The global Radiotherapy market size is expected to reach 611.22 million in 2028 at a CAGR of 4.7% during the forecast period, according to the latest report by Reports and Data. Increasing global prevalence of cancer, growing preference for internal radiation therapy for cancer treatment, rising application of Radiotherapy as a radical or palliative treatment, and technological advancements in Radiotherapy afterloading techniques are key factors expected to boost the global market revenue share over the forecast period. In addition, increasing application of Radiotherapy for efficient cancer treatment and management and rising preference for minimally invasive treatment approaches are some other key factors expected to contribute to revenue growth of the market.
Radiotherapy is a type of internal radiation therapy that uses encapsulated radionuclides to deliver concentrated radiation dose to tumour cells. Radiotherapy is widely used in the treatment of various cancers owing to its excellent ability to administer large radiation doses without causing any damage or radiation exposure to surrounding tissues and structures. Radiotherapy is often used alone or in conjunction with surgical management or external beam radiotherapy for management of different malignancies. It can be administered via intraluminal, intracavitary, and multi-catheter interstitial route of administration. It is widely used for treatment of prostate cancer, cervical cancer, and endometrial cancer, among others. In the recent past, extensive research activities have been carried out to expand application scope of Radiotherapy for the treatment of non-malignant disorders and the trend is expected to continue further.
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Electronic Radiotherapy has emerged as a potential tool for the efficient management of various types of cancer without adverse effects that are associated with conventional Radiotherapy. Electronic Radiotherapy reduces radiation leakage at off sites, loss of sources, and accumulation of radioactive waste and is being increasingly preferred to treat cancers of skin, breast, endometrium, and spinal metastasis. This is another factor expected to fuel revenue growth of the market over the forecast period. However, long-term adverse effects associated with Radiotherapy, lack of awareness among individuals in developing countries, and limited accessibility to technologically advanced medical devices are some key factors expected to restrain market growth to a certain extent over the forecast period.
Some Key Highlights from the Report:
- High Dose-Rate (HDR) Radiotherapy segment is expected to account for largest revenue share over the forecast period attributable to increasing use of high dose rate Radiotherapy for prostate and breast cancer, less damage to surrounding tissues, and effective treatment of locally advanced high-risk cancers. HDR-BT is also performed as an outpatient procedure, is cost-effective, and convenient.
- Radiotherapy applicators segment is expected to register significant revenue growth over the forecast period attributable to increasing use of applicators in treatment of gynaecological and prostate cancer, to guide administration of dosage to target tissues, and availability of wide range of applicators.
- Prostate cancer segment is expected to dominate other application segments in terms of revenue share over the forecast period attributable to rising prevalence of prostate cancer across the globe, increasing preference for minimally invasive treatment approaches for prostate cancer, and growing evidence of enhanced safety outcomes with use of Radiotherapy or non-metastatic prostate cancer.
- Hospital segment is expected to register rapid revenue CAGR between 2021 and 2028, attributable to development of robust healthcare facilities, availability of skilled technicians and practitioners, and favourable reimbursement policies.
- North America is expected to account for largest revenue share in the global market over the forecast period attributable to increasing use of Radiotherapy for cancer treatment, rising incidence of cancer in the U.S. and Canada, availability of Radiotherapy as an outpatient procedure, and presence of key companies in the region.
Research Methodology:
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Radiotherapy Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and RD activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and RD activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as RD investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
- Varian Medical Systems
- Becton, Dickinson Company
- Elekta AB
- Boston Scientific Corporation
- CR Bard Inc.
- GE Healthcare
- Carl Zeiss Meditec AG
- Argon Medical Devices Inc.
- Panacea Medical Technologies
Radiotherapy Market Segmentation:
Type Outlook:
- High Dose Rate (HDR) Radiotherapy
- Low Dose Rate (LDR) Radiotherapy
Products Outlook:
- Radiotherapy After Loader
- Radiotherapy Applicators
- Intraluminal Applicators
- Interstitial Applicators
- Intraoperative and Surface Applicators
- Radiotherapy Software
Application Outlook:
- Prostate Cancer
- Gynecological Cancer
- Cervical Cancer
- Endometrial Cancer
- Vaginal Cancer
- Breast Cancer
- Other Cancers
End-Use Outlook:
- Hospitals
- Oncology Treatment Centers
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Radiotherapy market over the forecast period?
- What are the major factors driving the growth of the Global Radiotherapy Market?
- What are the key challenges impacting the global Radiotherapy market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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