PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1490008
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1490008
The global radiotherapy market is estimated to be valued at USD 7.97 Bn in 2024 and is expected to reach USD 12.86 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 7.97 Bn |
Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: | 7.10% | 2031 Value Projection: | US$ 12.86 Bn |
The global radiotherapy market has been witnessing steady growth over the past few years owing to the increasing prevalence of cancer worldwide and rising adoption of radiotherapy procedures. Radiotherapy uses high-energy radiation to treat cancer and employs procedures like external beam radiation therapy, internal radiation therapy, and systemic radiotherapy. It is often used in combination with other treatments and helps destroy cancer cells and shrink tumors. The growing geriatric population which is more prone to developing cancer, increasing awareness about early cancer detection, and technological advancements in radiotherapy equipment are some of the key factors expected to drive the demand for radiotherapy in the coming years. However, factors like the high cost of radiotherapy procedures and equipment may restrain the market growth to a certain extent.
The global radiotherapy market is expected to experience significant growth over the forecast period driven by factors such as the growing global cancer burden, rising healthcare expenditures in developing countries, and technological innovations introduced by the key players. Cancer accounts for an enormous disease burden worldwide and its incidence is rising rapidly. According to World Health Organization, cancer cases are estimated to surge by over 70% in the next two decades. This increasing prevalence of cancer presents a massive patient pool requiring radiotherapy treatment, thereby driving the market growth. However, the market faces certain challenges due to the high costs associated with radiotherapy equipment, procedures, and maintenance which may hinder widespread adoption, especially in price-sensitive developing regions. The introduction of advanced treatment delivery techniques like intensity modulated radiation therapy (IMRT) and Image-guided radiation therapy (IGRT) as well as newer platforms such as particle therapy offers lucrative opportunities for market expansion.
Detailed Segmentation-