Image-Guided Radiation Therapy Market by Product (4D RT, LINAC, MRI-guided radiotherapy, Portal CT Imaging), Procedure (IMRT, Stereotactic, Particle), Application (Neck, Prostate, Breast cancer), End User (Hospital, ACC) & Region - Global Forecast to 2028
The global image-guided radiation therapy market in terms of revenue was estimated to be worth $1.9 billion in 2023 and is poised to reach $2.4 billion by 2028, growing at a CAGR of 5.2% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Rising demand for image-guided interventions and growth in non-invasive treatments of cancer management are a few drivers that collectively contribute to the growth of the image-guided radiation therapy market, and as healthcare technologies continue to evolve, the demand for image-guided radiation therapy is expected to rise further in the upcoming years. However, higher costs and availability limit the market growth.
Attractive Opportunities in the Image-guided Radiation Therapy Market
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Image-guided Radiation Therapy Market: Market Dynamics
Driver: Increase in non-invasive cancer treatments through radiation therapy
Non-invasive radiation therapy significantly mitigates the probability of surgical complications and diminishes the potential for adverse effects in the post-treatment phase. This augmentation distinctly contributes to the advancement and market elevation of image-guided radiation therapy, positioning it as a pivotal solution in the landscape of cancer treatment.
Increasing government initiatives for cancer management:
The augmentation of government initiatives for cancer management is driven by a confluence of factors, encompassing imperatives in public health, deliberations of economic significance, advocacy on behalf of patients, commitments on the global stage, and a unified endeavor to bolster healthcare systems and foster health equity. This amalgamation distinctly contributes to the advancement and market elevation of image-guided radiation therapy, solidifying its position as a pivotal solution within the broader spectrum of cancer treatment modalities.
Rising cancer patient population:
The upward trajectory of the cancer patient population stems from a multifaceted interplay of interconnected elements that collectively influence individual susceptibility and contribute to the overarching burden of cancer across societies. This intricate amalgamation distinctly contributes to the advancement and market elevation of image-guided radiation therapy, positioning it as an instrumental solution within the expansive domain of cancer care and treatment.
Restraint: The dearth of skilled radiologist/oncologist:
The scarcity of proficient radiologists and oncologists constitutes a multifaceted challenge underscored by factors including escalating demand, shifting demographics, hurdles in training, work environment considerations, and the imperative for continuous professional advancement. This intricate interplay distinctly contributes to the advancement and market elevation of image-guided radiation therapy (IGRT), positioning it as an indispensable solution within the realm of oncological care and management.
Affordability and accessibility of treatment:
The accessibility and affordability of cancer treatment are intricately shaped by a multifaceted interplay of variables, including treatment expenditure, insurance provisions, regional discrepancies, supportive service availability, and the financial ramifications of treatment. Collectively, these elements contribute to the delineation of the cancer care landscape, ultimately impacting patients' capacity to obtain and finance essential treatments. This intricate amalgamation distinctly contributes to the advancement and market elevation of image-guided radiation therapy (IGRT), positioning it as an instrumental solution in addressing the affordability and accessibility aspects within the domain of cancer care.
Complexity of imaging technology for treatments:
The intricacy of imaging technology in the context of cancer treatments is a result of the dynamic interplay between advancing technologies, the imperative for specialized expertise, complexities in data analysis, challenges in seamless treatment integration, and the essentiality of cross-disciplinary collaboration. This synergy of factors collectively molds the framework of imaging-guided cancer treatments, underscoring the heightened capabilities and intricacies within this domain. This distinct interrelation significantly contributes to the advancement and market augmentation of image-guided radiation therapy (IGRT), positioning it as a pivotal solution that aligns with the complex demands of contemporary cancer care, thus fostering its prominence and adoption.
Opportunity: Rising healthcare expenditure across developing countries
The rise in healthcare spending in developing countries is driven by a complex interplay of factors like changing demographics, disease trends, improved infrastructure, technological advancements, and healthcare workforce growth. This dynamic interaction shapes the healthcare landscape and guides financial resource allocation for services and treatments. Amid this context, image-guided radiation therapy (IGRT) emerges as a strategic solution equipped with advanced capabilities that align with evolving healthcare needs.
Expansion of key players in emerging countries:
Prominent industry leaders are expanding in emerging countries due to untapped markets, strategic collaborations, and adapting expertise to evolving healthcare needs. In this context, image-guided radiation therapy (IGRT) plays a pivotal role in meeting the healthcare demands of these growing markets.
Challenges: Availability of alternative technology:
Navigating the landscape of alternative technologies poses a challenge for the IGRT market, driven by ongoing technological advancements, the pursuit of superior treatment outcomes, and the competitive dynamics inherent within cancer treatment modalities. Amidst this complexity, the strategic rise and market expansion of image-guided radiation therapy (IGRT) becomes imperative, as it must effectively align its unique attributes to meet evolving cancer care needs while contending with alternative technological options.
