Radiation Therapy in the Oncology Market

Market Overview

The global radiation therapy in the oncology market size was valued at USD 6,043.68 million in 2022. It is estimated to reach USD 9,376.22 million by 2031, growing at a CAGR of 21.89% during the forecast period (2023–2031).

Radiation therapy in oncology is a treatment method to treat any cancer/tumor with the help of radiation. Radiation therapy uses beams of photons, protons, heavy ions, and other particles. These radiation beams of intense energy are used to destroy or shrink cancer/tumor cells. Roentgen discovered the X-ray in 1895, and since then, ionizing radiation has been applied for cancer treatment. The controlled ionizing radiation dose damages the DNA of the cancer cell when compared with the effect on normal tissues, thus providing radiation treatment benefits for cancer patients.

The term' radiation therapy' primarily refers to external and internal beam radiation therapy. External beam radiation therapy is done with the help of a machine outside the patient's body that produces a high-energy radiation beam and then aims the beam at a localized, precise point or area of therapy on the patient's body. However, internal beam radiation therapy places radiation (radioactive source) inside the patient's body. The radiation therapy systems (machines) present in the market are linear accelerators (LINAC), cyclotrons, synchrotrons, synchrocyclotrons, and conventional and electronic brachytherapy systems.

Highlights

• Oncology systems dominate the product type segment
• Stereotactic radiosurgery (SRS) dominates the therapy segment
• Hospitals and medical research institutes dominate the end-user segment
• North America is the highest shareholder in the global market

Market Dynamics

Global Radiation Therapy in the Oncology Market Drivers

Rising Incidence and Prevalence of Neoplastic Patients and Elevating Geriatric Population

Neoplasm is an abnormal tissue mass formed due to the cell growing or dividing unwantedly. The neoplasms are of two types: benign (non-cancerous) and malignant (cancerous). Neoplastic patients are in large numbers, and the number of patients is increasing yearly. Cancer and tumor are often treatable and frequently manageable through early detection and treatment therapy. The neoplasm is also a cause of disability and death on the global level.

Furthermore, cancer and tumor risk increase with age; thus, cancer is known as the disease of old age. In the elderly population, cancer deaths account for about 61% of mortality. According to the National Center for Biotechnology Information (NCBI), about 24% of neoplastic persons are of 65 years of age or older. In order to meet the demand for radiation therapy, cost-effective radiotherapy systems are required to offer high-quality patient treatment for the geriatric population. This factor is expected to act as a driving force for the growth of global market.

Rising Demand for Reduced Radiation Exposure during Radiotherapy

Radiation therapy helps control cancer growth; if the patient has advanced cancer, it helps manage symptoms and relieve pain. These factors increase physicians' and patients' preferences for radiation therapies. Radiation therapy is advantageous as they have fewer side effects than chemotherapy as it targets only the tumor area in the body. Though radiation therapy still has some side effects, the rising preference for radiation therapy is due to the technological advancement in the particle beam. Conventional radiotherapy was done via photon (Cobalt-60), which resulted in unwanted radiation exposure. This photon beam is now changed to a proton or heavy ion beam, which delivers dose to a particular point only, thus resulting in reduced unwanted radiation exposure. Therefore, this is also leading to the growth of modern radiation therapy in the oncology market.

Global Radiation Therapy in the Oncology Market Restraint

High Cost of Radiotherapy Systems and Associated Procedures

One of the prime challenges in the radiotherapy market is the high capital cost of the system, its associated equipment, maintenance services, and the cost of the procedure. Currently, modern radiation therapy systems have a very high initial price, requiring an arrangement for considerable capital investment from independent private surgeons and hospitals. A single conventional X-ray radiation therapy system costs around USD 3 million, and a big center or hospital will have more than one system, thus increasing the system's installation cost.

Along with the capital system, a special radiation shield infrastructure is required, and the electricity used also adds to the cost of owning a radiation therapy system. All radiation therapy system manufacturers face several cost-associated related challenges in convincing the end users to own a system. Furthermore, when not covered by health insurance, the radiation treatment cost can range from USD 10,000 to USD 50,000 or more, depending on cancer/tumor type, number of treatment sessions required, type of radiation used, and other medical factors. Such factors restrict market growth.

Global Radiation Therapy in the Oncology Market Opportunities

Development of Low-Cost Cancer Treatment Center

Despite the high prices of the systems the manufacturers offer, some end-users are willing to set up a center. The government also supports them in developing the cancer treatment center through funding. A prominent cancer treatment center would require multiple radiation therapy systems. Therefore, the manufacturers provide two options for installation: a modest LINAC or Cyclotron radiation therapy system or a multi-room capable radiation therapy system. Implementing either solution of two means the installation cost is still higher.

Manufacturers are trying to improve the workflow to increase the working efficiency of the system, which will result in profit generation for the end-user. The continuous effort of expanding the workflow, integration of MRI and PET-CT technology, and implementation of real-time guided therapy for radiation therapy will reduce the running cost of the system in a way that the end user will be able to adjust 2-3 patients as compared to one in the older and conventional methods. Therefore, increasing the return on investment in radiation therapy systems creates opportunities for market growth.

Regional Analysis

Based on region, the global radiation therapy in the oncology market is bifurcated into North America, Europe, Asia-Pacific, and Rest-of-the-World.

