Top Companies in Radiotherapy Market

The global radiotherapy market is expected to grow from USD 7.21 billion in 2024 to USD 9.62 billion in 2029, registering a CAGR of 4.9% during the forecast period. Research and development expenditure, greater emphasis on oncology care & cancer treatment, and growing adoption of programs to increase oncology management & radiotherapy awareness are major drivers of market growth. The requirement for external beam radiation therapy (EBRT), including linear accelerators (LINACs), particle therapy, and image guided radiation therapy (IGRT) is increasing dramatically, mostly for the treatment of breast cancer.

The radiotherapy industry faces certain restraints such as high equipment costs, which restrict access in low-income areas. It is also subject to strict regulatory clearances and compliance rules, slowing product launches. Side effects and risks related to radiation therapy also impede adoption.

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The radiotherapy market is moderately competitive, with both well-established players and new entrants competing for the market. As of 2023, major players in the world market for radiotherapy 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). These firms are currently creating advanced radiation therapy products to improve patient outcomes.

SIEMENS HEALTHINEERS AG (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. Substantial R&D investment in Varian ensures cutting-edge solutions such as MR-LINAC.

The firm has a global presence in more than 70 countries worldwide. Its main production sites are in the US, China, and Germany. The company has a robust sales and distribution network in over 180 countries, including Europe, the Americas, the Asia Pacific, and the Middle East & Africa.

ELEKTA (SWEDEN)

Elekta is a medical device company that offers IGRT, stereotactic radiosurgery, brachytherapy, and radiation oncology information systems for oncology clinics. The company manufactures treatment solutions such as radiation therapy, radiosurgery, and software systems for cancer and brain-related disorders. 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.

ACCURAY INCORPORATED (US)

Accuray Incorporated is a global innovation company focusing on innovation and product launches in radiotherapy to provide advanced solutions. The major products offered by the company comprise CyberKnife, TomoTherapy systems, and Radixact systems. Its innovative solutions help deliver advanced treatments, such as intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), SBRT, SRS, and adaptive radiation therapy. 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.

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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