Radiotherapy Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (External Beam Radiation Therapy (Linear Accelerators, Radionuclide Therapy, Particle Accelerator, Gamma Knife and Cyber Knife), Internal Radiation Therapy (Brachytherapy and IORT)), and Region

Radiotherapy Market size was US$ 6,2805 million in 2022 and is poised to grow at a CAGR of 5.2% from 2024-2030. Radiotherapy, also known as radiation treatment, uses ionizing radiation to deliver targeted beams of radiation to cancer cells in order to kill and destroy them. The modern technology employed in radiotherapy kills malignant cells by bombarding them with radiation while causing minimal harm to the healthy cells around them. Radiotherapy is the most successful and cost-efficient cancer treatment, and when combined with new technology such as image-guided therapy, it results in improved tumor and toxicity management.

The demand for radiotherapy has increased significantly in recent years due to an increase in the number of cancer patients, an increase in the geriatric population, an increase in the adoption of radiotherapy devices and procedures, an increase in the number of radiotherapy awareness campaigns, and technological advancements in radiotherapy devices. Unfortunately, a scarcity of experienced workers and difficulties in tumor visibility limit the expansion of the radiation business. Furthermore, increased demand for cancer treatment and growth opportunities in emerging markets are expected to provide numerous opportunities for market growth during the forecast period.

It has been estimated with a significant growth with the help of key drivers which includes increasing public health spending as cancer is the second most deadly disease in the world. There restrain that may hamper the growth is a shortage of trained personnel according to the Clinical Radiology UK Workforce Census 2016 Report, the UK has 7.5 radiologists/100,000 patients the third-lowest among European countries. Governments in different countries focusing on improving health facilities to lower cancer mortality rates increase opportunities in the global market of radiation therapy.

According to the National Cancer Institute 2020 study, an estimated 1,806,590 new cases of cancer would be identified in the United States in 2020, with 606,520 individuals dying from the disorder. Breast cancer, lung and bronchus cancer, prostate cancer, Colorectal Cancer, melanoma of the skin, bladder cancer, non-Hodgkin lymphoma, kidney and renal pelvis cancer, endometrial cancer, leukemia, pancreatic cancer, thyroid cancer, and liver cancer are the most frequent malignancies. Prostate, lung, and colorectal cancers are expected to account for 43% of all malignancies diagnosed in males in 2020. Breast, lung, and colorectal cancers are the three most frequent malignancies in women, accounting for an anticipated 50% of all new cancer diagnoses in women in 2020. By 2040, the number of new cancer cases per year is predicted to reach 29.5 million, with 16.4 million cancer-related deaths. Men have a greater cancer death rate than women (189.5 per 100,000 men and 135.7 per 100,000 women). When comparing groups based on race/ethnicity and gender, African American men have the highest cancer death rate (227.3 per 100,000) while Asian/Pacific Islander women have the lowest (85.6 per 100,000). In the United States as of January 2019, there were an estimated 16.9 million cancer survivors. Cancer survivors are expected to number in the millions by 2030.

Radiotherapy Market Key Developments:

In June 2021, Elekta (Sweden) gained 510(k) approval from the US FDA for their Elekta Harmony radiation treatment system.