The latest market analysis has forecasted a promising growth trajectory for the global stereotactic radiation therapy market, with expectations to surge at a compound annual growth rate (CAGR) of 7.3% over the next decade. As per the data released, the market, which stood at USD 3.9 billion in 2023, is projected to expand to an impressive USD 7.9 billion by the year 2033.
This robust growth is fueled by the increasing incidence of malignant tumors and the significant advancements in radiation therapy technologies. According to the American Cancer Society, approximately 24,810 new cases of malignant spinal cord and brain tumors are expected to be diagnosed in the United States alone in 2023. These alarming statistics highlight the critical need for effective and efficient treatment modalities.
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Stereotactic radiation therapy, recognized for its precision and effectiveness, is increasingly becoming the treatment of choice for various types of cancer. This advanced therapy allows for high doses of radiation to be delivered accurately to cancerous cells in fewer sessions compared to conventional radiation therapy, resulting in better patient outcomes. Higher tumor control rates and improved survival rates for certain malignancies are notable benefits driving the adoption of this technology.
Stereotactic radiation therapy is a non-invasive or minimally invasive therapeutic option that, in some situations, avoids the need for surgery. It can be used to treat both primary and metastatic tumors, offering a non-invasive alternative to invasive methods. Stereotactic radiation therapy is appealing to patients and physicians due to its ability to deliver targeted radiation without requiring open surgery.
Leading players in this market are continuing to hold the global market share by promoting their product and associated benefits. By improving state-of-the-art technology in the stereotactic radiation systems, companies are offering optimized treatment plans and delivery of radiation therapy.
Key Takeaways from Market Study:
- By technology, linear accelerator radiosurgery systems accounts for USD 2.5 billion in 2022 owed to targeted therapy and lesser adverse effect.
- By indication, CNS cancer accounts for more than0% of the market share globally in 2022. Women have a slightly higher likelihood of acquiring any form of brain or spinal cord tumor than males, while men have a little higher risk of developing a malignant tumor. Thus, for non-surgical CNS cancer treatment option, the SRT is in high demand.
- Hospitals held around 2% of the global market share in 2022. This can be ascribed to the fact that large population globally suffers from various diseases, which can be adequately identified in this setting with qualified assistance.
- By region, North America held dominant share in world in 2022. The U.S. leads in this region with high prevalence of cancer and high requirement of radiation therapy.
“The growing cancer burden and increase in adoption of personalized therapy contribute to higher demand for stereotactic radiation therapy systems.” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
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Market Competition:
The stereotactic radiation therapy market is highly competitive, with key players like Ion Beam Applications (IBA), Elekta and Sumitomo Heavy Industries. These companies are constantly participating partnerships, award competition with their products and launching new products to gain a larger market share, with a focus on affordability, convenience, and effectiveness.
- In March, 2023, a research partnership has been started by IBA (Ion Beam Applications S.A., EURONEXT) for the creation of the ConformalFLASH clinical proton treatment system.
- In June, 2023, the choice to invest in Alpha Fusion Inc. (“AF”), a producer of radiopharmaceuticals based on astatine for targeted alpha therapy (“TAT”), was made official by Sumitomo Heavy Industries, Ltd.
Key Companies Profiled:
- Mevion Medical Systems, Inc.
- Hitachi, Ltd. (Mitsubishi Electric Corporation)
- Accuray Incorporated
- MASEP Medical Science & Technology Development (Shenzhen) Co
- Akesis, Inc
- Elekta
- Siemens Healthineers AG (Varian Medical Systems, Inc.)
- Ion Beam Applications
- ProTom International
- Pronova Solutions
- Sumitomo Heavy Industries, Ltd.
- Provision Cares
- Optivus Proton Therapy Inc.
- Advanced Oncotherapy
- Sun Nuclear Corporation
- B dot Medical Inc. (partnered with Toshiba)
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Key Market Segments Covered in the Stereotactic Radiation Therapy Industry Research:
By Technology:
- Linear Accelerator Radiosurgery Systems
- GammaKnife Radiosurgery Systems
- Proton Beam Therapy
- CyberKnife
By Indication:
- CNS Cancer
- Prostate Cancer
- Head and Neck
- Breast Cancer
- Lung Cancer
- Other
By End User:
- Hospitals
- Imaging Centers
- Cancer Research Centers
- Oncological Treatment Centers
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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