DUBLIN--(BUSINESS WIRE)--The "Radiotherapy Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Product, Application, and End User, and Geography" report has been added to ResearchAndMarkets.com's offering.
The radiotherapy market was valued at US$ 6,474.78 million in 2020 and it is projected to reach US$ 10,170.80 million by 2028; it is expected to grow at a CAGR of 5.80% from 2020 to 2028. The growth of the market is attributed to a few key driving factors such as increasing prevalence of cancer and rising number of conferences and symposiums to boost the awareness about radiation therapy. However, increased risk of adverse effects due to radiation therapy restrains the market growth.
Health systems across the globe are witnessing substantial increase in the prevalence of cancer. According to the data published by the World Health Organization (WHO), in 2019, around 9.6 million deaths were caused by cancer across the globe. Moreover, according to the same data, prostate, lung, colorectal, liver, and stomach cancer are most observed in men, while breast, colorectal, and cervical cancer are the most common among women. Furthermore, according to a study published by the National Cancer Institute, in 2021, the incidence of Cancer in the US is likely to reach 1.9 million. In addition, around 0.6 million people are anticipated to die during 2021 in the US due to cancer.
Moreover, according to a data published by the Cancer Research UK in 2020, around 0.16 million people in the UK die each year due to cancer. Moreover, as per the Globocan report, in 2018, there were 911,014 breast cancer cases and 310,577 deaths due to breast cancer, of which 367,900 and 162,468 breast cancer cases were reported in China and India, respectively. Such high prevalence of cancer is anticipated to drive the adoption of radiotherapy. For instance, according to a data published by the WHO in March 2021, over 50% of cancer patients involve radiotherapy as part of cancer management and care. Moreover, according to the same data, radiotherapy is prominently used to treat the most common types of cancer such as breast, cervical, colorectal, and lung cancer. This factor ultimately boosts the growth of the global radiotherapy market.
The radiotherapy market is expected to witness substantial growth after the COVID-19 pandemic. Delayed or rescheduled radiation therapy treatments and new cancer cases are anticipated to have positive impact on the market growth post-pandemic.
Based on type, the radiotherapy market is segmented into external-beam radiation therapy, internal radiation therapy, and systemic radiotherapy/radiopharmaceuticals. The external-beam radiation therapy segment held the largest market share in 2020, and it is estimated to register the highest CAGR from 2021 to 2028.
The radiotherapy market, based on product, is segmented into external beam radiotherapy products internal radiotherapy products, radiotherapy software, and others. The external-beam radiotherapy product segment held the largest market share in 2020, and the same segment is estimated to register the highest CAGR during the forecast period.
Based on application, the radiotherapy market is segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, cervical cancer, liver cancer, thyroid cancer, lymphoma, spine cancer, brain cancer, and others. The breast cancer segment held the largest market share in 2020, and the lung cancer segment is estimated to register the highest CAGR during 2021-2028.
In terms of end user, the radiotherapy market is segmented into hospitals, specialty clinics, and radiation therapy centers. The hospitals segment held the largest share of the market in 2020, and it is further estimated to register the highest CAGR during the forecast period.
Market Dynamics
Drivers
- Rising Prevalence of Cancer Worldwide
- Increasing Number of Conferences and Symposiums to Boost Awareness About Radiation Therapy
Restraints
- Increased Risk of Adverse Effects due to Radiation Therapy
Opportunities
- Cancer Screening Programs and Implementation of Standard Guidelines
Future Trends
- Emphasis on Reduced Radiation Exposure Therapies
Companies Mentioned
- Siemens Healthineers AG
- Accuray Incorporated
- Sumitomo Heavy Industries, Ltd.
- Elekta AB
- Hitachi, Ltd.
- Koninklijke Philips N.V.
- Brainlab AG
- PROTOM INTERNATIONAL
- Varian Medical Systems, Inc.
- Maastro
- Mevion Medical Systems
For more information about this report visit https://www.researchandmarkets.com/r/84gp1u
