Rising Incidence of Cancer to Boost the Global Radiotherapy Market
Radiotherapy is a type of medical treatment that uses a specific amount of radiation to kill cancer cells and shrink tumors in patients. According to an NCBI study, radiation therapy is used to treat roughly 50% of cancer survivors, making up about 40% of curative cancer treatments. With a CAGR of 5.71% over the projection period of 2021–2030, the global radiotherapy market size was estimated to be $6.50 billion in 2021 and is expected to increase to $10.71 billion by 2030. The Rising Cases of Cancer Are Predicted to Drive the Growth of The Radiotherapy Market. The rising incidence of cancer, such as prostate, lung, and breast cancer, is boosting the demand for radiotherapy. Globally, the rising prevalence of oncology diseases such as prostate, lung, and breast cancer is increasing the demand for time management to reduce mortality associated with such conditions. Cancer is one of the primary causes of death worldwide, killing an estimated 9.6 million people in 2018. Cancer kills approximately 70% of people in low- and middle-income countries. Late-stage diagnosis and inaccessible treatment are the primary causes of rising cancer mortality rates worldwide. According to the National Cancer Institute 2020 report, an estimated 1,806,590 new cancer cases will be detected in the United States in 2020, with 606,520 people dying from the disease. Prostate, lung, and colorectal cancers are expected to account for 43% of all cancers diagnosed in men in 2020. Breast cancer, lung, and colorectal cancers are the most common cancers in women, accounting for an estimated 50% of new cancer diagnoses in women in 2020. By 2040, new cancer cases annually are expected to reach 29.5 million, with 16.4 million cancer-related deaths. Higher Efficiency of Radiotherapy Equipment with Enhanced Clinical Outcomes to Drive the Market Growth High-energy radiation in radiotherapy permanently damages cancer cells' DNA, causing them to die. As per the Mayo Foundation for Medical Education and Research, by July 2020, nearly half of all cancer patients will get radiotherapy as part of their treatment. Furthermore, according to NHS inform data, by November 2021, 4 out of every ten cancer cures will include radiotherapy as part of the treatment plan. The Lack of Healthcare Infrastructure and High Costs Associated with Radiotherapy Restrict the Market Growth. Industry growth is hampered by limited healthcare expenditure in emerging nations, which results in low radiotherapy device installation. For example, the United States spent approximately USD 4.8 trillion on healthcare, while India spent approximately USD 34 billion. The high cost of radiotherapy causes patients to seek alternative treatment, stifling the growth of the radiotherapy market. A study found that the median cost of radiation therapy per patient for breast cancer was USD 8600, USD 9000 for lung cancer, and USD 18,000 for prostate cancer. External Beam Therapy Dominates the Radiotherapy Market by Type. According to market research, external beam radiation therapy had the highest revenue share by type, making up 80.56% of the total market. External beam radiation therapy has high precision and accuracy in curing the target tumor. External beam radiotherapy had an overall cure rate of 93.3% and a metastasis-free survival rate of 96.9% in the treatment of prostate cancer, according to Targeting Cancer Campaign data. Breast Cancer to Be the Fastest Growing Segment Based on Application The breast cancer segment will dominate the radiotherapy market. The increasing number of breast cancer cases and the increasing demand for radiotherapy devices to treat breast cancer contribute to the segment's growth. Based On Equipment, The Radiation Therapy Stimulator Has the Largest Market Share. The global industry for radiation therapy simulators is expected to be the largest. Radiation therapy simulators are widely used in diagnosis, medication management, care planning, and patient compliance verification, fueling the market growth. The Hospital Segment Dominates the Radiotherapy Market Based on End-User With a significant CAGR, the 'hospital sector is the fastest-growing industry. The rise in cancer cases, the installation of cutting-edge radiotherapy equipment, and the increasing availability of resources for advanced treatment therapies all aided in the segment's market share growth. According to the WCRF (World Cancer Research Fund International), approximately 18.1 million cancer cases were diagnosed worldwide, with men accounting for 9.3 million cases and women accounting for 8.8 million. Regional Analysis With a revenue share of 32.87%, North America is the largest global market geographically. The region's market share has increased due to cancer cases and the wide availability of skilled medical professionals to treat these cases. According to the Canadian Cancer Statistics, approximately 230,000 people were expected to be diagnosed with cancer, with approximately 85,000 dying due to the disease. Lung cancer was expected to be the most common cancer, accounting for 25% of all diagnoses, followed by colorectal cancer (11%) and pancreatic cancer (7%). Major Players in The Radiotherapy Market Are: Varian Medical Systems, Inc. Elekta Accuracy Inc. Becton, Dickinson, and company Mevion Medical Systems, Inc. others
