Radiotherapy Device Market Beams Bright: Poised for 6.6% CAGR, Reaching US$12.9 Billion by 2033 | FMI

The Radiotherapy Device Market is on track for a significant leap forward, driven by advancements in technology and increasing adoption of these life-saving tools in cancer treatment. A recent market analysis estimates the current market size at US$6.8 billion in 2023. Fueled by this momentum, the market is projected to experience a robust Compound Annual Growth Rate (CAGR) of 6.6% from 2023 to 2033. This translates to a projected market valuation of a staggering US$12.9 billion by 2033, reflecting a significant rise in the utilization of radiotherapy devices for combating cancer.

Radiotherapy, a pivotal tool in the treatment of cancer, has witnessed continuous advancements in technology and treatment techniques. The demand for cutting-edge radiotherapy devices is on the rise, driven by the increasing prevalence of cancer worldwide and the quest for more effective and precise treatments.

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Patient preference for minimally invasive techniques: Patients suffering from cancer, especially breast cancer (the second most common cancer in the world) are showing an increasing preference for minimally invasive treatment techniques and this is anticipated to fuel the growth in demand for radiotherapy.

The growing popularity of radiotherapy devices among oncologists: Radiation therapy being the most popular therapy type in cancer management, oncologists across the world are showing an inclination towards radiotherapy devices, given the fact that more than 50% of cancer patients are likely to receive radiotherapy during their treatment – either in primary disease management or for symptom control.

Radiotherapy Device Market – Current Scenario & Future Outlook

The current scenario of the global Radiotherapy Device Industry indicates a growing demand for radiotherapy devices in developing countries owing to ease of regulations and increasing product affordability. The Radiotherapy Device Industry is highly consolidated with companies offering innovative products with the latest technological advancements.

The future market outlook leans on minimally non-invasive technology that will generate the necessary demand in the global market. Among regions, North America will rule the global market for radiotherapy devices. Technological advancements coupled with growing instances of different types of cancers will make the global Radiotherapy Device Industry a lucrative destination for investors.

Radiotherapy Device Market: Segmental Forecast

The global Radiotherapy Device Industry is segmented based on product type into External Beam Radiotherapy Devices (sub-segmented into Linear Accelerators Devices and Proton Therapy Devices) and Internal Beam Radiotherapy Devices (sub-segmented into Brachytherapy); based on end-user into Hospitals, Ambulatory Surgical Centres, and Oncological Treatment Centres; and based on region into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Japan, and Middle East & Africa.

By product type, External Beam Radiotherapy Devices will dominate the global Radiotherapy Device Industry in terms of value share, estimated to hold over 75% market share in 2017 and over 85% market share by the end of the forecast period in 2027. This segment will register a high CAGR of 10.7% during the forecast period.

By end user, Hospitals will retain a dominant position in the global Radiotherapy Device Industry with an estimated market valuation of over US$ 6,500 Mn by the end of 2027. Oncological Treatment Centres will hold the runner-up position, registering a CAGR of 8.7% during the forecast period.

Among the regional markets, North America will retain its pole position in the global market with a Y-o-Y growth rate of 8.1% in 2018 over 2017. Latin America will witness sluggish growth throughout the forecast period, with a CAGR of 6.4% recorded between 2017 and 2027.

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Radiotherapy Device Market: Competition Dashboard

The Future Market Insights report profiles some of the leading companies operating in the global Radiotherapy Device Industry including Varian Medical Systems, Elekta AB, Accuray, Inc., C.R. Bard, Inc., IBA Ion Beam Applications SA, Koninklijke Philips N.V., Siemens AG, Eckert & Ziegler Bebig, IsoRay, Inc., GE Healthcare, Vision RT Ltd., RaySearch Laboratories AB, Theragenics Corp, Toshiba Medical Systems Corporation, AngioDynamics, Inc., Mitsubishi Electric Corporation, Shinva Medical Instrument Company Limited, and Neusoft Medical Systems Co., Ltd.

Segmentation Analysis of the Radiotherapy Device Market

By Product:

• External Beam Radiation Therapy Device
  • Linear Accelerators Device
  • Proton Therapy Device
• Internal Beam Radiation Therapy Device
  • Brachytherapy Device
  • Others

By End User:

• Hospitals
• Ambulatory Surgical Centers
• Oncological Treatment Centers

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia & Pacific
• East Asia
• The Middle East & Africa

Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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