Image Guided Radiotherapy Market Forecast Report | Size, Share & Growth Drivers 2030

[Research Report] The image guided radiotherapy market size is projected to surge from US$ 1,814.25 million in 2022 to US$ 5,650.72 million by 2030; the market is estimated to grow at a CAGR of 15.3% during 2022–2030.

Analyst Perspective:

The image-guided radiation therapy market is poised to witness remarkable growth and transformation, driven by cutting-edge technological advances and the growing importance of personalized cancer treatment. Image-guided radiation therapy, with its precise targeting of tumors using real-time imaging, plays a critical role in minimizing radiation exposure to healthy tissue, thereby reducing side effects and improving patient outcomes. By bringing together artificial intelligence (AI) and machine learning (ML) algorithms, image-guided radiation therapy systems have become even more sophisticated, allowing oncologists to tailor radiation therapy plans to individual patient needs with unprecedented accuracy. In addition, the accessibility and affordability of image-guided radiation therapy are expected to increase, ensuring that more patients can benefit from this revolutionary approach to treating cancer, ultimately leading to higher survival rates and improved quality of life for those suffering from cancer.

Market Overview:

Radiation therapy is a local treatment used to treat cancer cells with ionizing radiation. Image-guided radiation therapy is the method of using periodic two- and three-dimensional imaging during radiation treatment to guide radiation therapy based on the image coordinates of the actual radiation treatment plan. Image-guided radiation therapy can help make surgeries less invasive and precise, resulting in shorter hospital stays and fewer procedures. Image-guided radiation therapy is the most advanced technology for tracking cancer and sparing normal tissue. The technology is one of the most efficient types of radiation therapy, reducing the radiation dose to normal tissue, reducing side effects, and improving outcomes.

The growth of the image-guided radiation therapy market is driven by synergistic factors, including robust healthcare infrastructure, increasing cancer prevalence, conducive reimbursement policies, technological innovations, active research initiatives, well-defined regulatory frameworks, and rising adoption of minimally invasive procedures. Continuous technological advances, greater emphasis on non-invasive cancer interventions, and a supportive healthcare ecosystem are expected to sustain this upward trend.

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Image Guided Radiotherapy Market: Strategic Insights

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Market Driver:

Rising Prevalence of Cancer Worldwide Drive Global Image Guided Radiotherapy Market

Health systems across the globe are witnessing a substantial increase in the prevalence of cancer. According to the World Health Organization (WHO), in 2019, ~9.6 million deaths were due to cancer across the globe. According to the same source, colorectal, liver, prostate, lung, and stomach cancer are most observed in men, while breast, colorectal, and cervical cancer are the most common among women.

According to Cancer Research UK, in 2020, ~0.16 million people in the UK die each year due to cancer. Cancer is one of the leading reasons of death globally, causing ~10 million deaths in 2020, according to the WHO. The most common forms of cancer in 2020 were breast cancer (2.26 million cases) and lung cancer (2.21 million cases). According to the American Cancer Society, the burden of cancer worldwide is expected to reach ~28.4 million cases by 2040, increased by 47% from 2020, with greater increases in developing countries due to demographic changes. However, this is further compounded by increasing risk factors that can be exacerbated by globalization and a growing economy. The Global Cancer Observatory (GLOBOCAN) estimates that there were 19.3 million cases of cancer worldwide in 2020. GLOBOCAN predicted that cancer cases in India would rise to 2.08 million in 2040 compared to 2020, an increase of 57.5%. According to WHO, nearly 2.3 million women worldwide were detected with breast cancer, and ~685,000 deaths were registered due to the same in 2020. According to Advocate Health Care, over 60% of cancer patients undergo some form of radiation therapy as part of their treatment. This is because radiation therapy is very effective in fighting several types of cancer as it destroys the cancer cell's ability to reproduce. Image guided radiotherapy allows the radiation therapist to locate the target area better and direct the beam of radiation at the tumor immediately before or even during treatment. Thus, the high prevalence of cancer is anticipated to drive the adoption of image guided radiotherapy.

According to data published by the WHO in March 2021, over 50% of cancer patients involve radiotherapy as part of cancer management and care. Moreover, according to the same data, radiotherapy is prominently used to treat the most common types of cancer, such as colorectal, lung, breast, and cervical cancer. From the patient's point of view, early detection and diagnosis can prevent unnecessary pain and suffering. It can also reduce the scale and cost of treatment. Further, government awareness will propel the market. For instance, Public Health England, in partnership with the Department of Health and NHS England, leads the “Be Clear on Cancer” program. The program aims to improve early diagnosis of cancer by increasing public awareness of the signs and symptoms of cancer and further urging people to see their doctors without delay.

