The global radiotherapy market is valued at USD 6.3 billion in 2022 and is expected to reach USD 8.1 billion by 2027, at a CAGR of 5.1% during the forecast period. Technological advancements in radiotherapy and the rising incidence of cancer are the major factors driving the growth of this market. Additionally, awareness initiatives on the benefits of radiotherapy and the increasing use of particle therapy for cancer treatment are other factors driving the growth of this market. The rising healthcare expenditure across developing countries and increasing public-private investments in cancer research offer additional opportunities to this market. However, inadequate healthcare infrastructure, especially in emerging countries, shortage of skilled oncologists and radiologists, high cost of radiotherapy devices, and high complexities associated with radiotherapy treatment are the factors expected to restrain the growth of this market during the forecast period.
The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2019–2021 to expand their global presence and increase their market shares in the radiotherapy market. The key growth strategies adopted by the players in the radiotherapy market include product launches & enhancements, approvals, agreements and partnerships, and acquisitions. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. In 2021, the radiotherapy market was dominated by Siemens Healthineers AG (Germany), Elekta (Sweden) and Accuray Incorporated (US).
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In 2021, Siemens Healthineers AG became the leading player in the radiotherapy market after the successful acquisition of Varian Medical Systems, Inc. (US) in April 2021. The company commanded the highest market share in the global radiotherapy mainly due to the broad product portfolio of Varian Medical Systems, Inc. and the combined sales & distribution capabilities of both companies. The company focuses on both organic & inorganic growth strategies to enhance its footprint in the global market. In the last three years (2019-2021), Varian medical systems, Inc., under Siemens Healthineers, introduced and received regulatory approvals for several products (including ProBeam proton therapy system, ProBeam 360 with multi-room configuration, and Halcyon system). The company has entered into several agreements, partnerships, collaborations, and contracts to enhance its market presence.
In 2021, Elekta ranked second in global radiotherapy market. The company holds a strong geographical footprint with its presence in almost all major markets worldwide. Elekta sells its products and services through direct sales and third-party distributors and has a strong presence in North America, the Asia Pacific, and European countries, including others. The growth in the company’s sales, particularly strong in North America, Europe, and Asia, also contributed to maintaining its leading position in the radiotherapy market. Elekta provides its radiotherapy products to over 6,000 hospitals and cancer research institutes worldwide. It has an installed base of approximately 6,900 devices, as of FY 2021, of which approximately 5,000 units were linacs, MR-Linacs, or Leksell Gamma Knife systems. Elekta received several product approvals and launched multiple products in the last three years, including Unity, Harmony, Leksell Gamma Knife, Geneva, and Monaco systems. The company has also introduced a next-generation Gamma Knife Elekta Espirit system to enable personalized radiosurgery. The company is awaiting FDA and CE clearance for Elekta Espirit as of June 2022.
Radiotherapy Market by Type (Product, Service), Technology (LINAC, Stereotactic LINAC, Particle Therapy, Cobalt-60 Teletherapy), Procedure (IMRT, IGRT, 3D-CRT, LDR, HDR), Application (Prostate, Breast, Lung), End User (Hospital) - Global Forecasts to 2027
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