Image-Guided Radiation Therapy Market

The global image-guided radiation therapy market in terms of revenue was estimated to be worth $1.9 billion in 2023 and is poised to reach $2.4 billion by 2028, growing at a CAGR of 5.2% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Rising demand for image-guided interventions and growth in non-invasive treatments of cancer management are a few drivers that collectively contribute to the growth of the image-guided radiation therapy market, and as healthcare technologies continue to evolve, the demand for image-guided radiation therapy is expected to rise further in the upcoming years. However, higher costs and availability limit the market growth.

Attractive Opportunities in the Image-guided Radiation Therapy Market

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Image-guided Radiation Therapy Market: Market Dynamics

Driver: Increase in non-invasive cancer treatments through radiation therapy

Non-invasive radiation therapy significantly mitigates the probability of surgical complications and diminishes the potential for adverse effects in the post-treatment phase. This augmentation distinctly contributes to the advancement and market elevation of image-guided radiation therapy, positioning it as a pivotal solution in the landscape of cancer treatment.

Increasing government initiatives for cancer management:

The augmentation of government initiatives for cancer management is driven by a confluence of factors, encompassing imperatives in public health, deliberations of economic significance, advocacy on behalf of patients, commitments on the global stage, and a unified endeavor to bolster healthcare systems and foster health equity. This amalgamation distinctly contributes to the advancement and market elevation of image-guided radiation therapy, solidifying its position as a pivotal solution within the broader spectrum of cancer treatment modalities.

Rising cancer patient population:

The upward trajectory of the cancer patient population stems from a multifaceted interplay of interconnected elements that collectively influence individual susceptibility and contribute to the overarching burden of cancer across societies. This intricate amalgamation distinctly contributes to the advancement and market elevation of image-guided radiation therapy, positioning it as an instrumental solution within the expansive domain of cancer care and treatment.

Restraint: The dearth of skilled radiologist/oncologist:

The scarcity of proficient radiologists and oncologists constitutes a multifaceted challenge underscored by factors including escalating demand, shifting demographics, hurdles in training, work environment considerations, and the imperative for continuous professional advancement. This intricate interplay distinctly contributes to the advancement and market elevation of image-guided radiation therapy (IGRT), positioning it as an indispensable solution within the realm of oncological care and management.

Affordability and accessibility of treatment:

The accessibility and affordability of cancer treatment are intricately shaped by a multifaceted interplay of variables, including treatment expenditure, insurance provisions, regional discrepancies, supportive service availability, and the financial ramifications of treatment. Collectively, these elements contribute to the delineation of the cancer care landscape, ultimately impacting patients' capacity to obtain and finance essential treatments. This intricate amalgamation distinctly contributes to the advancement and market elevation of image-guided radiation therapy (IGRT), positioning it as an instrumental solution in addressing the affordability and accessibility aspects within the domain of cancer care.

Complexity of imaging technology for treatments:

The intricacy of imaging technology in the context of cancer treatments is a result of the dynamic interplay between advancing technologies, the imperative for specialized expertise, complexities in data analysis, challenges in seamless treatment integration, and the essentiality of cross-disciplinary collaboration. This synergy of factors collectively molds the framework of imaging-guided cancer treatments, underscoring the heightened capabilities and intricacies within this domain. This distinct interrelation significantly contributes to the advancement and market augmentation of image-guided radiation therapy (IGRT), positioning it as a pivotal solution that aligns with the complex demands of contemporary cancer care, thus fostering its prominence and adoption.

Opportunity: Rising healthcare expenditure across developing countries

The rise in healthcare spending in developing countries is driven by a complex interplay of factors like changing demographics, disease trends, improved infrastructure, technological advancements, and healthcare workforce growth. This dynamic interaction shapes the healthcare landscape and guides financial resource allocation for services and treatments. Amid this context, image-guided radiation therapy (IGRT) emerges as a strategic solution equipped with advanced capabilities that align with evolving healthcare needs.

Expansion of key players in emerging countries:

Prominent industry leaders are expanding in emerging countries due to untapped markets, strategic collaborations, and adapting expertise to evolving healthcare needs. In this context, image-guided radiation therapy (IGRT) plays a pivotal role in meeting the healthcare demands of these growing markets.

Challenges: Availability of alternative technology:

Navigating the landscape of alternative technologies poses a challenge for the IGRT market, driven by ongoing technological advancements, the pursuit of superior treatment outcomes, and the competitive dynamics inherent within cancer treatment modalities. Amidst this complexity, the strategic rise and market expansion of image-guided radiation therapy (IGRT) becomes imperative, as it must effectively align its unique attributes to meet evolving cancer care needs while contending with alternative technological options.

Image-Guided Radiation Therapy Market Ecosystem

Major companies in this market include well-established and financially stable suppliers of image-guided radiation therapy, radiotherapy, and imaging technology. Prominent companies in this market include Siemens Healthiineers AG (Germany), Elekta (Sweden), Accuray Incorporated (US), Varian Medical Systems (US),  GE Healthcare Company (US), Hitachi (Japan), Koninklijke Philips (Netherlands), Toshiba Corporation (Japan), among several others.

