Posted On: Sep-2022 | Categories : Healthcare
Radiotherapy is a type of medical treatment that uses a specific amount of radiation to kill cancer cells and shrink tumours in patients. According to an NCBI study, radiation therapy is used to treat roughly 50% of cancer survivors, making up about 40% of curative cancer treatments. With a CAGR of 5.71% over the projection period of 2021–2030, the global radiotherapy market size was estimated to be $6.50 billion in 2021 and is expected to increase to $10.71 billion by 2030.
Radiotherapy demand has increased owing to the increasing prevalence of cancer disease worldwide. Furthermore, as people prefer non-surgical cancer treatments, the demand for radiotherapy has increased. As an example: According to the NCBI, radiotherapy cancer treatment has the ability to increase cure rates by 3.5 million cancer patients while also improving palliative care for an additional 3.5 million cancer patients globally where more than 14 million new cancer cases are diagnosed each year.
World Health Organization stated that cancer is the world's sixth leading cause of death. Cancer is the second major cause of death in the United States, according to the Centers for Disease Control and Prevention. According to Canadian government statistics, cancer is the leading cause of death in the country. Radiation therapy is an effective cancer treatment method. With increasing cases worldwide, there will be increased demand for various cancer therapies involving radiotherapy.
The growing number of cancer patients worldwide is a major industry driver. According to the American Cancer Society, there will be 1.9 million new cancer cases and more than 608,000 deaths in 2021, representing an 11.7% increase in new cases and a 0.16% increase in cancer deaths over the previous two years.
According to the National Cancer Institute, in 2020, an estimated 1,806,590 new cancer cases were diagnosed in the U.S., and 606,520 people died in 2020. Prostate, lung, and colorectal cancers are expected to be responsible for 43% of all cancers diagnosed in men in 2020. Breast cancer, lung cancer, and colorectal cancers are the most common cancers in women, with an estimated 50% of all new cancer diagnoses in women in 2020.
High-energy radiation in radiotherapy permanently damages cancer cells' DNA, causing them to die. As reported by the Mayo Foundation for Medical Education and Research (MFMER), by July 2020, nearly half of all cancer patients will be receiving radiotherapy as part of their treatment plan. Furthermore, according to NHS inform data, by November 2021, 4 out of every 10 cancer cures will include radiotherapy as part of the treatment plan.
Regional Insights
With a revenue share of 32.87%, North America is the largest global market geographically. The region's market share has increased due to an increase in cancer cases and the wide availability of skilled medical professionals to treat these cases. According to the Canadian Cancer Statistics, approximately 230,000 people were expected to be diagnosed with cancer, with approximately 85,000 dying due to the disease. Lung cancer was expected to be the most common cancer, accounting for 25% of all diagnoses, followed by colorectal cancer (11%) and pancreatic cancer (7%).
In 2021, the United States will hold the largest share of the North American radiotherapy market. The rising geriatric population, government initiatives for radiotherapy-related research and development, and the rising incidence of various cancers are all driving growth in this market.
With a 6.82% CAGR, the Asia-Pacific region is expected to be the fastest-growing global radiation therapy equipment market. An aging population will drive the segment's growth, technological advancements in radiation products, rising conferences pushing radiotherapy investments, rising cancer occurrences, and increasing radiotherapy equipment and treatment adoption. According to NCBI studies, China is expected to have 4.8 million new cancer cases and 3.2 million cancer-related deaths by 2022. Lung cancer is the most familiar type of cancer in China. Between 2015 and 2030, lung cancer mortality is expected to rise by 40%.
The major factors driving the growth of this market are technological developments in radiotherapy and the rising cancer incidence. Other factors driving the growth of this market include increased awareness of the benefits of radiotherapy and the use of particle therapy for cancer treatment.
References -
https://www.strategicmarketresearch.com/market-report/radiotherapy-market
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3298009/
https://www.ncbi.nlm.nih.gov/books/NBK343621/
https://www.who.int/news-room/fact-sheets/detail/cancer
https://www.cancer.org/research/cancer-facts-statistics/all-cancer-facts-figures/cancer-facts-figures-2021.html
https://www.cancer.gov/about-cancer/understanding/statistics
https://www.mayo.edu/