The radiotherapy market is expected to grow significantly by 2028 as a result of rising awareness pertaining to radiotherapy treatment for cancer. In addition, increasing prominence of modern radiotherapy consisting of highly precise collimating devices is slated to positively impact market growth over the forecast period.

The COVID-19 pandemic adversely affected the market since stringent lockdown restrictions delayed the installation of radiotherapy devices. However, cancer being one of the leading causes of death globally has resulted in notable technological advances in the treatment along with widespread awareness, thereby fueling radiotherapy market growth.

Additionally, major players in the space have been focusing on developing novel radiotherapy treatment devices that are integrated with modern technology and artificial intelligence (AI), which has enhanced overall product outlook. For instance, in December 2020, ViewRay, Inc., a leading player in the industry, announced that Seoul National University Hospital, a leading healthcare facility in South Korea, had successfully treated a thousand patients using its MRIdian radiotherapy system, ViewRay’s MRI-guided radiation therapy.

In another instance, in April 2022, Siemens Healthineers, a leading German medical devices company, extended its long-term partnership with Oulu University Hospital in Finland to establish a high-performance radiology department and an oncology service line.

To cite another instance, in May 2022, Elekta, a Swedish company that provides medical treatments, launched Espirit automated treatment planning system, which aims to offer rapid automated treatment with more personalized and patient-friendly functionality. This launch was followed by Elekta’s announcement of its collaboration with the Netherlands Cancer Institute, a renowned cancer-treatment facility, to jointly develop effective and personalized radiation treatment management software solutions.

The radiotherapy market has been bifurcated based on type, end-use, application, and region. In terms of type, the market has been classified into internal radiation therapy, external beam radiation therapy, and systematic radiation therapy. In 2021, the systematic radiation therapy segment was valued at around USD 849.4 million and is projected to witness considerable revenue growth up to 2028 on account of rising incidences of cancer cases across the globe.

In terms of application, the radiotherapy market has been divided into prostate cancer, head & neck cancer, lung cancer, breast cancer, cervical cancer, and others. The cervical cancer segment is anticipated to witness strong growth at over 4.3% CAGR through the analysis period owing to increasing technological advancements in radiotherapy.

With respect to end-use, the market has been categorized into hospitals, cancer research institutes, and radiotherapy centers & ambulatory surgery centers. The hospitals segment surpassed USD 2,741.7 million in revenue in 2021 and is set to exhibit robust progress over 2022-2028 due to rising number of administrations in hospitals because of cancer.

With regards to region, the Latin America radiotherapy market held more than 10.8% market share in 2021 and is estimated to showcase steady development through 2028. Growing public awareness regarding radiotherapy in LATAM is likely to drive regional market growth in the forthcoming years.