Radiotherapy Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Technology (External Beam Radiotherapy, Internal Beam Radiotherapy, and Systemic Radiotherapy); Application (Prostate Cancer, Breast Cancer, Lung Cancer, Cervical Cancer, Spine Cancer, Head & Neck Cancer, and Others); End-Users (Hospitals, Radiation Therapy Centers, and Others); and Region/Country
Global Radiotherapy Market is expected to grow at a significant rate of around 6% during the forecast period. The global radiotherapy market is anticipated to witness an uptick owing to the rising prevalence of various cancers, technological advancements, and growing demand for non-invasive treatment options for cancer. In addition to this, the rising focus of researchers on developing an effective cancer treatment leading to an increase in spending on the oncology sector is also adding to the pace of the growth of the market. For instance, in 2020, global oncology spending totaled USD 167 billion and is expected to reach USD 206 billion by 2022. Furthermore, the radiotherapy 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.
Siemens Healthineers AG, Accuray Incorporated, Elekta AB, Becton, Dickinson and Company, ViewRay Technologies Inc., Hitachi Ltd., IsoRay Inc., ZEISS Group, Mevion Medical Systems Inc., Panacea Medical Technologies Pvt. Ltd. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst technology, external beam radiotherapy category to witness higher CAGR during the forecast period”
Based on technology, the radiotherapy market is segmented into external beam radiotherapy, internal beam radiotherapy, and systemic radiotherapy. The external beam radiotherapy segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe as this technology provides an accuracy of the direct beams at the cancerous cells, thus causing less damage to normal tissues. Further, it also allows oncologists to use higher doses of radiotherapy for treatment which is also driving the market growth.
“Amongst application, breast cancer to hold a significant share in the market in 2020”
Based on application, the radiotherapy market is classified into prostate cancer, breast cancer, lung cancer, cervical cancer, spine cancer, head & neck 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-users, hospitals to hold a significant share in the market in 2020”
Based on end-users, the market is fragmented into hospitals, radiation therapy centers, and others. In 2020, the hospital 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 of healthcare services at hospitals leading to a rise in the preference of patients to avail treatment in hospitals.
“North America to hold a significant share in the market”
For a better understanding of the market adoption of the radiotherapy industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as favorable government initiatives, increased investments in research and development for radiotherapy coupled with technological advancements, the rapid increase in the geriatric population, and the rising number of cancer incidences are propelling the growth of this market in the region. For instance, the number of Americans aged 60 and older increased by 34% from 55.7 million to 74.6 million between 2009 and 2019.
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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|1.1. Market Definitions|
|1.2. Main Objective|
|2.1. Research Process of the Radiotherapy Market|
|2.2. Research Methodology of the Radiotherapy Market|
|2.3. Respondent Profile|
|3. MARKET SYNOPSIS|
|4. EXECUTIVE SUMMARY|
|5. IMPACT OF COVID-19 ON THE RADIOTHERAPY MARKET|
|6. RADIOTHERAPY MARKET REVENUE, 2020-2028F|
|7.1. External Beam Radiotherapy|
|7.2. Internal Beam Radiotherapy|
|7.3. Systemic Radiotherapy|
|8.1. Prostate Cancer|
|8.2. Breast Cancer|
|8.3. Lung Cancer|
|8.4. Cervical Cancer|
|8.5. Spine Cancer|
|8.6. Head & Neck Cancer|
|9.2. Radiation Therapy Centers|
|10.1. North America|
|10.1.3. Rest of North America|
|10.2.6. Rest of Europe|
|10.3.4. Rest of Asia-Pacific|
|10.4. Rest of World|
|11.1. Market Drivers|
|11.2. Market Challenges|
|11.3. Impact Analysis|
|12. RADIOTHERAPY MARKET OPPORTUNITIES|
|13. RADIOTHERAPY MARKET TRENDS|
|14.1. Demand Side Analysis|
|14.2. Supply Side Analysis|
|15. VALUE CHAIN ANALYSIS|
|16.1. Competitive Landscape|
|16.1.1. Porters Fiver Forces Analysis|
|17.1. Siemens Healthineers AG|
|17.2. Accuray Incorporated|
|17.3. Elekta AB|
|17.4. Becton, Dickinson and Company|
|17.5. ViewRay Technologies Inc.|
|17.6. Hitachi Ltd.|
|17.7. IsoRay Inc.|
|17.8. ZEISS Group|
|17.9. Mevion Medical Systems Inc.|
|17.10. Panacea Medical Technologies Pvt. Ltd.|
Research Methodology for the Radiotherapy Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global radiotherapy market were the three major steps undertaken to create and analyze the adoption of radiotherapy 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 radiotherapy 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 of 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 radiotherapy market through company internal sources such as annual reports & 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 radiotherapy market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as technology, application, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
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 Radiotherapy market. Further, we conducted factor analysis using dependent and independent variables such as various technology, application, and end-users of radiotherapy. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the radiotherapy market 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 global radiotherapy 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., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the radiotherapy market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global radiotherapy 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, 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
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global radiotherapy market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology, application, and end-users in the global radiotherapy market.
The main objective of the Global Radiotherapy Market Study
The current & future market trends of the global radiotherapy market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends 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 from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the radiotherapy market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of technology, application, and end-users.
- Define and analysis of the regulatory framework for the radiotherapy
- 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 radiotherapy market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the radiotherapy 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