Radiation Therapy Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Type (External Beam Radiotherapy, Proton Therapy, Internal Beam Radiotherapy, Systemic Radiotherapy); Technology (External Beam Radiation Therapy, Brachytherapy); Application (Prostate Cancer, Breast Cancer, Lung Cancer, Cervical Cancer, Spine Cancer, Head & Neck Cancer, Skin & Lip Cancer, Others); End-User (Hospitals, Cancer Research Institutes, Independent Radiotherapy Centers, Others); Region/Country

Published:

Jan-2022

Pages:

289

Table:

55

Figure:

148

Report ID:

UMHE21614

Geography:

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Report Description
Table of content
Research Methodology

Report Description


Global Radiation Therapy Market is anticipated to grow with an elevated CAGR of around 6% over the forecast period (2021-2027).
Radiation therapy is a type of treatment used for cancer that uses high doses of radiation for killing various cancer cells and shrinking tumors. Radiotherapy mostly uses X-rays, but protons or other types of energy also can be used.

Cancer is one of the leading life-threatening diseases across the world. The surge in the number of people suffering from cancer has always been the major driving factor for the radiation therapy market. For instance, as per the world health organization, cancer is the second leading cause of death all over the globe 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.

Furthermore, the radiation therapy market is anticipated to grow on account of the growing adoption of radiation therapy, technological advancements, and expedited FDA approvals for radiation therapy. For example, the Elekta Harmony radiotherapy system gained FDA clearance in the summer of 2021 and was on display for the first time at the American Society of Radiation Oncology (ASTRO) 2021 meeting. This system offers fast treatments and the ability to track and treat multiple metastases at the same time. In addition to this, advances in radiopharmaceutical therapy and the growing trend towards personalized radiotherapy are also propelling the radiation therapy market globally.

 Distribution of Cancer Incidence Worldwide (%), 2020, By Gender

GE Healthcare, Siemens Healthineers, Varian Medical Systems, Inc., Ion Beam Application, Accuray Incorporated, Panacea Medical Technologies Pvt. Ltd., ZEISS Group, IntraOp Medical, Inc., ViewRay, Inc., Eckert & Ziegler, are some of the prominent players operating in the radiation therapy market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with radiation therapy.

Insights Presented in the Report

“Amongst Type, External Beam Radiotherapy segment holds the major share”

Based on type, the radiation therapy market is segmented into external beam radiotherapy, proton therapy, internal beam radiotherapy, and systemic radiotherapy. The external beam radiotherapy (EBRT) segment accounted for the largest market share in 2020 and it is estimated that it will exhibit a significant CAGR during the forecast period as it is one of the most widely used forms of radiotherapy. Also, the capability of EBRT to deliver the radiation precisely and less damage to normal tissues even at high radiation doses are some of the factors contributing to the growth of this segment.

“Amongst Technology, External Beam Radiation Therapy segment holds the major share”

Based on technology, the radiation therapy market is segmented into external beam radiation therapy and brachytherapy. The external beam radiation therapy segment occupied the major share of the radiation therapy market in 2020 and it is expected to grow steadily in the upcoming years. This segment includes image-guided radiotherapy, intensity-modulated radiotherapy, stereotactic therapy, etc. the growth of this segment can be attributed to the high price of equipment and high installed base of external beam radiation therapy equipment. However, the brachytherapy segment is also expected to gain a significant market share during the forecast period.

“Amongst Application, Breast Cancer segment holds the major share”

Based on application, the market is fragmented into prostate cancer, breast cancer, lung cancer, cervical cancer, spine cancer, head & neck cancer, skin & lip cancer, and others. In 2020, the breast cancer segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to the rise in incidences of this type of cancer. For instance, according to the World Health Organization, in 2020, nearly 2.26 million cases of breast cancer alone.

“Amongst End-User, Hospitals segment holds the major share”

Based on end-user, the market is fragmented into hospitals, cancer research institutes, independent radiotherapy centers, and others. In 2020, the hospitals segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The growth of this segment is attributed to the growing number of private hospitals in various emerging economies and better accessibility healthcare services at hospitals.

