PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1576095
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1576095
Global radiotherapy devices market is projected to witness a CAGR of 5.90% during the forecast period 2024-2031, growing from USD 6.43 billion in 2023 to USD 10.17 billion in 2031. Radiotherapy devices offer effective treatment and symptom relief to cancer patients. Rising cancer cases across the globe, growing awareness about novel and promising treatments among patients and healthcare search providers, and promising outcomes delivered by radiotherapy are the key factors driving the demand for radiotherapy devices. Further, the incorporation of developed technologies and continuous developments in the area supports the growth. Government support and investments serve to boost the use of radiotherapy devices. Altogether, they form the base for the developing and adopting radiotherapy technologies in oncological treatment, thus transforming therapeutic options available worldwide for cancer patients.
Increased investments in research and development conducted by the major radiotherapy devices market led to the development of new, improved technologies and treatment alternatives. When these players increase their products and global presence, competition rises, which further propelling the market's evolution. It is such growth that draws in more investment and strengthens the momentum in the market. For instance, in October 2023, Elekta AB completed the acquisition of iCAD, Inc., which comprised the Xoft Axxent Electronic Brachytherapy System. This strategic decision empowers Elekta AB to provide enhanced electronic brachytherapy alternatives, indicating the increasing need for various cancer treatment modalities.
Furthermore, the growing installation of radiotherapy devices in medical facilities is anticipated to improve the accuracy and pace of the treatment. These new technologies adopted for treating patients look for solutions that could be better for the patient. This introduction of new technologies supports the growth of the radiotherapy devices market. For instance, in December 2022, IBA Dosimetry GmbH signed an agreement with the Ministry of Health of Spain to install ten proton therapy systems as a part of a public tender. Such a contract shows the growing importance of innovative technologies in oncology treatments.
Expanding Role of Radiotherapy Devices to Drive Market Demand
The growing incidence of cancer and the increasing demand for advanced cancer treatment are influencing the market's growth for radiotherapy devices. Increasingly, there is a rising demand for effective therapies for various malignant tumors, such as breast, lung, prostate, and colorectal. According to the World Health Organization, there were an estimated 20 million new cancer cases in 2022, and these cases are anticipated to rise. The increasing trend in cases projects a rise in patients requiring radiation therapies and sophisticated treatment methods for cancer management. In response to the growing cancer burden, governments are implementing strategies and taking initiatives to develop cancer care and encourage people to avail effective treatment options. As such, it would increase the focus on radiotherapy devices and propel growth and innovation in the cancer treatment solutions market in the forecast period. For instance, in October 2023, Elekta AB won a public tender from Ukraine's Ministry of Health to deliver Harmony linear accelerators for cancer treatment. Under this partnership, Ukrainian patients will gain access to high-end radiation therapy equipment, thus improving treatment options and driving the market forward.
Technological Advancements to Drive the Radiotherapy Device Market Growth
The radiotherapy market is expanding rapidly due to the advancements in radiological equipment, especially with the incorporation of artificial intelligence. For instance, AI algorithms in AI-powered radiotherapy devices can swiftly evaluate the new imaging data, allowing instant adjustments to the treatment regimens before or during sessions. Also, technological developments in MRI and CT scanners improve the accuracy of tumor detection during treatment. Additionally, adaptive radiotherapy systems can modify the treatment plans in response to tumor size or anatomical alterations to ensure the patient receives the optimal radiation dosage during treatment. Such technologies contribute to increased treatment efficiency for cancer patients undergoing radiotherapy, resulting in better outcomes than traditional forms of care. For instance, in September 2024, Elekta AB obtained CE marking in Europe for its AI-powered adaptive CT-linear accelerator called the Elekta Evo. It allows clinicians to choose online or offline treatment adaptation options by selecting the radiation therapy that best suits an individual cancer patient.
Increasing Government Fundings to Fuel Market Growth
Increasing government funding and initiatives are the key drivers for the radiotherapy devices market. As the global incidence rate of cancer continues to grow, governments are investing in the healthcare system to improve treatment and access to cancer care. Funds are allocated to advanced radiotherapy technologies to gradually introduce sophisticated equipment for better treatment efficacy in medical facilities. The governments allocate funding to hospitals and clinics to adopt cutting-edge technologies, improving patient outcomes and treatment services. For instance, in January 2023, The Health Minister of Wales allocated USD 116.1 million (GBP 86 million) to strengthen radiotherapy services for cancer in South Wales, United States. Funding is part of a long-term initiative to deliver cancer care in southeast Wales, with assured equipment, advanced techniques, and two additional machines to deal with rising demands for treatment. Public health campaigns, such as promotions, to increase awareness regarding cancer prevention and early presentation trigger demand for radiotherapy service delivery. Strategic partnerships between government entities and healthcare institutions encourage collaboration in improving cancer care. Government support, in turn, contributes very much to responsive and robust radiotherapy devices market benefits for both patients and the health system.
