New York, October 7, 2021 – Reports and Data has published its latest report titled “Radiotherapy Market By Type (External Beam Radiotherapy, Internal Beam Radiotherapy, Systemic Radiotherapy), By Applications (Breast Cancer, Prostate Cancer, Others), By End-Use (Hospitals, Ambulatory & Radiotherapy Centers, Academic & Research Institutes, Others), and By Region, Forecast To 2028.”
According to Reports and Data, the global radiotherapy market size was USD 6.50 billion in 2020 and is expected to reach USD 11.08 billion in 2028 and register a revenue CAGR of 6.9% during the forecast period, 2021-2028.
Rising global incidence of cancers, increasing application of radiotherapy to reduce recurrence of cancer and alleviate certain symptoms, and availability of skilled radiologists are some key factors driving market growth
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Drivers, Restraints, and Opportunities
Radiotherapy utilizes high-energy x-rays to destroy and kill cancer cells and can be curative in certain types of cancer. Radiotherapy is often administered as a single treatment modality but is also used in combination with other treatment approaches to efficiently prevent recurrence of tumor cells after surgical intervention. Radiotherapy can be administered as preoperative or postoperative radiation therapy. Adjuvant radiotherapy and chemotherapy have become standard treatment approaches, particularly for locally advanced and inoperable cases. Increasing global incidence of cancer, increasing preference for radiotherapy in cancer treatment, and technological advancements in linear accelerators are key factors contributing to market revenue growth.
Radiotherapy, over the recent past, has become an integral part of the definitive oncologic care and is considered as a loco-regional approach to cancer management. Radiotherapy is used to eradicate or cure cancers that are localized and alleviate symptoms in advanced cancers. Radiotherapy is recognized as an essential element of effective cancer care for curative treatment of cancers of breast, cervix, prostate, head and neck, brain, and lung, among others. Localized radiotherapy is extensively used in treatment of lymphomas to optimize disease control and cure while palliative radiotherapy is widely used for multiple myeloma and lymphomas. Radiotherapy has a high success rate in primary settings and is frequently used as adjuvant therapy for incompletely resected tumors and for high-grade meningiomas. The precise treatment intent of radiotherapy depends on the tumor type, location, stage of cancer, and overall health of the patient. Technological advancements have further expanded the scope of applications and strategies in radiotherapy, in turn, allowing for enhanced precision and better tolerability. This is also expected to significantly contribute to revenue growth of the market going ahead.
Radiotherapy is one of the most widely used therapeutic approaches for cancer treatment and over the recent years, advancements in the technique have enabled delivery of a higher dose to the tumor specifically with lower dose to healthy tissues to minimize damage. However, radiation and chemotherapy can destroy healthy cells and cause long-term and short-term side effects. This has led to development of alternative therapeutic approaches to limit the radiation used in cancer treatment and this is expected to restrain market growth to a certain extent over the forecast period.
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COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
External Beam Radiotherapy to Dominate Other Type Segments:
External beam radiotherapy is expected to dominate other type segments in terms of revenue share over the forecast period attributed to rising preference for external beam radiotherapy owing to its high-level of accuracy in destroying cancer cells during radiotherapy. External beam radiotherapy minimizes the risk of radiation exposure for surrounding healthy tissues and is one of the most common type of radiation therapy used in treatment of cancers.
Radiotherapy More Preferred for Breast Cancer Treatment:
Breast cancer segment is expected to account for largest revenue share over the forecast period among other application segments. Revenue growth can be attributed to increasing preference for radiotherapy as sole or adjuvant therapeutic approach for breast cancer treatment and management, rising cases of breast cancer across the globe, and increasing focus on early intervention and treatment of early-stage breast cancer.
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Hospitals Segment to Register Significant Revenue Growth:
Hospitals segment is expected to register considerable revenue growth over the forecast period attributable to increasing availability of advanced radiotherapy infrastructure, skilled radiologists and professionals, rising patient pool, and increasing funding and investment to deploy technologically upgraded radiotherapy systems to streamline workflows and enhance patient outcomes.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period owing to increasing preference for radiotherapy for cancer treatment, availability of favorable reimbursement scenario, establishment of state-of-the-art healthcare infrastructure, and presence of key players in the region.
Asia Pacific to Lead in terms of Revenue CAGR:
Asia Pacific is expected to register robust revenue CAGR attributable to increasing awareness regarding radiotherapy and its benefits, rising incidence of breast cancer, growing focus on early diagnosis and intervention, improvement in healthcare infrastructure, and increasing investments to accelerate R&D activities to develop novel therapeutics for cancer.
Major Companies in the Market Include:
- GE Healthcare Inc.
- Siemens Healthineers AG
- Canon Medical Systems Corporation
- Isoray Medical, Inc.
- Varian Medical Systems Inc.
- C4 Imaging LLC
- Eckert & Zeigler AG
- Hitachi Ltd.
- Optivus Proton Therapy Inc.
- Mevion Medical Systems Inc.
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For this study, Reports and Data has segmented the radiotherapy market based on type, application, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- External Beam Radiotherapy
- 3-D Conformal Radiation Therapy
- Intensity-Modulated Radiation Therapy (IMRT)
- Image-Guided Radiation Therapy (IGRT)
- Stereotactic Radiosurgery
- Internal Beam Radiotherapy/Brachytherapy
- Systematic Radiotherapy
Application Outlook (Revenue, USD Billion; 2018-2028)
- Breast Cancer
- Prostate Cancer
- Lung Cancer
- Colorectal Cancer
- Skin Cancer
- Cervical Cancer
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Ambulatory & Radiotherapy Centers
- Academic & Research Institutes
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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