Image-Guided Radiation Therapy Market Ecosystem
Major companies in this market include well-established and financially stable suppliers of image-guided radiation therapy, radiotherapy, and imaging technology. Prominent companies in this market include Siemens Healthiineers AG (Germany), Elekta (Sweden), Accuray Incorporated (US), Varian Medical Systems (US), GE Healthcare Company (US), Hitachi (Japan), Koninklijke Philips (Netherlands), Toshiba Corporation (Japan), among several others.
PET/ MRI-guided radiation therapy segment of the Image-guided Radiation Therapy Industry to register a significant growth rate over the forecast period of 2022-2028.
Based on the product, the image-guided radiation therapy market is segmented into 4D gating/ 4D RT, CT scanning, LINAC (linear accelerator), PET/ MRI-guided radiation therapy, and portal imaging. PET/ MRI-guided radiation therapy product segment to register a significant growth rate over the forecast period of 2022-2028. PET/MRI integration enables timely treatment response assessment, empowering providers to adapt plans swiftly. This improves outcomes and intervention precision. Real-time insights advance decision-making and enhance IGRT's prominence, aligning with patient-centric values. This synergy positions PET/MRI and IGRT as integral to progressive cancer care.
The prostate cancer application segment accounted for the highest CAGR of the image-guided radiation therapy industry in 2022-2028.
Based on the application, the image-guided radiation therapy market is segmented into prostate cancer, breast cancer, lung cancer, head & neck cancer, gynecological cancer, gastrointestinal cancer, and other applications. IGRT enables radiologists to perform complex prostate cancer applications using non-invasive techniques. The integration of image-guided radiation therapy (IGRT) within prostate cancer treatment is substantiated by its adeptness in navigating the intricacies of prostate anatomy, mitigating treatment-associated uncertainties, tailoring treatment regimens, and synergizing with evolving therapeutic frameworks. This amalgamation of attributes significantly amplifies the advancement and prominence of IGRT within the context of the prostate cancer application segment, thereby augmenting its strategic position in the broader market of radiation therapy.
The stereotactic therapy procedure segment accounted for the highest growth rate of the image-guided radiation therapy industry in 2022-2028.
Based on the procedure, the image-guided radiation therapy market is segmented into intensity modulation radiation therapy, stereotactic therapy, particle therapy, 3D conformal radiation therapy, and proton beam therapy. The stereotactic therapy procedure segment is estimated to hold the highest growth rate of the image-guided radiation therapy market during the forecast period.
This segment held a CAGR of 39.2% in 2022. Stereotactic therapy's efficiency in requiring fewer treatment sessions than conventional methods aligns with IGRT's streamlined approach. This benefits patients, healthcare providers, and resource allocation, enhancing patient satisfaction and adherence. This convergence highlights IGRT's strategic importance, solidifying its market prominence as an essential modality for efficient and effective cancer care.
Independent radiotherapy centers segment to register for the highest growth rate of the image-guided radiation therapy industry in 2022-2028.
The major end users in the image-guided radiation therapy market are hospitals and independent radiotherapy centers. Independent radiotherapy centers are expected to dominate the market during the forecast period. The embrace of IGRT within independent radiotherapy centers is propelled by their capacity to deliver tailored and individualized healthcare, harness cutting-edge technologies, and establish a distinct and specialized footprint within the healthcare sector. This amalgamation of factors synergistically fosters the expansion and market advancement of IGRT within the realm of independent radiotherapy centers.
North America is expected to be the largest market for the Image-guided Radiation Therapy Industry during the forecast period.
North America, comprising the US and Canada, held the largest share of the image-guided radiation therapy market in 2022. With its resilient healthcare infrastructure and access to cut-throat medical technologies, North America provides an ideal setting for the adoption of sophisticated treatment methodologies like image-guided radiation therapy (IGRT).
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As of 2022, prominent players in the market are Siemens Healthineers AG (Germany), Elekta (Sweden), Accuray Incorporated (US), GE Healthcare Company (US), Varian Medical Systems (US), and Hitachi (Japan), among others.