“North America represents one of the largest markets of radiation therapy market”

For a better understanding of the market dynamics of the radiation therapy market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the radiation therapy market industry and generated revenue of USD XX Million in 2020 owing to strong healthcare infrastructure and growing adoption of radiotherapy as a potential treatment for cancer in the region.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

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1.1Market Definitions
1.2Objective of the Study
1.3Limitation
1.4Stake Holders
1.5Currency Used in Report
1.6Scope of the Global Radiation Therapy Study
2.1Research Methodology for the Global Radiation Therapy Market
 2.1.1Main Objective of the Global Radiation Therapy Market
3MARKET SYNOPSIS

 

4EXECUTIVE SUMMARY

 

5COVID-19 IMPACT
6GLOBAL RADIATION THERAPY MARKET REVENUE
7.1External Beam Radiotherapy
7.2Proton Therapy
7.3Internal Beam Radiotherapy 
7.4Systemic Radiotherapy 
8.1External Beam Radiation Therapy Market
8.2Brachytherapy
9.1Prostate Cancer
9.2Breast Cancer
9.3Lung Cancer
9.4Cervical Cancer
9.5Spine Cancer
9.6Head & Neck Cancer
9.7Skin & Lip Cancer
9.8Others
10.1Hospitals
10.2Cancer Research Institutes
10.3Independent Radiotherapy Centers
10.4Others
11.1NORTH AMERICA RADIATION THERAPY MARKET 
 11.1.1United States
 11.1.2Canada
 11.1.3Rest of North America
11.2EUROPE RADIATION THERAPY MARKET 
 11.2.1Germany
 11.2.2France
 11.2.3United Kingdom
 11.2.4Spain
 11.2.5Italy
 11.2.6Rest of Europe
11.3ASIA PACIFIC RADIATION THERAPY MARKET
 11.3.1China
 11.3.2Japan
 11.3.3India
 11.3.4Australia
 11.3.5Rest of Asia Pacific
11.4REST OF THE WORLD RADIATION THERAPY MARKET 
12.1Market Drivers 
12.2Market Challenges
12.3Impact Analysis
13RADIATION THERAPY MARKET OPPORTUNITIES
14RADIATION THERAPY MARKET TRENDS & INSIGHTS
15LEGAL & REGULATORY FRAMEWORK
16.1Demand Side Analysis
16.2Supply Side Analysis
 16.2.1Top Product Launches
 16.2.2Top Business Partnerships
 16.2.3Top Merger & Acquisitions
17VALUE CHAIN ANALYSIS
18.1Porter’s Five forces analysis
 18.1.1Bargaining power of Supplier
 18.1.2Bargaining power of Buyer
 18.1.3Industry Rivalry
 18.1.4Availability of Substitute
 18.1.5Threat of new Entrants
19.1Siemens Healthineers
 19.1.1Key Facts
 19.1.2Business Description
 19.1.3Key Product/Services Offerings
 19.1.4Growth Strategy
 19.1.5SWOT Analysis
 19.1.6Key Financials
  19.1.6.1
  19.1.6.2
 19.1.7Recent Developments
  19.1.7.1
  19.1.7.2
  19.1.7.3
  19.1.7.4
19.2GE Healthcare
19.3Varian Medical Systems, Inc.
19.4Ion Beam Application
19.5Accuray Incorporated
19.6Panacea Medical Technologies Pvt. Ltd.
19.7ZEISS Group
19.8IntraOp Medical, Inc.
19.9ViewRay, Inc.
19.10Eckert & Ziegler
20DISCLAIMER

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global radiation therapy market were the three major steps undertaken to create and analyze the adoption of radiation therapy in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global radiation therapy market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the radiation therapy through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the radiation therapy market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, technology, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of radiation therapy across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the radiation therapy. Further, we conducted factor analysis using dependent and independent variables such as the surging number of cancer patients and advancement in technology propelling the adoption of radiation therapy. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the radiation therapy sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the radiation therapy market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of radiation therapy across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the radiation therapy market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the radiation therapy market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, technology, application, and end-user of the radiation therapy market.

The main objective of the Radiation Therapy Market Study

The current & future market trends of radiation therapy were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of radiation therapy in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of type, application, technology, and end-user
  • Define and analysis of the regulatory framework for the radiation therapy industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the radiation therapy market for the major region
  • Major regions studied in the report include North America, Europe, Asia-Pacific, and Rest of the world
  • Company profiles of the radiation therapy market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry