Global Radiation Therapy Equipment Market to Reach US$6.6 Billion by the Year 2026

Radiation therapy or radiotherapy has emerged as an integral part of treatment for cancer patients. By using high-energy radiation from sources such as X-rays, neutrons, protons, and gamma rays, radiotherapy kills cancer-affected tissues or prevents multiplication of cancer cells in the body. Growth in the global market continues to be driven by the constant increase in the number of cancer patients across the world and the increasing adoption of radiation therapy for treatment of cancer. Advancing cancer treatment technologies and increasing availability of reimbursement coverage for radiotherapy treatments is expected to favor market growth. Also driving growth is the steadily expanding elderly population and rising incidence of cancer in this age group. Reducing cost of treatment in several developed nations, and increasing government and private investments in research and development associated with cancer treatment are fostering growth in the global radiotherapy equipment market. The recent advancements and innovations in the radiation therapy space have led to the development of effective treatments, a good prognosis, and reduced side effects during the treatment. There are significant developments observed in the areas of stereotactic body radiation therapy (SBRT), intensity-modulated radiation therapy (IMRT), nanotechnology, 4D imaging, particle therapy, which are further improving the radiotherapy treatments.

Amid the COVID-19 crisis, the global market for Radiation Therapy Equipment estimated at US$5.2 Billion in the year 2020, is projected to reach a revised size of US$6.6 Billion by 2026, growing at a CAGR of 4.3% over the analysis period. External Beam Radiation Therapy, one of the segments analyzed in the report, is projected to grow at a 4.5% CAGR to reach US$5.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Internal Radiation Therapy segment is readjusted to a revised 3.5% CAGR for the next 7-year period. This segment currently accounts for a 9.5% share of the global Radiation Therapy Equipment market. The external beam radiation therapy involves transmission of radiation through a machine that is placed outside the body. Incidence of cancer cases, and increasing patient and physician awareness about procedures, ongoing improvement in diagnostic techniques, and availability of advanced diagnostic techniques are driving segment growth. Internal radiation therapy, also termed as brachytherapy, involves placing radioactive material or implant through a catheter, at the tumor site and at surrounding tissue. Growth in the segment is led primarily by the expanding pool of cancer patients.

The U.S. Market is Estimated at $1.9 Billion in 2021, While China is Forecast to Reach $546.7 Million by 2026

The Radiation Therapy Equipment market in the U.S. is estimated at US$1.9 Billion in the year 2021. The country currently accounts for a 36.7% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$546.7 Million in the year 2026 trailing a CAGR of 5.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 3.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$583.3 Million by the end of the analysis period. Developed regions including the US, Canada, Japan and Europe represent the leading regional markets for radiotherapy equipment due largely to the presence of well-established and advanced healthcare infrastructure facilities and higher adoption of advanced radiation therapies for cancer treatment. In developing countries, growth will be driven by increasing incidence of cancer and the consequent growth in demand for cancer treatment techniques including radiation therapy.

Systemic Radiation Therapy Segment $401.7 Million by 2026

Systemic radiation therapy entails use of radioactive materials like iodine-131 or strontium-89 that travel through blood to eliminate cancerous cells. Systemic radiotherapy market is being driven by rapid changes in cancer treatment technologies and sustained increase in the number of cancer patients, worldwide. Growth is also being fueled by the technique`s growing application in areas such as bone metastasis, thyroid cancer, non-Hodgkin`s lymphoma and radio immunotherapy. In the global Systemic Radiation Therapy segment, USA, Canada, Japan, China and Europe will drive the 3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$283.4 Million in the year 2020 will reach a projected size of US$349.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$37.9 Million by the year 2026, while Latin America will expand at a 3.9% CAGR through the analysis period.