Radiation Therapy Equipment Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

The radiation therapy equipment consists of a range of advanced medical devices, that are used to treat cancer. It delivers precise doses of radiation to destroy the cancerous cell while minimizing damage to surrounding healthy tissues. The equipments include external beam radiation therapy like linear accelerators, conventional cobalt-60 teletherapy units and more and internal beam radiation therapy like seeds, afterloaders, applicators and IORT systems. It is utilized by healthcare professionals in hospitals or independent radiotherapy centers to provide precise, versatile and effective treatment options to the patients and enhance their quality of life.

MARKET OVERVIEW

The market valuation of radiation therapy equipment market was valued at approximately USD 7.3 billion in 2023 and is projected to reach USD 12.4 billion in 2034 exhibiting a CAGR of 6.2% during the forecast period of 2024-2034. Radiation therapy equipment is crucial in the fight against cancer, by offering precise, versatile and effective treatment option that improves patient outcomes and quality of life. The market is aligned with healthcare sector, which makes it a sustainable and growing market.

GROWTH DRIVERS

The more the rise in number of cancer cases grows, the demand for effective treatment modality like radiation therapy increases. This drives the market for radiation therapy market as hospitals and clinics seeks to equip themselves with the latest technology to treat the patients effectively. According to WHO, cancer is the second leading cause of death globally, accounting for an estimated 9.6 million deaths, or 1 in 6 deaths. Cancer cases are increasing globally, with the number of new cases predicted to rise by 77% from 2022 to 2050. The American Cancer Society (ACS) reports that while cancer deaths are declining, new cases are increasing.

The demographics of cancer patients are also shifting, with more cases being diagnosed in middle-aged people and fewer in older adults. Early-onset cancers, which are defined as cancers diagnosed in people under 50, have also been increasing globally. The innovations like proton therapy, stereotactic radio surgery and adaptive radiation therapy enhances the treatment precision and outcomes. These advancements attract healthcare providers to invest in modern therapy addiction therapy equipment which fuels the market growth. According to NIH, a variety of new imaging modalities have been incorporated into the radiotherapy planning and delivery process. These technologies are collectively referred to as image-guided radiotherapy and may lead to significant gains in tumor control and radiation side effect profiles. Intensity-modulated radiotherapy (IMRT) has had a substantial impact on the management of head and neck carcinoma (HNC), and its use is highly prevalent among radiation oncologists.

The non invasive treatments are associated with very few complications shorter recovery times and improved quality of patient quality of life. The shift towards noninvasive options boosts the demand for radiation therapy equipment market. According to Medical News Today, Skin cancer is the most common type of cancer in the U.S., where about 1 in 5 people will develop a form of skin cancer by the age of 70. In the U.S., over 207,000 people received a diagnosis of melanoma, of which 106,000 cases were noninvasive and only affect the top skin layer. The elderly people are more likely to develop cancer, increasing the need for effective treatment options. The expanding elderly population drives the demand for radiation therapy equipment market. According to UN, the global population of people aged 60 and older is expected to double from 1 billion in 2020 to 2.1 billion by 2050.

The number of people aged 80 and older is also expected to triple to 426 million during this time. The expansion of healthcare infrastructure in emerging economies, there is a growing need to equip new hospitals and clinics with state of art is radiation therapy demographics. This expansion is significant driver of the market. According to Becker and WHO, the cost of global healthcare soared from 7.4% in 2022 to 10.7% in 2023, a record high. The 2024 insurer-reported cost trend is forecasted at 9.9% average worldwide, though some regions will see a steeper increase. There is a sharp increase in government spending on health at all country income levels underpinned the rise in health spending to a new high of USD 9 trillion, which is approximately 11% of global GDP.

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

Radiation Therapy Equipment Market Segment By Type Review:

The radiation therapy equipment encompasses a range of advanced medical devices that are designed to treat cancer by delivering precise doses of radiation. It can destroy cancerous cells while minimizing damage to surrounding healthy tissues. The external beam radiation is the most common form of radiation therapy, where beams of radiation are directed from outside the body onto the cancerous tissue. This method is highly precise and can target tumors with minimal impact on surrounding health issues.

