Radiotherapy/Radiation Oncology Devices - Market Insights, Competitive Landscape, and Market Forecast -2030

Radiotherapy/Radiation Oncology Devices Market by Type (External Beam Radiation Therapy [Linear Accelerators (Linac), Stereotactic Advanced Electron/Cobalt-60 Linear Accelerators [Gamma Knife, CyberKnife, and TomoTherapy], Proton Therapy, Cyclotron, Synchrotron, and Others], and Internal Beam Radiotherapy/Brachytherapy), Technology (External Beam Radiation Therapy [Image-Guided Radiotherapy (IGRT), Intensity Modulated Radiotherapy (IMRT), Stereotactic Technology, Proton Beam Therapy, 3D Conformal Radiotherapy (3D CRT), and Others] and Internal Beam Radiotherapy/Brachytherapy [Low-Dose Rate Brachytherapy and High-Dose Rate Brachytherapy], Application (External Beam Radiation Therapy [Prostate Cancer, Breast Cancer, Lung Cancer, Head and Neck Cancer, Colorectal Cancer, and Others] and Internal Beam Radiation Therapy [Prostate Cancer, Gynecological Cancer, Breast Cancer, Cervical Cancer, Penile Cancer, and Others], End-User (Hospitals, Independent Radiotherapy Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to advance at a substantial CAGR forecast till 2030 owing to the increasing instances of cancer and the rising product developmental activities worldwide

The radiotherapy/radiation oncology devices market is projected to grow at a 7.78% CAGR during the forecast period from 2024 to 2030. The radiotherapy/radiation oncology devices market is growing significantly due to the increasing cases of different types of cancers among the population, the introduction of innovative product portfolios by market players, and the growing awareness for early detection are factors that are expected to escalate the overall growth of the radiotherapy/radiation oncology devices market during the forecast period from 2024 to 2030.

Radiotherapy/Radiation Oncology Devices Market Dynamics:

According to data provided by the World Health Organization in 2024, the International Agency for Research on Cancer (IARC) stated that 20 million new instances of cancer were registered in 2022 globally. As per the same source, lung cancer accounted for 2.5 million new cases globally, of all the registered new cancer cases, making it the most common cancer. Next in order of incidence was breast cancer with 2.3 million cases, colon cancer with 1.9 million cases, and stomach cancer with 0.97 million cases globally.

The Global Cancer Observatory (2024), estimated that the new instances of cancer globally would reach from 20 million to 24.1 million by the year 2030. It stated that Asia accounted for 9,826,539 cancer cases, Europe accounted for 4,471,422 cancer cases, LAC accounted for 1,551,060 cancer cases, and Africa accounted for 1,185,216 cancer cases.

As more patients are diagnosed with various cancers, healthcare systems are compelled to adopt advanced radiotherapy technologies to provide effective treatment options. This growing patient population is further driving investments in radiation oncology infrastructure and innovative devices and thereby boosting the market for same.

Increased product developmental activities by market key players is slated to witness market growth for radiotherapy/radiation oncology devices. For example, in May 2024, GE HealthCare unveiled its new Revolution RT radiation therapy CT system at the European Society for Therapeutic Radiology and Oncology (ESTRO) 2024. The new system was designed with a wide-bore CT platform and includes an updated AI-enhanced version of the Intelligent Radiation Therapy (iRT) platform, which interfaces with the Spectronic MRI Planner, according to the vendor.

Hence, the interplay of all the above-mentioned factors are expected to drive the market for radiotherapy/radiation oncology devices market during the given forecast period from 2024 to 2030.

However, risk factors associated with radiation, and the availability of alternative therapies, among others may restrict the market growth of radiotherapy/radiation oncology devices.

Radiotherapy/Radiation Oncology Devices Market Segment Analysis:

