Image-Guided Radiation Therapy Market is Expected to Reach $2.4 billion | MarketsandMarkets.
Chicago, Sept. 14, 2023 (GLOBE NEWSWIRE) — The image-guided radiation therapy (IGRT) industry is poised for remarkable growth in the near future, driven by advancements in medical imaging technologies, increased patient demand for personalized cancer treatments, and the continuous refinement of radiation therapy delivery techniques. This burgeoning sector promises to revolutionize cancer care by enhancing treatment precision and minimizing collateral damage to healthy tissues. With the integration of artificial intelligence and machine learning algorithms for real-time tumor tracking and adaptation, IGRT is expected to further streamline treatment workflows and improve patient outcomes. As research and development efforts continue to push the boundaries of innovation, the IGRT industry is set to play a pivotal role in shaping the future of oncology, offering hope for more effective and less invasive cancer treatments.
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 according to a latest report published by MarketsandMarkets™. The image-guided radiation therapy market is driven by several factors that contribute to its growth and increasing adoption. These driving factors include non-invasive cancer treatments, the increasing prevalence of the cancer patient population and rising government initiatives for cancer management. However, the complexity in imaging technology and affordability limits the market growth of the image-guided radiation therapy market.
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Image-Guided Radiation Therapy Market Scope:
|Market Revenue in 2023||$1.9 billion|
|Estimated Value by 2028||$2.4 billion|
|Growth Rate||Poised to grow at a CAGR of 5.2%|
|Market Size Available for||2020–2028|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Procedure, Application, End User, and Region|
|Geographies Covered||North America, Europe, Asia Pacific, Latin America and Middle East & Africa|
|Report Highlights||Updated financial information / product portfolio of players|
|Key Market Opportunities||Rising healthcare expenditure across developing countries|
|Key Market Drivers||Increase in non-invasive cancer treatments through radiation therapy|
Image-Guided Radiation Therapy market major players covered in the report, such as:
- Siemens Healthineers AG (Germany)
- Hitachi (Japan)
- Elekta (Sweden)
- Koninklijke Philips (Netherlands)
- Viewray Technologies Inc. (US)
- C-RAD (Sweden)
- Varian Medical Systems (US)
- Toshiba Corporation (Japan)
- General Electric Healthcare Company (US)
- IBA Worldwide (Belgium)
- Accuray Incorporated (US)
- Becton, Dickinson and Company (US)
- Vision RT Ltd. (UK)
- and Among Others
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This report has segmented the global image-guided radiation therapy market based on product, procedure, application, end-user, and region.
IGRT Market, By Product Type
- 4D gating/4D RT
- LINAC (Linear Accelerator)
- PET/MRI- guided radiation therapy
- Portal Imaging
- CT scanning
IGRT Market, By Application
- Head and neck cancers
- Prostate cancer
- Lung cancer
- Breast cancer
- Gynecological cancers
- Gastrointestinal cancers
- Central nervous system
IGRT Market, By Procedure
- Intensity-modulation radiation therapy
- 3D Conformal Radiation therapy
- Stereotactic therapy
- Proton beam therapy
- Particle therapy
- IGRT Market, By End User
- Independent Radiotherapy Centers
IGRT Market, by region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
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The key stakeholders in the Image-Guided Radiation Therapy market include:
- Radiotherapy product manufacturers
- Distributors, suppliers, and commercial service providers
- Healthcare service providers
- Clinical research organizations (CROs)
- Radiotherapy service providers
- Radiotherapy product distributors
- Medical research laboratories
- Cancer care centers
- Cancer research organizations
- Academic medical centers and universities
- Market research and consulting firms
- 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).
Frequently Asked Questions (FAQs) of Image-Guided Radiation Therapy Market:
Question 1: What is the expected addressable market value of the global image-guided radiation therapy market over five years?
Answer: The global image-guided radiation therapy market will reach USD 2.4 Billion by 2028 from USD 1.9 Billion in 2022, at a CAGR of 5.2% from 2020 to 2028.
Question 2: Which segment based on application is expected to garner the highest traction within the image-guided radiation therapy market?
Answer: The product segment, which includes PET/ MRI-guided radiation therapy, is expected to grow at the highest rate.
Question 3: What are the strategies adopted by the top market players to penetrate emerging regions?
Answer: The major players in the market use partnerships, distribution agreements, product launches, and product approvals as important growth tactics
Question 4: What are the major factors expected to limit the growth of image-guided radiation therapy?
Answer: Complexity of imaging technology for treatments, Dearth of skilled radiologists/oncologists, and high cost of treatment. The availability of alternative technology is the major challenge the market faces.
Question 5: Which segment based on procedure is expected to garner the highest traction within the image-guided radiation therapy market?
Answer: In the procedure segment, Stereotactic Therapy is expected to grow at the highest rate.
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- To define, describe, and forecast the Image-guided radiation therapy market based on product, procedure, application, end user, and region.
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze the micro markets with respect to individual growth trends, prospects, and contributions to the total market.
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
- To profile the key market players and comprehensively analyze their market shares and core competencies.
- To forecast the revenue of the market segments with respect to five main regions, namely, North America (US and Canada), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), the Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa.
- To track and analyze competitive developments such as new product launches and approvals; agreements, partnerships, expansions, acquisitions; and collaborations in the Image-guided radiation therapy market.
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