Radiation Therapy Equipment Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, UK, Germany, China - Size and Forecast 2024-2028

Radiation Therapy Equipment Market Size 2024-2028

The global radiation therapy equipment market size is estimated to grow by USD 1.59 billion, at a CAGR of 5.82% between 2023 and 2028. 

With the global increase in cancer prevalence, governments in some countries are actively promoting awareness through cancer screening tests. Various organizations, such as the Union for International Cancer Control, which operates in over 100 countries, work at both global and national levels to enhance awareness about cancer prevention and management. The American Cancer Society and the Prevent Cancer Foundation have been raising awareness since 1913 and 1985, respectively. In developed countries, nationalized screening programs boost market growth. For instance, the UK’s National Health Service (NHS) aims to reduce cervical cancer cases through early detection and treatment. The NHS recommends cervical cancer screening for women aged 25 to 49 every three years. These efforts by governments and organizations enhance awareness about cancer prevention and management, contributing to market growth during the forecast period. 

What will be the Size of the Market During the Forecast Period?

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Segmentation by End-user, Product and Geography Analysis

End-user Analysis 

The hospitals segment is estimated to witness significant growth during the forecast period.  Radiotherapy is an advanced technique used in the treatment of various conditions, such as cancer. This technology requires state-of-the-art equipment and infrastructure, making hospitals the primary end-users. Hospitals have the necessary resources to invest in high-tech radiotherapy devices. They often have dedicated oncology departments or cancer centers that specialize in providing these treatments. These departments use radiotherapy devices to precisely deliver radiation doses to cancerous tumors while minimizing damage to surrounding healthy tissues.

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The hospitals segment was the largest and was valued at USD 2.21 billion in 2018. The adoption of radiotherapy devices in hospitals offers several benefits. These radiotherapy devices enhance treatment precision, reduce side effects, improve patient outcomes, and increase treatment efficiency. They also enable healthcare professionals to perform complex procedures with greater accuracy and safety. With the growing incidence of cancer worldwide, hospitals are increasingly investing in radiotherapy devices to provide comprehensive cancer care. Furthermore, advancements in technology and the introduction of new robotic platforms in radiotherapy devices are driving the adoption of these systems in hospitals, which will fuel the growth of the global radiation therapy equipment market through the hospitals segment during the forecast period.

Product Analysis

External beam radiation therapy equipment uses external beam radiation for treatment. Radiation beams used for treatment may consist of either photons, protons, or electrons. Most radiation therapy equipment uses photon beams. Photon beams can reach tumors present deep inside the body. However, while moving through the body, photon beams scatter in bits along their path, and after reaching the tumor site, they continue to pass through normal tissues, thereby damaging them in the process. Hence, protons, positive-charged particles, are preferred for use in radiation therapy equipment. Like photon beams, proton beams can also reach tumors located deep inside the body. However, they do not scatter radiation along their path and stop after reaching the tumor site. Electrons, negative-charged particles, cannot travel deep through body tissues. Hence, the use of electron beams is limited to tumors related to the skin or near the body surface. Moreover, the rise in the installation of external radiation therapy equipment by companies in hospitals and medical centers, along with a growing focus on precision radiation therapy from outside the body at the tumor, is expected to drive the growth of the external segment of the market during the forecast period.

Regional Analysis

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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. The market has been experiencing an increasing number of product launches. For instance, in June 2021, Elekta received the FDA 510(k) Clearance for its Elekta Harmony radiation therapy system. In September 2020, the company launched Harmony Linear Accelerator (linac), a cancer treatment system specifically designed for healthcare centers. The region provides skill training programs for professionals. Participants are trained to deliver proton therapy, an advanced form of cancer treatment. The Maryland Proton Treatment Center in the US offers educational programs to professionals from the US and 14 other countries in the field of radiation therapy for cancer therapeutics.

Similarly, the School of Radiation Therapy, under the Memorial Sloan Kettering Cancer Center in the US, provides academic courses on radiation therapy. The implementation of the Affordable Care Act is rapidly changing the business environment of non-invasive surgery devices in the US. Healthcare reform aims to reduce costs, increase medical access, and improve the quality of healthcare. Manufacturers are focusing on developing innovative non-invasive technologies to provide early diagnosis of diseases and effective treatment strategies. Similarly, manufacturers are establishing direct sales channels for end-users, such as hospitals and surgical centers. In addition, manufacturers are providing value-added customer services to increase their customer base. Such factors and an increase in awareness of cancer are expected to drive the growth of the market during the forecast period.

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Key Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Accuray Inc - The company offers radiation therapy equipment named CyberKnife system. They also offer ultra-precise radiation therapy that treats simple, complex and even the toughest cases.