Radiotherapy/Radiation Oncology Devices Market by Type (External Beam Radiation Therapy [Linear Accelerators (Linac), Stereotactic Advanced Electron/Cobalt-60 Linear Accelerators [Gamma Knife, CyberKnife, and TomoTherapy], Proton Therapy, Cyclotron, Synchrotron, and Others], and Internal Beam Radiotherapy/Brachytherapy), Technology (External Beam Radiation Therapy [Image-Guided Radiotherapy (IGRT), Intensity Modulated Radiotherapy (IMRT), Stereotactic Technology, Proton Beam Therapy, 3D Conformal Radiotherapy (3D CRT), and Others] and Internal Beam Radiotherapy/Brachytherapy [Low-Dose Rate Brachytherapy and High-Dose Rate Brachytherapy], Application (External Beam Radiation Therapy [Prostate Cancer, Breast Cancer, Lung Cancer, Head and Neck Cancer, Colorectal Cancer, and Others] and Internal Beam Radiation Therapy [Prostate Cancer, Gynecological Cancer, Breast Cancer, Cervical Cancer, Penile Cancer, and Others], End-User (Hospitals, Independent Radiotherapy Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the type segment of the radiotherapy/radiation oncology devices market, the gamma knife sub- category of stereotactic advanced electron/cobalt-60 linear accelerators is expected to have a significant revenue share in the year 2023. This is because of the widespread uses and various advantages of gamma knife that enhance the management of different type of chronic conditions.

Gama knife is a technique that uses numerous beams of radiation from various angles to target a specific area of the brain. Since each beam is too weak to harm the healthy tissue, it passes through on its own and is less harmful. Gamma knife also allows a powerful dose of radiation to be delivered with no or minimal damage to healthy surrounding tissue and structures and results in fewer complications such as bleeding, infection, or cerebrospinal fluid leakage. Another added advantage is that it requires no general anesthesia, eliminating the related potential side effects, and is performed in a single session, often on an outpatient basis and only occasionally requiring an overnight stay.

Moreover, several market players have a strong portfolio and key players like Leksell has a broad range of GammaKnife product offerings, some of them are Gamma Knife(R) Icon(TM), Leksell Gamma Knife(R) Lightning, Leksell Gamma Knife(R) Perfexion(TM), are now actively being involved to develop radiotherapy/radiation oncology devices.

Therefore, the widespread uses and various advantages of gamma knives enhance performance and usability, solidifying the significant impact on the growth of the overall radiotherapy/radiation oncology devices market during the forecast period from 2024 to 2030.

North America is expected to dominate the overall radiotherapy/radiation oncology devices market:

Among all the regions, North America is estimated to hold a significant revenue share in the radiotherapy/radiation oncology devices market. This can be attributed to several factors such as rising cancer cases, supportive government policies in increasing focus promoting oncology research, combined with significant advancements in product development and regulatory approvals are acting as key factors that contribute to the growth of the radiotherapy/radiation oncology devices market in the North America region during the forecast period from 2024 to 2030.

National Cancer Institute (2024) estimated that 2 million new cases of cancer will be diagnosed in the US by the end of 2024. Furthermore, it is estimated that prostate, lung, and colorectal cancers are expected to represent approximately 48% of all cancer diagnoses in men. For women, the most prevalent cancers are breast, lung, and colorectal, which are expected to account for about 51% of all new cancer diagnoses.

According to Global Cancer Observatory's data (2024), in 2022, the US represented 89.1% of all cancer cases and Canada represented 10.9% of all cancer cases in the region.

With the US expected to account for a substantial proportion of these cancer cases, healthcare providers are compelled to enhance their cancer treatment capabilities, leading to greater investment in advanced radiation therapies. This growing patient population necessitates innovative and effective treatment options, thereby expanding the market for the same.

The US Food and Drug Administration also provides a supportive environment for newer technologies to reach the market with the provision of "breakthrough device" designation to emerging technologies and products in the medical devices domain. For instance, in February 2022, GenesisCare announced that it enrolled the first patients in a trial for Boston Scientific's SpaceOAR Vue hydrogel. Boston Scientific's SpaceOAR Vue hydrogel will be evaluated in the SABRE trial, sponsored by Boston Scientific, for prostate cancer patients receiving stereotactic body radiation therapy (SBRT).

The increased emphasis on product development activities and the high interest of device manufacturers in accessing local markets further aid in the growth of the regional markets for radiotherapy/radiation oncology devices. For instance, in October 2021, the US Food and Drug Administration (FDA) granted breakthrough device designation to Alpha Tau's alpha-radiation cancer therapy to treat patients suffering from recurrent glioblastoma multiforme (GBM).

Therefore, the interplay of all the factors mentioned above would provide a conducive growth environment for the North America region in the radiotherapy/radiation oncology devices market during the forecast period from 2024 to 2030.