Hospitals to Dominate the Global Radiotherapy Devices Market Share
Among end-users, hospitals dominate the share of the global radiotherapy devices market. Cancer treatment has become a key focus for healthcare facilities, leading hospitals to buy more radiotherapy devices to boost patient care. The rising number of cancer cases and the need for good treatment options fuel the market trend. Hospitals invest in cutting-edge tech, such as linear accelerators and imaging systems, to give exact and quick radiation therapy. The focus on better treatment results and patient safety speeds up this uptake. Also, hospitals now use adaptive radiotherapy systems, which allow changes to treatment plans in real time to give each patient tailored care. The high demand from hospitals plays an important role in the growth of the radiotherapy devices market. For instance, in June 2024, Heidelberg University Hospital in Germany installed its new Radixact System to advance its cancer care approach. The system features ClearRT imaging, Synchrony motion tracking, and a VOLO Ultra Optimizer that delivers improved workflow, image clarity, and precision to help the hospital by serving patients more effectively.
North America to Dominate the Global Radiotherapy Device Market Share
North America is anticipated to lead the share of the radiotherapy devices market. The presence of several major players in the region is one of the critical factors. Advanced technology and robust infrastructures in healthcare intensify the growth of the market. Integration of telemedicine in radiotherapy has transformed patient care through improvement in accessibility and the adoption of a more patient-centered approach. The growing installation and deployment of radiotherapy devices in hospitals propel market growth. For instance, in June 2023, Northwell Lenox Hill Hospital became the first in New York State to implement the HyperSight imaging solution offered by Varian Medical Systems, Inc., leveraging advanced cone-beam computed tomography on its Halcyon linear accelerator for high-precision radiation therapy. This introduction aids clinicians in quickly gathering information and images during the treatment, improving the patient's experience. Also, evolving reimbursement models incentivize healthcare facilities to invest in modern radiotherapy technologies, aligning financial benefits with quality care. The growing number of radiation oncology centers is enhancing access, particularly in rural communities, and addressing treatment accessibility issues. In addition, advanced analytics and machine learning completely transform treatment planning and monitoring, ensuring more accurate and individualized approaches to therapy, which are critical in enhancing patient outcomes in cancer treatment.
Future Market Scenario (2024 - 2031F)
Advancements in radiotherapy technology hold great promise for the market. The integration of AI technology creates the opportunity to produce personalized treatment planning. Improved imaging techniques to visualize tumors better and stereotactic body radiation therapy (SBRT) development to achieve highly targeted treatment applications. Other trends include proton therapy and adaptive radiotherapy, which can adapt to real-time changes. The demand for outpatient care and combination therapies will increase in the forecast period, pushing the market for portable and user-friendly devices so that radiotherapy can reach more patients efficiently around the world. For instance, in November 2023, Henry Ford West Bloomfield Hospital introduced AI-enhanced radiation therapy for cancer treatment. This new generation improves precision and comfort and reduces side effects. Radiation oncologists can easily personalize treatments with the Ethos system and HyperSight for optimal radiation delivery to tumors and simplify the adaptive radiotherapy process for efficiency and patient care.
Key Players Landscape and Outlook
Innovation continues to shape the market for radiotherapy devices, and major players are concentrating on improvements to ensure consistency and accuracy in treatment. Companies look toward more advanced technologies such as AI integration, adaptive treatment planning, and higher-resolution imaging. With the increase in demand for more precise and efficient cancer treatments, collaborations, new launches, and innovative development will increase the competition in the market. Supply chain resilience and sustainable practices will drive the changed landscape of the dynamic market.
In August 2024, Elekta AB partnered with Liaoning Huaxing AnSheng Software Technology Co., Ltd. (AnSheng). This collaboration would enhance the market position of Elekta AB in China. Elekta AB is investing in AnSheng to improve its products and customer experience, giving precedence to vendor-neutral oncology information systems tailored for China and, in the future, improving quality and efficiency in cancer care. Moreover, in August 2023, BEBIG Medical GmbH signed an agreement with Shinva Medical Instrument Co., Ltd. to develop a long-term cooperation based on the global linear accelerator (LINAC) market. Such collaboration combines the strengths of companies in dependable hardware and easy-to-handle operating systems. In that way, LINAC technology has the potential to reach a broader population and be used more frequently.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.