PET/ MRI-guided radiation therapy segment of the Image-guided Radiation Therapy Industry to register a significant growth rate over the forecast period of 2022-2028.

Based on the product, the image-guided radiation therapy market is segmented into 4D gating/ 4D RT, CT scanning, LINAC (linear accelerator), PET/ MRI-guided radiation therapy, and portal imaging. PET/ MRI-guided radiation therapy product segment to register a significant growth rate over the forecast period of 2022-2028. PET/MRI integration enables timely treatment response assessment, empowering providers to adapt plans swiftly. This improves outcomes and intervention precision. Real-time insights advance decision-making and enhance IGRT's prominence, aligning with patient-centric values. This synergy positions PET/MRI and IGRT as integral to progressive cancer care.

The prostate cancer application segment accounted for the highest CAGR of the image-guided radiation therapy industry in 2022-2028.

Based on the application, the image-guided radiation therapy market is segmented into prostate cancer, breast cancer, lung cancer, head & neck cancer, gynecological cancer, gastrointestinal cancer, and other applications. IGRT enables radiologists to perform complex prostate cancer applications using non-invasive techniques. The integration of image-guided radiation therapy (IGRT) within prostate cancer treatment is substantiated by its adeptness in navigating the intricacies of prostate anatomy, mitigating treatment-associated uncertainties, tailoring treatment regimens, and synergizing with evolving therapeutic frameworks. This amalgamation of attributes significantly amplifies the advancement and prominence of IGRT within the context of the prostate cancer application segment, thereby augmenting its strategic position in the broader market of radiation therapy.

The stereotactic therapy procedure segment accounted for the highest growth rate of the image-guided radiation therapy industry in 2022-2028.

Based on the procedure, the image-guided radiation therapy market is segmented into intensity modulation radiation therapy, stereotactic therapy, particle therapy, 3D conformal radiation therapy, and proton beam therapy. The stereotactic therapy procedure segment is estimated to hold the highest growth rate of the image-guided radiation therapy market during the forecast period.

This segment held a CAGR of 39.2% in 2022. Stereotactic therapy's efficiency in requiring fewer treatment sessions than conventional methods aligns with IGRT's streamlined approach. This benefits patients, healthcare providers, and resource allocation, enhancing patient satisfaction and adherence. This convergence highlights IGRT's strategic importance, solidifying its market prominence as an essential modality for efficient and effective cancer care.

Independent radiotherapy centers segment to register for the highest growth rate of the image-guided radiation therapy industry in 2022-2028.

The major end users in the image-guided radiation therapy market are hospitals and independent radiotherapy centers. Independent radiotherapy centers are expected to dominate the market during the forecast period. The embrace of IGRT within independent radiotherapy centers is propelled by their capacity to deliver tailored and individualized healthcare, harness cutting-edge technologies, and establish a distinct and specialized footprint within the healthcare sector. This amalgamation of factors synergistically fosters the expansion and market advancement of IGRT within the realm of independent radiotherapy centers.

North America is expected to be the largest market for the Image-guided Radiation Therapy Industry during the forecast period.

North America, comprising the US and Canada, held the largest share of the image-guided radiation therapy market in 2022. With its resilient healthcare infrastructure and access to cut-throat medical technologies, North America provides an ideal setting for the adoption of sophisticated treatment methodologies like image-guided radiation therapy (IGRT).

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As of 2022, prominent players in the market are Siemens Healthineers AG (Germany) (Germany), Elekta (Sweden), Accuray Incorporated (US), GE HealthCare (US), Vyaire Medical, Inc. (US), and Hitachi (Japan)), among others.

Scope of the Image-guided Radiation Therapy Industry:

This report has segmented the global image-guided radiation therapy market to forecast revenue and analyze trends in each of the following submarkets:

By Product Type

• 4D gating/4D RT
• LINAC (Linear Accelerator)
• PET/MRI- guided radiation therapy
• Portal Imaging
• CT scanning

By Application

• Head and neck cancers
• Prostate cancer
• Lung cancer
• Breast cancer
• Gynecological cancers
• Gastrointestinal cancers
• Central nervous system

By Procedure

• Intensity-modulation radiation therapy
• 3D Conformal Radiation therapy
• Stereotactic therapy
• Proton beam therapy
• Particle therapy

By End User

• Hospitals
• Independent Radiotherapy Centers

By region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
• MEA

Recent market Developments of Image-guided Radiation Therapy Industry

• In 2023, Philips extended the company’s mobile C-arm portfolio with Zenition 10.
• In 2023, GE HealthCare Advances PET/MR Capabilities with AIR Technologies to enhance diagnostic precision and simplify treatment evaluation while elevating patient comfort.
• In 2023, The launch of Pixxoscan expands GE HealthCare’s portfolio of Magnetic Resonance Imaging (MRI) contrast agents, now offering two leading macrocyclic molecules to customers - Clariscan (gadoteric acid) and Pixxoscan (gadobutrol).

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