Radiotherapy Market Worth USD 7.3 Billion by 2026 : Key Players Are Varian Medical Systems, Inc. (US), Elekta (Sweden)

The dominant players in the global radiotherapy market are Varian Medical Systems, Inc. (US), Elekta (Sweden) Accuray Incorporated (US), Ion Beam Applications SA (Belgium), BD (US), Eckert & Ziegler (Germany), Hitachi Ltd. (Japan), ICAD, Inc. (US), IntraOp Medical, Inc. (US), IsoRay Medical,
Radiotherapy Market Research Report Gives in Detailed Analysis of Industry Segments, Opportunities, Growth and Size That Will Help Your Business Grow.

The global radiotherapy market is valued at USD 5.9 billion in 2021 and is expected to reach USD 7.3 billion by 2026, at a CAGR of 4.2% during the forecast period. Technological advancements in radiotherapy and the rising incidence of cancer are the major factors driving the growth of this market. Additionally, the growing adoption of radiotherapy procedures for cancer treatment, increasing use of particle therapy for cancer treatment, and the rising number of conferences and symposia focusing on the advancements in radiotherapy are some of the other major factors driving the growth of this market.

Driver: Technological advancements

Over the last decade, the radiotherapy devices market has seen significant technological advancements. These advancements have helped in the development of more effective, low-cost, and easy-to-use radiotherapy products with improved and precise radiation dose delivery to offer increased efficiency in targeting tumors. The advancement from 2D to 3D conformal radiotherapy with real-time imaging has enabled high conformity of radiation to the target (with minimal exposure to normal tissue) and dose escalation with improved tumor control. Products that provide these benefits are expected to have a very high growth potential in a short time span, especially in mature markets where the adoption rate of technologically advanced products is high.

Considering these factors, several key market players are continuously focusing on the development, approval, and launch of technologically advanced products. For example, in 2020, Elekta (Sweden) introduced its Elekta Harmony linear accelerator, a cancer treatment system with a shorter treatment slot of up to 25% and a 30% smaller footprint. In 2020, PMB, a subsidiary of the ALCEN Group, announced the launch of FLASHKNiFE, a FLASH radiotherapy system dedicated to clinical trials.

Such technological advancements focus on improving the functionality of radiotherapy delivery systems and expanding their application areas. The growing adoption of these systems in multiple applications and settings is one of the major factors driving the growth of the radiotherapy market.

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The linear accelerators segment accounted for the largest share of the external beam radiotherapy market, by product, in 2020

The EBRT products segment is further categorized into linear accelerators (LINAC), particle therapy systems, and conventional cobalt-60 teletherapy units. The Linear accelerator segment accounted for the largest market share amongst the EBRT products in 2020. A linear accelerator is the primary and most widely used treatment unit in EBRT. The LINAC segment is further characterized into conventional LINAC systems and stereotactic advanced electron/cobalt-60 LINAC systems.

LINAC systems use high-energy radiofrequency electromagnetic waves to amplify the velocity of charged subatomic particles to high energies in a linear path. These accelerators consist of a few major components—a modulator, gantry, an electron gun, an RF power source, and an accelerator guide. LINACs can be used with IMRT, IGRT, 3D conformal radiotherapy (3D-CRT), and stereotactic technology. Medical LINAC systems are the most widely used devices to deliver conventional EBRT, such as IMRT, IGRT, volumetric modulated arc therapy (VMAT), SRS, and SBRT.

The Asia Pacific market is expected to grow at the highest CAGR during the forecast period

The radiotherapy market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Improving healthcare infrastructure in the region, the large patient population for target diseases, and expanding presence of key market players in the region to grab elevating opportunities offered by these countries are the key factors supporting the market growth in this region.

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The dominant players in the global radiotherapy market are Varian Medical Systems, Inc. (US), Elekta (Sweden) Accuray Incorporated (US), Ion Beam Applications SA (Belgium), BD (US), Eckert & Ziegler (Germany), Hitachi Ltd. (Japan), ICAD, Inc. (US), IntraOp Medical, Inc. (US), IsoRay Medical, Inc. (US), Mevion Medical Systems, Inc. (US), Panacea Medical Technologies Pvt. Ltd. (India), P-cure Ltd. (Israel), ViewRay, Inc. (US), and ZEISS Group (Germany), among others.

Varian Medical Systems (US) is one of the leading players in the global radiotherapy market. Its broad portfolio of radiotherapy systems and brachytherapy products is the key factor accounting for its large share in this market. The company is focused on organic strategies such as product launches and introduced a number of new and advanced radiotherapy systems and received regulatory approvals for products in the past three years, such as the ProBeam 360 single-room proton therapy system, ProBeam 360 with multi-room configuration, Halcyon 2.0 system, and Calypso Anchored beam transponder system for LINACS, among others.

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