Accuray Inc., Bionix LLC, Canon Inc., Carl Zeiss AG, Eckert and Ziegler AG, Elekta AB, Hitachi Ltd., Hologic Inc., iCAD Inc., IntraOp Medical Corp., Ion Beam Applications SA, IsoRay Inc., Mevion Medical Systems Inc., Optivus Proton Therapy Inc., P CURE, Panacea Medical Technologies Pvt. Ltd., Provision Healthcare, Siemens Healthineers AG, Sotera Health Co., and Sumitomo Heavy Industries Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Dynamics and Customer Landscape

The market is driven by several factors, including the availability of advanced technologies and treatment planning capabilities. The integration of imaging data and imaging techniques in dose calculation and delivery techniques such as intensity-modulated and stereotactic radiotherapy significantly enhances treatment precision. The rise in breast cancer, skin cancer types like basal cell carcinoma, melanoma, squamous cell carcinoma, and lip cancer boosts market demand. Trends include technology-driven innovations, the adoption of telemedicine, and the use of multileaf collimator and Radixact System in treatment. Challenges involve access to healthcare, complex vendor analysis, and the complex separation of healthcare providers. Additionally, collaboration between radiotherapists, oncologists, and continuous research studies is crucial for market growth. The Radiation Oncology Market is experiencing robust growth driven by technological advancements and the increasing prevalence of cancer. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Market Drivers

The increasing geriatric population is notably driving market growth. The risk of getting colorectal cancer increases with age. According to the CDC, more than 90% of colorectal cancer cases occur in people in the age group of 50 years and above. As per the data collected by the World Bank and National Institutes of Health, the percentage of the geriatric population is expected to grow from 9.3% in 2020 to approximately 17% by 2050 globally.

According to the US Census Bureau, the population aged 65 years and above is expected to rise to 1,566 million by 2050. Hence, the increase in the number of colorectal cancer cases among the growing geriatric population is expected to increase and impel the growth of the market during the forecast period.

Significant Market Trends

A growing focus on enhancing professional skills is an emerging trend shaping the market growth. The operation of radiation therapy equipment requires skilful handling. Hence, companies and organizations provide training, in collaboration with governments or institutes and organize educational programs for hospitals. For instance, Varian Medical Systems, a subsidiary of Siemens, offers to provide software technology training on the use of radiation therapy equipment in Brazil.

In addition, organizations and hospitals are organizing programs to form a platform where experts can share their experiences about the use of radiation therapy equipment. These radiation therapy sessions include speakers that are internationally recognized practicing experts in the field of proton therapy. These efforts by companies and organizations will enhance the availability of skilled professionals for the use of therapy equipment, thereby boosting market growth during the forecast period.

Major Market Challenges

Other substitutes for radiation therapy equipment are a significant challenge hindering the market growth. Radiation therapy equipment has several substitutes, such as surgery, chemotherapy, immunotherapy, targeted therapy, hormone therapy, stem cell transplant, and precision medicine, that can be used for cancer treatment. These substitutes have many advantages compared with radiation therapy equipment. For instance, surgery is regarded as one of the most effective treatments for cancer as it involves removing cancerous cells from the targeted site. Chemotherapy is preferable for reducing the growth of cancerous cells. It is usually preferred for patients who have undergone surgery to reduce the reoccurrence of cancerous cells from the targeted site.

In addition, other biological treatments such as immunotherapy, targeted therapy, hormone therapy, stem cell transplant, and precision medicine provide options to physicians to choose a treatment method based on specific cases. Thus, the presence of such substitutes is expected to restrict the growth of the market during the forecast period.

Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

 Customer Landscape

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for 2024-2028, as well as historical data from 2018-2022 for the following segments.

• End-user Outlook
  • Hospitals
  • Ambulatory surgical centers
  • Oncological treatment centers

• Product Outlook
  • External beam radiation therapy device
  • Internal beam radiation therapy device

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of World (ROW)
    • Brazil
    • Argentina 
    • Australia 

Market Analyst Overview

The market is driven by advancements in technology-driven precision treatment and the increasing prevalence of cancer. Radiotherapy treatment options, including HDR brachytherapy, systemic radiotherapy, afterloaders, linear accelerators, particle therapy, stereotactic therapy, and conformal radiotherapy, are becoming essential in oncologic care. Radiotherapists and oncologists leverage these technologies for improved outcomes in cancer patients. Image-guided radiotherapy enhances accuracy, reducing the risk of radiation. Emerging economies are investing in per-capita healthcare, expanding access to cancer patient treatments. The vendor landscape features key vendors offering innovative solutions, and market facets are explored through reliable data. As emerging economies increase investment, the market's growth potential is significant. The Radiotherapy Devices Market is rapidly growing due to technological advancements in cancer treatment. The Radiation Detection and Monitoring Equipment Market is expanding due to heightened safety concerns in nuclear power, healthcare, and industrial sectors.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the between 2024 and 2028
• Precise estimation and its contribution to the market in focus on the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of companies