In 2023, the global single dose radiotherapy services industry size is projected to be worth US$ 7.88 billion, and by 2033, it is anticipated to be worth US$ 16 billion. Over the course of the projected period, the market is anticipated to grow at a CAGR of 7.3%.
The market is growing as a result of a number of factors, including the rising incidence rate of cancer, technological developments in radiotherapy, increased public awareness of the advantages of radiotherapy in the treatment of cancer, rising healthcare costs, and increased use of particle therapy for cancer treatment. Increasing public and private sector investments in cancer research are also anticipated to present market growth possibilities.
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The Organization for Economic Cooperation and Development (OECD) reports that per capita health expenditure in developing countries is on a steady rise. This can be attributed to the growing demand for healthcare services, which is driving the growth of the market for various medical devices, including radiotherapy equipment. In addition, economic development has led to an increase in disposable income and the penetration of health insurance, making healthcare services such as radiotherapy, more accessible in emerging economies.
A series of strategic acquisitions by market players are also expected to augment market growth. For example, in 2021, Siemens Healthineers AG acquired Varian Medical Systems, Inc. This acquisition provides Siemens Healthineers AG with access to Varian’s extensive product portfolio, which includes ProBeam 360, Clinac iX System, Trilogy System, ProBeam Multi-Room Proton therapy solution, and ARIA OIS product portfolio of laboratory imaging and diagnostics. As a result, this initiative is expected to increase revenue in the coming years and improve patient care, thereby fueling market expansion.
The widespread introduction of innovative linear accelerators is another key growth driving factor. In 2020, Elekta AB launched the Elekta Harmony linear accelerator, a highly efficient device used for cancer treatment through radiotherapy. The introduction of such new products has the potential to drive market growth by addressing previously unmet medical needs.
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Key Takeaways Single Dose Radiotherapy Services Industry:
- North America is projected to lead the market while growing with a CAGR of 7.1% during the forecast period.
- The market in India is projected to witness a CAGR of 7.4% during the forecast period.
- The market in China is expected to grow with a CAGR of 7.5% during the forecast period.
- By therapy, external beam radiotherapy is projected to lead the segment and is estimated to grow with a CAGR of 7.9% during the forecast period.
- By, indication, prostate cancer segment is expected to grow with a CAGR of 8% throughout the forecast period.
“Technological advancements in radiotherapy and introduction of innovative linear accelerator are expected to drive market growth during the forecast period,” comments an FMI Analyst
Competitive Landscape Single Dose Radiotherapy Services Industry:
The single dose radiotherapy services industry is highly competitive, with several key industry players investing heavily in the production of these services.
- Accuray Incorporated
- Varian Medical Systems, Inc.
- Elekta AB
- ViewRay Inc.
- IBA Worldwide
- Alliance Oncology
- GenesisCare
- Hitachi, Ltd.
- RaySearch Laboratories AB
- Provision Healthcare
Some Recent Developments In The Market Are:
- In June 2021, Elekta and Philips formed a strategic partnership agreement to advance personalized cancer care by leveraging precision solutions.
- In 2020, Elekta AB expanded its product portfolio and generated significant revenue by introducing the Leksell Gamma Knife, an advanced treatment optimizer for intracranial stereotactic radiosurgery.
- Accuray Incorporated launched the CyberKnife S7 System in June 2020, offering advanced precision and real-time radiation delivery capabilities.
- RifleXion Medical demonstrated the efficacy of biology-guided radiation (BgRT) for all cancer stages in June 2022.
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Single Dose Radiotherapy Services Industry by Category:
Indication:
- Breast Cancer
- Prostate Cancer
Therapy:
- External Beam Radiotherapy
- Internal Beam Radiotherapy
Service Provider:
- Hospitals
- Radiotherapy Centers
- Specialized Cancer Institutes
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- The Middle East and Africa (MEA)
- Oceania
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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