Segmental Analysis:

Based on type, the image guided radiotherapy market is segmented into product and services. The product segment held the largest market share in 2022. services segment is anticipated to register the highest CAGR of 15.5% during 2022–2030. The Increasing awareness about radiation therapy has increased the demand of radiotherapy equipment such as linear accelerators (LINAC) and MRI- LINAC which helps in delivering the therapy to large patient population. Moreover, there has been tremendous growth in oncology centers which has further generated the demand for radiotherapy equipment which in turn driving the product segment and contributing the image guided radiotherapy market growth.

Based on application, the image guided radiotherapy market is segmented into breast cancer, lung cancer, gastrointestinal cancer, prostate cancer, gynecological cancers, head and neck cancer, and others. The breast cancer segment held the largest market share in 2022. The lung cancer segment is anticipated to register the highest CAGR of 16.3% during 2022–2030.

Based on imaging type, the image guided radiotherapy market is segmented into magnetic resonance imaging (MRI), positron emission tomography (PET), computed tomography (CT) imaging, and others. The magnetic resonance imaging (MRI) segment held the largest market share in 2022. The computed tomography (CT) imaging segment is anticipated to register the highest CAGR of 15.8% from 2022 to 2030.

Based on end user, the image guided radiotherapy market is segmented into hospitals, oncology centers, and radiotherapy centers. The hospitals segment held the largest market share in 2022. The oncology centers segment is anticipated to register the highest CAGR of 16.0% during 2022–2030.

Regional Analysis:

North America dominates the image guided radiotherapy market. The North America image guided radiotherapy market was valued at US$ 760.70 million in 2022 and is projected to reach US$ 2,409.12 million by 2030; it is expected to register a CAGR of 15.5% during 2022–2030. The North America image guided radiotherapy market is segmented into the US, Canada, and Mexico. North America has an advanced healthcare infrastructure that is due to a higher incidence of cancer. In North America, a sophisticated healthcare infrastructure coupled with easy access to state-of-the-art medical technologies creates a favorable environment for the integration of advanced treatment modalities, such as image-guided radiation therapy. The region's particularly comprehensive healthcare reimbursement frameworks are increasing the uptake of sophisticated treatments, including image-guided radiation therapy, ensuring they are accessible to a wider range of patients. This confluence of factors underpins the impetus for expanding and strengthening the image-guided radiotherapy market.

The Europe image-guided radiotherapy market is expected to grow substantially during the forecast period owing to the availability of advanced treatment facilities, qualified medical professionals, and government support for research and development. Asia Pacific is the fastest-growing market due to increasing cancer prevalence, growing cancer awareness, and availability of new treatments.

Image Guided Radiotherapy Market Regional Insights

The regional trends and factors influencing the Image Guided Radiotherapy Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Image Guided Radiotherapy Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Image Guided Radiotherapy Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Image Guided Radiotherapy Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Image Guided Radiotherapy Market are:

1. ViewRay
2. GE Healthcare
3. Hitachi, Ltd.
4. Siemens AG
5. Koninklijke Philips N.V.

Disclaimer: The companies listed above are not ranked in any particular order.

Key Player Analysis:

ViewRay, GE Healthcare, Hitachi, Ltd.; Siemens AG, Koninklijke Philips N.V.; TOSHIBA CORPORATION, Varian Medical Systems, Inc.; Vision RT Ltd.; Elekta AB, Accuray Incorporated, and HORIBA Group are among the key players analyzed during the image guided radiotherapy market study.

Recent Developments: 

The companies operating in the image guided radiotherapy market highly adopt inorganic and organic strategies such as mergers and acquisitions. A few of the recent market developments are listed below:

• In May 2023, Philips expanded its mobile C-arm portfolio with Zenition 10.
• In April 2023, GE HealthCare expanded its portfolio of magnetic resonance imaging (MRI) contrast agents with the launch of Pixxoscan. It provides customers with access to two leading macrocyclic molecules: Clariscan (gadoteric acid) and Pixxoscan (gadobutrol).
• In June 2023, GE HealthCare announced its plans to expand its PET/MR capabilities with AIR technologies to improve diagnostic precision and simplify treatment evaluation while increasing patient comfort.
• In September 2022, China's regulatory authority, the National Medical Products Administration (NMPA), approved the sale and use of ViewRay's MRIdian MRI-guided radiation therapy system.