Scope of the Image-guided Radiation Therapy Industry:
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$1.9 billion |
|
Estimated Value by 2028 |
$2.4 billion |
|
Revenue Rate |
Poised to grow at a CAGR of 5.2% |
|
Market Driver |
Increase in non-invasive cancer treatments through radiation therapy |
|
Market Opportunity |
Rising healthcare expenditure across developing countries |
This report has segmented the global image-guided radiation therapy market to forecast revenue and analyze trends in each of the following submarkets:
By Product Type
- 4D gating/4D RT
- LINAC (Linear Accelerator)
- PET/MRI- guided radiation therapy
- Portal Imaging
- CT scanning
By Application
- Head and neck cancers
- Prostate cancer
- Lung cancer
- Breast cancer
- Gynecological cancers
- Gastrointestinal cancers
- Central nervous system
By Procedure
- Intensity-modulation radiation therapy
- 3D Conformal Radiation therapy
- Stereotactic therapy
- Proton beam therapy
- Particle therapy
By End User
- Hospitals
- Independent Radiotherapy Centers
By region
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia Pacific
-
Latin America
- Brazil
- Mexico
- MEA
Recent market Developments of Image-guided Radiation Therapy Industry
- In 2023, Philips extended the company’s mobile C-arm portfolio with Zenition 10.
- In 2023, GE HealthCare Advances PET/MR Capabilities with AIR Technologies to enhance diagnostic precision and simplify treatment evaluation while elevating patient comfort.
- In 2023, The launch of Pixxoscan expands GE HealthCare’s portfolio of Magnetic Resonance Imaging (MRI) contrast agents, now offering two leading macrocyclic molecules to customers - Clariscan (gadoteric acid) and Pixxoscan (gadobutrol).
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global image-guided radiation therapy market?
The global image-guided radiation therapy market boasts a total revenue value of $2.4 billion by 2028.
What is the estimated growth rate (CAGR) of the global image-guided radiation therapy market?
The global image-guided radiation therapy market has an estimated compound annual growth rate (CAGR) of 5.2% and a revenue size in the region of $1.9 billion in 2023.
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This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Secondary Research
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the image-guided radiation therapy market. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations in the image-guided radiation therapy market. The primary sources from the demand side include medical OEMs, Analytical instrument OEMs, CDMOs, and service providers, among others. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends & key market dynamics.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
Note: Companies are classified into tiers based on their total revenue. As of 2021, Tier 1 = >USD 2 billion, Tier 2 = USD 50 million to USD 2 billion, and Tier 3 = <USD 50 million.
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Market Estimation Methodology
In this report, the global image-guided radiation therapy market size was arrived at by using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the image-guided radiation therapy business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and key marketing executives.
To calculate the global market value, segmental revenues were calculated based on the revenue mapping of major solution/service providers. This process involved the following steps:
- Generating a list of major global players operating in the image-guided radiation therapy market
- Mapping annual revenues generated by major global players from the image-guided radiation therapy market segment (or nearest reported business unit/product category)
- Revenue mapping of key players to cover a major share of the global market as of 2021
- Extrapolating the global value of the image-guided radiation therapy industry
Data Triangulation
After arriving at the overall market size from the market size estimation process explained above, the global image-guided radiation therapy market was split into segments and subsegments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the image-guided radiation therapy market was validated using both top-down and bottom-up approaches.
Market Definition
Image-guided radiation therapy (IGRT) is a specialized technique used in radiation oncology to precisely target and deliver radiation to cancerous tumors in the body. It combines advanced imaging technology with radiation therapy to enhance the accuracy of treatment and minimize the impact on surrounding healthy tissues. When undergoing IGRT, high-quality images are taken before each radiation therapy treatment session. The images are used to increase the accuracy and precision of the radiation treatment.
Key Stakeholders
- Radiotherapy product manufacturers
- Distributors, suppliers, and commercial service providers
- Healthcare service providers
- Clinical research organizations (CROs)
- Radiotherapy service providers
- Radiotherapy product distributors
- Medical research laboratories
- Cancer care centers
- Cancer research organizations
- Academic medical centers and universities
- Market research and consulting firms
Objectives of the Study
- To define, describe, and forecast the Image-guided radiation therapy market based on product, procedure, application, end user, and region.
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze the micro markets with respect to individual growth trends, prospects, and contributions to the total market.
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
- To profile the key market players and comprehensively analyze their market shares and core competencies.
- To forecast the revenue of the market segments with respect to five main regions, namely, North America (US and Canada), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), the Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa.
- To track and analyze competitive developments such as new product launches and approvals; agreements, partnerships, expansions, acquisitions; and collaborations in the Image-guided radiation therapy market.
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the present global image-guided radiation therapy market report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolios of the top thirteen companies.
Company Information
- Detailed analysis and profiling of additional market players (up to 13)
Geographic Analysis
- Further breakdown of the Rest of Europe image-guided radiation therapy market into Russia, Belgium, the Netherlands, Switzerland, Austria, Finland, Sweden, Poland, and Portugal among others.
- Further breakdown of the Rest of Asia Pacific image-guided radiation therapy market into Singapore, Taiwan, New Zealand, Philippines, Malaysia, and other APAC countries.
- Further breakdown of the Rest of the world image-guided radiation therapy market into Latin America, MEA, and Africa.
Growth opportunities and latent adjacency in Image-Guided Radiation Therapy Market