected to drive the market growth further.

Radiotherapy Equipment Insights

The radiotherapy market data, based on equipment, includes treatment planning systems, radiation therapy simulators, and linear accelerators. The radiotherapy simulator segment dominated the market revenue of radiotherapy in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. Cancer research institutes are rapidly installing radiotherapy simulators to provide advanced and effective patient care. Additionally, several companies are entering into partnerships and collaborations to support their presence in the market and expand their product portfolio. For example, in 2022, Elekta AB and ViewRay, Inc. entered into a collaboration to integrate ViewRay's MRIdian MR-Guided Radiation Therapy System with Elekta's Velocity clinical treatment planning software to enhance patient outcomes and improve cancer treatments. These strategic collaborations and partnerships are expected to drive market growth and increase the demand for advanced radiotherapy devices.

Figure 2:  Radiotherapy Market, by Equipment, 2022 & 2032 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Radiotherapy Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America radiotherapy market accounted for USD 2.97 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. The presence of leading cancer research institutions in North America and high healthcare expenditure by the government and private sector have made the region a hub for advanced cancer treatment facilities, thereby contributing to its dominant position in the market of radiotherapy. New product development, partnerships, partnerships, expansions, mergers, and acquisitions are the main strategies used by the organizations in the market.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  RADIOTHERAPY MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Radiotherapy market accounts for the second-largest market share. According to Eurostat, the number of new cancer cases in the European Union (EU) was expected to increase from 2.7 million in 2018 to 3.5 million in 2040, with lung cancer being the most common cancer in the EU, accounting for 19% of new cancer cases in men and 14% in women. The presence of major market players and government support for the development of advanced radiotherapy technologies are a few of the factors contributing to the market growth of the radiotherapy in Europe. Moreover, UK market of radiotherapy held the largest market share, and the Germany market of radiotherapy was the fastest growing market in the region.

Asia Pacific market of radiotherapy is expected to grow at the fastest CAGR from 2024 to 2032. The Asia-Pacific region is expected to show substantial market growth in the radiotherapy due to the growing incidence of cancer, increasing healthcare expenditure, and increasing awareness about cancer treatment options. The region has a large population and a growing number of cancer cases, which is driving the demand for advanced cancer treatments, including radiotherapy. Further, the China market of radiotherapy held the largest market share, and the India market of radiotherapy was the fastest growing market in the region.

Radiotherapy Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market of radiotherapy grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the radiotherapy industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the radiotherapy industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, radiotherapy industry has provided medicine with some of the most significant benefits. The radiotherapy market major player such as Isoray Medical Inc., Mevion Medical Systems Inc., Optivus Proton Therapy Inc., Panacea Medical Technologies Pvt Ltd., P-Cure Ltd, Provision Healthcare LLC.

ViewRay, Inc. is a company specializing in developing radiation therapy technology for cancer treatment. They offer advanced systems that integrate imaging and treatment capabilities, allowing for more precise and effective cancer treatment. In 2022, a collaboration aimed to improve the integration of ViewRay's MR-Guided Radiation Therapy System with Elekta's Velocity software to enhance patient outcomes and improve cancer treatments. Integrating these two technologies aimed to provide a more efficient, effective and accurate treatment process for cancer patients.

Elekta's products and solutions include linear accelerators (Linac), brachytherapy, and clinical software. The company is a leading provider of radiation therapy for cancer treatment, offering innovative technologies and services that enable clinical excellence, optimized treatment delivery, and improved patient outcomes. In April 2022, Elekta and GE Healthcare entered into a commercial collaboration agreement to provide an exhaustive offering across imaging and treatment for cancer patients requiring radiation therapy.

Key Companies in the Radiotherapy market includes

• R. Bard Inc.


• Elekta


• Hitachi Ltd.


• IBA (Ion Beam Applications) SA


• Isoray Medical Inc.


• Mevion Medical Systems Inc.


• Optivus Proton Therapy Inc.


• Panacea Medical Technologies Pvt Ltd.


• P-Cure Ltd


• Provision Healthcare LLC.

Radiotherapy Industry Developments

February 2022 The launch of Radixact X9 Tomotherapy by the Max Institute of Cancer Care (MICC) is expected to improve cancer treatment outcomes and provide patients with more precise, safe and efficient radiation therapy. The integration of AI technology in radiation therapy is expected to increase its popularity and drive growth in the market. The collaboration of companies with healthcare institutions and research institutes to develop advanced cancer treatment solutions is expected to benefit the industry and patients.

June 2022 A partnership between limbus AI and Accuray aimed at enhancing the ability to provide advanced and efficient radiation therapy solutions to cancer patients. The use of Limbus AI's automated contouring algorithms in the treatment planning process is expected to improve the accuracy and speed of radiation therapy. The integration of these products is expected to be available in the European market after 2023.

Radiotherapy Market Segmentation

Radiotherapy Type Outlook (USD Billion, 2018-2032)

• Systematic radiation therapy


• Internal radiation therapy


• External beam radiation therapy

Radiotherapy Equipment Outlook (USD Billion, 2018-2032)

• Treatment planning systems


• Radiation therapy simulators


• Linear accelerator

Radiotherapy Application Outlook (USD Billion, 2018-2032)

• Skin and lip cancer


• Head and neck cancer


• Breast cancer


• Prostate cancer


• Cervical cancer


• Lung cancer


• Spine cancer


• Others

Radiotherapy End User Outlook (USD Billion, 2018-2032)

• Independent Radiotherapy centers


• Hospitals

Radiotherapy Regional Outlook (USD Billion, 2018-2032)

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America