North America Dominates the Global Market

North America is the most significant global radiation therapy in the oncology market shareholder and is estimated to exhibit a CAGR of 4.6% during the forecast period. The North American medical device market is the early adopter of advanced technology. Companies in this region mainly offer their products and solutions, as many other countries accept U.S. FDA regulatory approval. The North American market provides growth opportunities to the companies, owing to the increased adoption of technologies such as advanced proton and heavy-ion radiation therapy systems for the healthcare industry. In addition, the rising incidence of cancer patients and the presence of several companies in this region contribute to the market's growth. North American market players such as Accuray Inc., Mevion Medical Systems Inc., TeamBest Group, Reflexion Medical Inc., Sensus Healthcare Inc., Xoft Inc. (iCAD Inc.), and Zap Surgical Systems Inc., among others, and other international players have been making significant developments in the region, thus leading the market forward.

Europe is anticipated to exhibit a CAGR of 5.3% over the forecast period. Europe's radiation therapy in the oncology market is the second most lucrative market globally and has good growth potential. The significant factor contributing to the market's growth is the availability of government reimbursement plans for European citizens. Further, the existence of cross-border alliances in Europe suggests that a person who is a citizen of a nation that is a member of the European Union (EU) is qualified to seek medical attention in any country within the EU region. In addition, Europe has advanced health technology assessment plans, measuring the value added by new technology to the healthcare sector, offering market growth potential. This region includes Germany, France, Italy, the U.K., Spain, and Rest-of-Europe. Among these countries, Germany currently acquires a significant market share, followed by France and the U.K.

The market in the Asia-Pacific region has been the fastest-growing region in terms of technological innovations and developments. The increasing prevalence of cancer/tumors, rising per capita income, and elevating geriatric population are the prime factors propelling the growth of radiation therapy in the oncology market in these regions. China acquired the dominant market share, followed by Japan in Asia-Pacific. In addition, China is one of the nations with massive potential for profitable expansion by key global radiation therapy market players. A large population base with improving healthcare infrastructure makes China region a profit-making market. Furthermore, Japan has received many regulatory approvals regarding the radiation therapy market, along with the supportive nature of the Japanese government in implementing advanced technologies in the healthcare sector. This leads the companies to invest in Japan and thus promotes the growth of the market.

Rest-of-the-World (RoW) market includes economies such as the Kingdom of Saudi Arabia (KSA), Israel, Qatar, Egypt, Kuwait, and Lebanon. The economies in the Middle East region have always been working toward technological developments and scientific innovations. The market for radiation therapy is proliferating, owing to the rising adoption of technological advancement in the healthcare industry supported by government initiatives. The rising prevalence and incidence of cancer, coupled with the increasing geriatric population, are also propelling the growth of global market around the Rest-of-the-World (RoW).

Segmental Analysis

The global radiation therapy in the oncology market is bifurcated into the radiation type, product type, therapy, and end-user.

Based on radiation type, global market is divided into external beam radiation and internal beam radiation.

The external beam radiation segment accounts for the largest market share and is anticipated to exhibit a CAGR of 4.6% over the forecast period. External beam radiation is where the radiation beam or beams of x-ray, photon, proton, electron, or heavy ion is generated outside the patient's body by a particle accelerator. These radiation beams are delivered to the patient's cancer/tumor to either shrink or destroy it. In addition, the adoption of modern external beam radiation systems is rapidly increasing due to the significant change in the radiation beam type. This allows clinicians to reduce the radiation exposure to healthy tissues surrounding the target area and automate the radiation therapy to improve the efficacy and precise and accurate radiation dose delivery.

Based on product type, global market is bifurcated into oncology systems, proton solutions, and others.

The oncology system segment dominates the global market and is expected to grow at a CAGR of 4.4% over the forecast period. Radiation therapy systems in the oncology segment include conventional radiation systems and brachytherapy systems, which are most used in the market. These systems allow clinicians to perform cancer treatments through external or internal beam radiation. The most common radiation beam is a superficial X-ray or photon for teletherapy. The brachytherapy consists of various radioactive sources depending on the type of cancer/tumor and its location.

Based on therapy, the global market is bifurcated into stereotactic radiosurgery (SRS), image-guided radiation therapy (IGRT), intensity-modulated radiation therapy (IMRT), volumetric-modulated arc therapy (VMAT), and brachytherapy.

The stereotactic radiosurgery (SRS) segment owns the highest market share and is predicted to exhibit a CAGR of 5.2% over the forecast period. Stereotactic radiosurgery (SRS) is not surgery as it does not include any incision or general anesthesia. SRS was created by neurosurgeons and physicists about five decades ago to deliver radiation to localized targets in the brain. The SRS destroys the DNA of the tumor cells in the same manner as another form of radiation, resulting in the tumor cells dying because of the inability to grow. In addition, the SRS uses 3D computerized imaging and a frame placed on the patient's head to direct the radiation beam to a precise target and deliver a high radiation dose in a single session.

Based on end-user, the global market is divided into hospitals and medical research institutes and specialized radiotherapy centers (SRCs).

The hospitals and medical research institutes segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 4.8% over the forecast period. The end-user of the hospitals and medical research institutes segment is the primary buyer of radiation therapy systems, owing to the increasing geriatric population, rising incidence and prevalence of cancer/ tumor, and continuous technological advancements in radiation therapy systems.

Recent Developments

• November 2022- CERN, CHUV, and THERYQ (ALCEN group) entered into a contract to develop a revolutionary FLASH radiotherapy device that utilizes very high-energy electrons (VHEE) to cure cancers that are resistant to traditional treatments with significantly fewer side effects.
• January 2023- The Cancer Institute at Tampa General Hospital (TGH) announced that it is expanding its Radiation Oncology program by adding new cancer treatment technology and enhanced locations under the direction of internationally renowned physicians. Tampa General Hospital and the Florida Cancer Specialists & Research Institute (FCS) are constructing the first proton therapy center in the Tampa Bay area through a collaborative partnership.