Radiation Therapy Equipment Market is Estimated to grow at a CAGR of 6.2% during the forecast period

 The market for radiation therapy equipment market was estimated to be worth USD 7.3 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2034, reaching USD 12.4 billion. In the battle against cancer, radiation therapy equipment plays a critical role by providing accurate, adaptable, and efficient treatment options that enhance patient outcomes and quality of life. The market is increasing and sustainable since it is in line with the healthcare industry.

A variety of cutting-edge medical gadgets are utilized as part of the radiation therapy equipment to treat cancer. It minimizes damage to the surrounding healthy tissues while delivering precisely calibrated radiation dosages to eliminate the malignant cell. Internal beam radiation therapy equipment includes seeds, afterloaders, applicators, and IORT systems; external beam radiation therapy equipment includes linear accelerators, traditional cobalt-60 teletherapy devices, and more.

 

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GROWTH DRIVERS

The need for efficient treatment modalities like radiation therapy rises in tandem with the number of cancer patients. This fuels the market for radiation therapy as medical facilities look to update their equipment to provide patients with the best care possible. With an estimated 9.6 million deaths, or 1 in 6 lives, cancer is the second greatest cause of mortality worldwide, according to the World Health Organization. Globally, the number of new cases of cancer is expected to increase by 77% between 2022 and 2050. According to the American Cancer Society (ACS), the number of new instances of cancer is rising even as cancer deaths are decreasing.

The market is growing because of these improvements, which entice healthcare providers to invest in cutting-edge addiction therapy equipment. Numerous novel imaging modalities have been integrated into the planning and delivery process of radiation, according to NIH. Together, these techniques are known as image-guided radiotherapy, and they have the potential to significantly improve radiation side effect profiles and tumor management. Radiation oncologists frequently employ intensity-modulated radiation therapy (IMRT), which has had a significant influence on the treatment of head and neck cancer (HNC).

The WHO and Becker report that the expense of healthcare increased to a record high of 10.7% in 2023 from 7.4% in 2022. Globally, the insurer-reported cost trend is expected to average 9.9% in 2024, with some regions experiencing a more significant increase. The substantial growth in government health spending across all national income levels is responsible for the surge in health spending to a record high of USD 9 trillion, or over 11% of the world's gross domestic product.

MARKET SEGMENTATION:

·         By Type- External Beam Radiation Therapy [(Linear Accelerators- Conventional Linear Accelerators, MRI LINAC, Stereotactic Advanced Electron/Cobalt-60 Linear Accelerators- Gamma Knife, CyberKnife, TomoTherapy) Conventional Cobalt-60 Teletherapy Units (Particle Therapy Systems- Cyclotrons, Synchrotrons, Synchrocyclotron,)], Internal Beam Radiation Therapy (Seeds, Afterloaders, Applicators and IORT Systems)

·         By End-User- Hospitals and Independent Radiotherapy Centers

·         By Region- North America, Europe, Asia Pacific, The Middle East and Africa, South America

Global Key Players:

·         Sumitomo Heavy Industries Ltd.

·         Hitachi Ltd.

·         Accuray Incorporated

·         Varian Medical Systems Inc.

·         Elekta AB

·         Siemens Healthineers AG

·         IBA Ion Beam Applications SA

·         BrainLab AG

·         Other Players

 

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