Market Overview:
Radiotherapy involves the use of highenergy radiation from external x-ray machines, gamma ray-based therapies, or radioactive isotopes to treat cancer and control tumor growth. It works by damaging cancer cell DNA and stopping tumor cells from multiplying. The market offers various treatment options such as external beam radiotherapy, internal radiotherapy/brachytherapy, and systemic radiotherapy. External beam therapy uses highenergy x-rays or other types of radiation to destroy cancer cells and shrink tumors. Brachytherapy places radioactive sources directly inside the body near cancer. Systemic radiotherapy uses radioactive substances like isotopes to treat cancer that has spread to other parts of the body. The wide range of technologies enabling delivery of optimal radiation dose makes radiotherapy an important part of cancer care.
The global Radiotherapy Market is estimated to be valued at US$ 7,078.91 Mn or Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Market key trends:
The radiotherapy market is witnessing notable trends such as growing adoption of advanced technologies and personalized treatment. Technological advances are enabling modern radiotherapy that can target tumors with greater accuracy while limiting dose to surrounding healthy tissues. Technologies like intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), stereotactic radio surgery (SRS), volumetric modulated arc therapy (VMAT), and particle therapy or hadron therapy are increasingly being used. Growing research in artificial intelligence (AI) and machine learning is also aiding in treatment personalization and optimization. Additionally, growing cancer incidence worldwide is generating increased demand for radiotherapy procedures, driving the market.
Porter’s Analysis
Threat of new entrants: The radiotherapy market requires heavy capital investments in equipment and possesses high barriers for new players due to stringent regulations. This limits the threat of new entrants.
Bargaining power of buyers: Due to the critical nature of cancer treatment services, the bargaining power of individual buyers is low. However, big healthcare providers have relatively higher bargaining power.
Bargaining power of suppliers: Major technology providers like Accuray and Elekta have significant bargaining power over cost and supply due to their strong product portfolios and investments in RD. However, the threat is mitigated by availability of alternative suppliers.
Threat of new substitutes: While alternatives like chemotherapy and surgeries exist for cancer treatment, radiotherapy offers minimally invasive treatment options. The threat from new substitutes is moderate.
Competitive rivalry: The market is consolidated with key global players. However, local players pose competition based on cost and services.
Key Takeaways
The global radiotherapy market is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing incidence of cancer cases globally.
Regional analysis: North America dominates the radiotherapy market currently due to presence of advanced healthcare infrastructure and high adoption of new technologies. Asia Pacific is expected to witness fastest growth over the forecast period supported by expanding healthcare infrastructure, large patient pool and growing medical tourism in the region.
Key players operating in the radiotherapy market are Accuray Incorporated, Elekta, Isoray Inc., CIVCO, Hitachi, Ltd., Mevion Medical Systems, ProTom International, VIEWRAY TECHNOLOGIES, INC., Panacea Medical Technologies Pvt. Ltd., Optivus Proton Therapy, Inc., RefleXion, MacroMedics, Vision RT Ltd., and Qfix.