Radiotherapy/Radiation Oncology Devices Market key players:

Some the key market players operating in the radiotherapy/radiation oncology devices market include Siemens Healthineers AG, Elekta AB, Accuray Incorporated, BA Worldwide, BD, Isoray Inc., Mevion Medical Systems, Viewray Technologies, Inc., Eckert & Ziegler BEBIG, ZEISS, GT Medical Technologies, Inc., Hitachi, Ltd., iCAD, Inc., IntraOp Medical, Inc., Panacea Medical Technologies Pvt. Ltd., SIT - S.I.T. Sordina IORT Technologies S.p.A., Sensus Healthcare, Inc., Theragenics, Optivus Proton Therapy, Inc., P-cure, and others.

Recent Developmental Activities in the Radiotherapy/Radiation Oncology Devices Market:

• In October 2023, Philips highlighted the latest advances in CT and MR for precision radiation therapy planning at ASTRO 2023.
• In February 2022, GT Medical Technologies Inc., creators of GammaTile Therapy announced its 2021 roster of ELITE Distinguished Brain Tumor Specialists that have completed 10 or more GammaTile Therapy procedures in 2021.
• In December 2021, RefleXion Medical Inc. announced that the U.S. Food and Drug Administration (FDA) granted the company Breakthrough Device Designation for its biology-guided radiotherapy* (BgRT) for use in treating lung tumors.

Key takeaways from the Radiotherapy/Radiation Oncology Devices market report study

• Market size analysis for current radiotherapy/radiation oncology devices market size (2023), and market forecast for 6 years (2024 to 2030)
• Top key product/services developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the radiotherapy/radiation oncology devices market
• Various opportunities available for other competitors in the radiotherapy/radiation oncology devices market space
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current radiotherapy/radiation oncology devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for radiotherapy/radiation oncology devices market growth in the coming future?

Target audience who can be benefited from this Radiotherapy/Radiation Oncology Devices market report study

• Radiotherapy/radiation oncology devices device providers
• Research organizations and consulting companies
• Radiotherapy/radiation oncology devices-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in radiotherapy/radiation oncology devices
• Various end-users who want to know more about the radiotherapy/radiation oncology devices market and the latest developments in the radiotherapy/radiation oncology devices market

Frequently Asked Questions for the Radiotherapy/Radiation Oncology Devices Market:

1. What are radiotherapy/radiation oncology devices?

• Radiation therapy uses high-energy X-rays or other particles to destroy tumor cells. It is used to slow or stop the growth of a tumor and is typically given after surgery and possibly along with chemotherapy. The most common type of radiation treatment is called external-beam radiation therapy, which is radiation given from a machine outside the body. When radiation treatment is given using implants, it is called internal radiation therapy or brachytherapy.

2. What is the market for radiotherapy/radiation oncology devices?

• The radiotherapy/radiation oncology devices market is projected to grow at a 7.78% CAGR during the forecast period from 2024 to 2030.

3. What are the drivers for the radiotherapy/radiation oncology devices market?

• The radiotherapy/radiation oncology devices market is growing significantly due to the increasing cases of different types of cancers among population, introduction of innovative product portfolio by the market key players, and growing awareness for early detection are factors that are expected to escalate the overall growth of the radiotherapy/radiation oncology devices market during the forecast period from 2024 to 2030.

4. Who are the key players operating in the radiotherapy/radiation oncology devices market?

• Some of the major market players operating in the radiotherapy/radiation oncology devices market include Siemens Healthineers AG, Elekta AB, Accuray Incorporated, BA Worldwide, BD, Isoray Inc., Mevion Medical Systems, Viewray Technologies, Inc., Eckert & Ziegler BEBIG, ZEISS, GT Medical Technologies, Inc., Hitachi, Ltd., iCAD, Inc., IntraOp Medical, Inc., Panacea Medical Technologies Pvt. Ltd., SIT - S.I.T. Sordina IORT Technologies S.p.A., Sensus Healthcare, Inc., Theragenics, Optivus Proton Therapy, Inc., P-cure, and others.

5. Which region has the highest share in the radiotherapy/radiation oncology devices market?

• Among all the regions, North America is estimated to hold a significant revenue share in the radiotherapy/radiation oncology devices market. This can be attributed to several factors such as rising cancer cases, supportive government policies in increasing focus promoting oncology research, combined with significant advancements in product development and regulatory approvals are acting as key factors that contribute to the growth of the radiotherapy/radiation oncology devices market in the North America region during the forecast period from 2024 to 2030.