The linear accelerators, including conventional linear accelerators, MRI LINACs and stereotactic linear accelerators, are a cornerstone in radiation therapy due to their ability to deliver precise radiation doses. It enhances the treatment of deep-seated tumors and soft tissue cancers. Advanced electron/Cobalt 60 linear accelerators like Gamma Knife, Cyber Knife and TomoTherapy offers noninvasive and highly precise treatments ideal for brain tumors and other small lesions. It reduces treatment time and improves the patient comfort. The particle therapy systems including cyclotrons, synchrony and synchrotrons and synch cyclotrons produce protons and heavier ions for particle therapy targeting cancer cells with high precision. It makes them beneficial for deep seated or hard to treat tumors. The internal beam radiation therapy involves placing radioactive sources directly inside or next to the tumor. It allows for higher dosage of radiation to be delivered to the tumor while sparing surrounding healthy tissues.

The subcategories include seeds afterloaders, applicators and IORT systems. The seeds provides continuous radiation to the tumor, commonly used for prostate cancer. The afterloaders enhances safety and precision in delivering brachytherapy. The applicators are essential for precise treatment of radiation sources that are used in gynecological cancers. The IORT system deliver a concentrated dose of radiation to a tumor bed during surgery. It minimizes exposure to surrounding healthy tissue and reduces the need for post operative radiation.

Radiation Therapy Equipment Market Segment By End-User Review:

The hospital represents a significant segment of the radiation therapy equipment market. These institutions are typically equipped with comprehensive cancer treatment facilities, including radiation therapy department that caters to a wide range of cancer stages and types. They offer integrated cancer care, combining radiation therapy with surgery, chemotherapy, and other treatments. This holistic approach attracts patients seeking comprehensive treatment plans. The large hospitals, especially those affiliated with academic and research institutions, have significant financial resources to invest in state of art radiation therapy equipment.

They mainly serve a large number of patients, ensuring efficient utilization of the equipments and justifying investments in advanced technologies. The independent radiotherapy centers specialize exclusively in providing radiation therapy services. These centers focus on delivering high quality, efficient and specialized radiation treatments, often operating as standalone facilities or part of larger healthcare network. These centers offer personalized treatment plans and cutting-edge therapies, attracting patients who are seeking for specialized care.

Radiation Therapy Equipment Market Regional Analysis:

North America is a significant market driven by the factors like presence of well stablished and robust healthcare sector including cutting edge radiation therapy technologies. According to the American Cancer Society (ACS), the number of new cancer cases in the United States is increasing, with over 2 million cases projected for 2024. This is the first time the country is expected to exceed 2 million new cases, which is almost 5,500 diagnoses per day, as a setting the demand of the market.

Europe is a valuable market driven by the factors like rising number of cancer cases in this region. According to ECIS and EU Science Hub, The European Union (EU27) plus Iceland and Norway (EU+2) had an estimated 2.78 million new cancer cases in 2022, which is about five new diagnoses every minute. Asia Pacific is a rapidly growing market drive by the factors like significant increase in cancer cases.

According to WHO, in 2022 Asia had the most cancer cases in the world, with more than 9.8 million. By 2030, breast cancer cases are expected to increase by 21% and cervical cancer incidence is expected to increase by 19%. The Middle East and Africa is a growing market driven by the healthcare infrastructure development in Middle East like UAE and Saudi Arabia. South America is another growing market due to improving healthcare systems and increasing incidence of cancer

Key Challenges:

The radiation equipment, particularly advanced systems like proton therapy and image guided radiation therapy are extremely expensive. The high initial cost and ongoing maintenance expenses limits accessibility, especially in developing countries and underfunded healthcare facilities. The costs associated with the establishing and maintaining a radiation therapy may be prohibited, deterring many institutions from adopting this technology, which is one of the significant challenges for the market. The competition from other cancer treatment modalities like surgery, chemotherapy and emerging immunotherapy. This may reduces the market share and growth potential of the radiation therapy market market.

Competitive Landscape:

In the highly competitive radiation therapy equipment market, companies are investing heavily in research and development to innovate and improve the product and services. They are also collaborating, forming strategi partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share. Recent developments includes –  Elketa launched Elekta Espirit, is a next-generation Gamma Knife, in May 2022.  MagnetTx Oncology Solutions Ltd. received clearance from the FDA for Aurora-RT, in May 2022. Elekta and GE Healthcare collaborated to provide precision radiation therapy solutions, in April 2022.  RefleXion Medical received the United States Food and Drug Administration (FDA) approval of SCINTIX biology-guided radiotherapy, in February 2023. GE HealthCare launched three radiotherapy instruments, including intelligent radiation therapy, auto-segmentation and MR radiation therapy, in May 2023.

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