Intensity Modulated Radiotherapy Market Size by Radiation Type (Photon, Electron Beam, Proton and Carbon-Ion Radiation) Application (Prostate, Lung, Breast), End Users ( Hospitals and Independent Radiotherapy centers), and Region - Global Forecast to 2028
Updated on : Aug 22, 2024
The global size of intensity modulated radiotherapy market in terms of revenue was estimated to be worth $2.2 billion in 2023 and is poised to reach $2.8 billion by 2028, growing at a CAGR of 5.2% from 2023 to 2028. The research study consists of an industry trend analysis, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.
Rising demand for intensity-modulated interventions and growth in non-invasive treatments of cancer management are a few drivers that collectively contribute to the growth of intensity-modulated radiotherapy, and as healthcare technologies continue to evolve, the demand for intensity-modulated radiotherapy is expected to rise further in the upcoming years. However, higher high cost and availability limits the market growth.
Attractive Opportunities in the Intensity Modulated Radiotherapy Market
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Intensity Modulated Radiotherapy Market Dynamics
Driver: Increase in non-invasive cancer treatments through radiation therapy
Advances in radiation therapy technology have led to more precise and targeted treatments. Techniques such as intensity-modulated radiation therapy (IMRT), stereotactic body radiation therapy (SBRT), and proton therapy allow for highly focused radiation delivery, sparing healthy tissues and minimizing side effects. Unlike surgery, non-invasive radiation therapy does not involve surgical incisions or the removal of tissue. This leads to minimal scarring and shorter recovery times, allowing patients to resume their normal activities more quickly.
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 the intensity-modulated radiotherapy market, solidifying its position as a pivotal solution within the broader spectrum of cancer treatment modalities.
In the US, The Centers for Disease Control and Prevention (CDC) administers the NCCCP, which helps states and territories develop and implement cancer control plans. These plans address cancer prevention, early detection, treatment, and survivorship. European countries allocate significant funding for cancer research through national research agencies, such as Cancer Research UK in the United Kingdom and the German Cancer Aid (Deutsche Krebshilfe) in Germany.
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 Intensity-modulated radiotherapy, 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 Intensity-modulated radiotherapy (IMRT), 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 Intensity-modulated radiotherapy (IMRT), 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 Intensity-modulated radiotherapy (IMRT), 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, Intensity-modulated radiotherapy (IMRT) 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, Intensity-modulated radiotherapy (IMRT) plays a pivotal role in meeting the healthcare demands of these growing markets.
Challenge: 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 Intensity-modulated radiotherapy (IMRT) becomes imperative, as it must effectively align its unique attributes to meet evolving cancer care needs while contending with alternative technological options.
Intensity-Modulated Radiotherapy Market Ecosystem
Major companies in this market include well-established and financially stable suppliers of Intensity-modulated radiotherapy, radiotherapy and imaging technology. Prominent companies in this market include Varian Medical Systems,Inc.(US) Elekta (Sweden), Accuray Incorporated (US), Hitachi (Japan), among several others.
The Brain cancer application segment accounted for the highest CAGR of the intensity modulated radiotherapy industry in 2022-2028
Based on the application, the intensity modulated radiotherapy market is segmented into prostate cancer, breast cancer, lung cancer, brain cancer, gastrointestinal cancer, and other applications. IMRT enable radiologists to perform complex procedures using non-invasive techniques. The integration of Intensity-modulated radiotherapy (IMRT) within brain cancer treatment is substantiated by its adeptness in navigating the intricacies of brain 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 IMRT within the context of the brain cancer application segment, thereby augmenting its strategic position in the broader market of radiation therapy.
Hospitals to register for the highest growth rate of the intensity modulated radiotherapy industry in 2022-2028
The end users in the intensity modulated radiotherapy market are hospitals and independent radiotherapy centers. Hospitals are expected to dominate the market during the forecast period. Hospitals mainly have larger budgets, more advanced technology, and a broader range of medical specialties, which can facilitate the adoption and utilization of IMRT. Hospitals often have established referral networks with primary care physicians, specialists, and other healthcare providers. These networks can lead to more patients being referred to hospital-based radiation oncology departments, increasing the use of IMRT
North America is expected to be the largest market for the intensity modulated radiotherapy industry during the forecast period.
North America, comprising the US and Canada, held the largest share of the intensity modulated radiotherapy 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 Intensity-modulated radiotherapy (IMRT).
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As of 2022, prominent players in the market are Elekta (Sweden), Accuray Incorporated (US), Varian Medical Systems (US), and Hitachi (Japan), among others.
Scope of the Intensity Modulated Radiotherapy Industry:
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$2.2 billion |
|
Estimated Value by 2028 |
$2.8 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 intensity modulated radiotherapy market to forecast revenue and analyze trends in each of the following submarkets:
By Radiation Type
- Proton radiation
- Electron radiation
- Photon radiation
- Carbon-Ion radiation
By Application
- Prostate cancer
- Lung cancer
- Breast cancer
- Brain cancer
- Gynecological cancers
- Gastrointestinal cancers
- Other cancers
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
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global intensity modulated radiotherapy market?
The global intensity modulated radiotherapy market boasts a total revenue value of $2.8 billion by 2028.
What is the estimated growth rate (CAGR) of the global intensity modulated radiotherapy market?
The global intensity modulated radiotherapy market has an estimated compound annual growth rate (CAGR) of 5.2% and a revenue size in the region of $2.2 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 intensity-modulated radiotherapy 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 intensity-modulated radiotherapy market
- Mapping annual revenues generated by major global players from the intensity-modulated radiotherapy 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 intensity-modulated radiotherapy 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 intensity-modulated radiotherapy market was validated using both top-down and bottom-up approaches.
Market Definition
Intensity-Modulated Radiation Therapy (IMRT) is a highly advanced and precise technique in the field of radiation therapy used for the treatment of cancer. IMRT is designed to deliver radiation therapy with greater accuracy and conformality, allowing for more effective tumor targeting while minimizing damage to surrounding healthy tissues.. It combines advanced imaging technology with radiation therapy to enhance the accuracy of treatment and minimize the impact on surrounding healthy tissues.
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 Intensity-modulated radiotherapy market based on radiation type, 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 intensity-modulated radiotherapy marketreport:
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 intensity-modulated radiotherapy marketinto Russia, Belgium, the Netherlands, Switzerland, Austria, Finland, Sweden, Poland, and Portugal among other
- Further breakdown of the Rest of Asia Pacific intensity-modulated radiotherapy marketinto Singapore, Taiwan, New Zealand, Philippines, Malaysia, and other APAC countries
- Further breakdown of the Rest of the world intensity-modulated radiotherapy marketinto Latin America, MEA, and Africa
Growth opportunities and latent adjacency in Intensity Modulated Radiotherapy Market