The global Single Dose Radiotherapy Services Market is estimated to attain a valuation of US$ 7.88 billion in 2023 and is expected to reach US$ 16 billion by 2033. The market is expected to rise at a CAGR of 7.3% throughout the forecast period.
The market’s expansion is propelled by several factors, including the increasing incidence rate of cancer, technological advancements in radiotherapy, heightened awareness of radiotherapy’s benefits in cancer treatment, mounting healthcare expenditure, and the rising use of particle therapy for cancer treatment. Additionally, rising investments in cancer research by public and private organizations are expected to offer opportunities for market expansion.
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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.
Key Takeaways:
- 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:
The single dose radiotherapy services market is highly competitive, with several key industry players investing heavily in the production of these services.
The key industry players are Accuray Incorporated, Varian Medical Systems, Inc., Elekta AB, ViewRay, Inc., IBA Worldwide, Alliance Oncology, GenesisCare, Hitachi, Ltd., RaySearch Laboratories AB, and 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 Market 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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