Radiotherapy Market

The global radiotherapy market is projected to reach USD 9.62 billion by 2029 from USD 7.21 billion in 2024, at a CAGR of 4.9% from 2024 to 2029. The growth in research and development investments, increasing focus on cancer treatment and care, increasing adoption of initiatives to promote radiotherapy awareness. These key factors are encouraging the growth of radiotherapy market globally.

The radiotherapy market exhibits moderate competitiveness, featuring both established companies and emerging competitors for the same market share. As of 2023, the key player operating in the global radiotherapy market are Siemens Healthineers GmbH (Germany), Elekta (Sweden), Accuray Incorporated (US), IBA WORLDWIDE (Belgium), ViewRay Technologies, Inc (US), Perspective Therapeutics, Inc. (US), Hitachi High Tech Corporation (Japan), Sumitomo Heavy Industries Ltd. (Japan), Carl Zeiss Meditec AG (Germany) and Koninklijke Philips N.V. (Netherlands).

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In the past four years, top players in this market have employed key strategies such as product and service launches, making agreements, and undertaking expansions. In 2023, a major share of the radiotherapy market was held by Merck KGaA (Germany), Danaher Corporation (US), Thermo Fisher Scientific, Inc. (US), Corning Incorporated (US) and Greiner Bio-One International GmbH (Austria).

MERCK KGAA (GERMANY)

Siemens Healthineers AG became the leading player in the radiotherapy market after acquiring Varian Medical Systems, Inc. (US) in April 2021. Varian’s broad product portfolio and the combined sales and distribution capabilities of both companies allowed it to gain the leading market share. The company focuses on organic and inorganic growth strategies to enhance its footprint. During the last three years, Varian, under Siemens Healthineers, has introduced and received regulatory approvals for several products and has entered into several agreements, partnerships, collaborations, and contracts.

ELEKTA (SWEDEN)

Elekta sells its products and services through direct sales and third-party distributors and has a strong presence in North America, Asia Pacific, and European countries. The growth in the company’s sales, which was particularly strong in North America, Europe, and Asia, also contributed to maintaining its leading position. Elekta provides its radiotherapy products to over 6,000 hospitals and cancer research institutes worldwide. By 2023-end, the company had an installed base of ~7,300 radiotherapy devices, of which about 5,250 units were LINACs, MR LINACs, or Leksell Gamma Knife systems.

ACCURAY INCORPORATED (US)

Accuray Incorporated is a global innovation company focusing on innovation and product launches in radiotherapy to provide advanced solutions. The company is a leading radiotherapy industry player with a strong market presence in over 50 countries. Accuray Incorporated primarily pursues product innovation to sustain its position in the global radiotherapy market. Thermo Fisher primarily pursues product innovation to sustain its position in the global radiotherapy market. The company mainly depends on the US for revenue generation.

Related Reports:

Radiotherapy Market by Technology (EBRT:MR LINAC, Stereotactic, Particle; IBRT/Brachytherapy, Cobalt-60 Teletherapy), Procedure (IGRT, IMRT, 3D-CRT, HDR, LDR, PDR), Cancer (Prostate, Breast, Lung, CRC), End User (Hospital, IRC) - Global Forecasts to 2030

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