Radiotherapy Medical Devices Market is expected to reach $6.94Bn by 2023

The global radiotherapy devices market is expected to decline from $5.75 billion in 2019 to $5.44 billion in 2020 at a compound annual growth rate (CAGR) of -5.35%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The radiotherapy medical devices market is then expected to recover and reach $6.94 billion in 2023 at a CAGR of 8.47%.

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Technological advancement is anticipated to drive the demand for the radiotherapy devices market. The advancement in technology is helping to develop low-cost, more effective and efficient, and user-friendly products with precise and improved radiation doses for increased performance in targeting tumors. The advancement from 2D radiotherapy devices to 3D with real-time imaging enabled high conformity of radiation to improve tumor control.

For instance, in June 2020, Accuray Incorporated, a US-based radiation oncology company, launched CyberKnife S7 System, a radiotherapy device combining advanced precision, real-time artificial intelligence, and speed motion tracking and synchronization treatment delivery for stereotactic body radiation therapy (SBRT) and stereotactic radiosurgery (SRS) treatments. Therefore, the launch of advanced devices is likely to propel the revenues for the radiotherapy devices market in the near future.

Artificial Intelligence (AI) is a leading trend in the radiotherapy medical devices market and is gaining significant popularity in the market. Incorporation of AI innovation in disease care is expected to improve the exactness and speed of analysis, help clinical dynamics, and lead to better results. For instance, in September 2019, Varian Medical Systems, a US-based manufacturer of radiation oncology medical devices, launched Ethos artificial intelligence radiotherapy device.

The traditional treatment arranging process takes days to make an improved radiation treatment conveyance plan; however, the new AI advancements are helping to speed up this procedure. AI is also expected to include deep learning applications in treatment planning, clinical decision support, and automated image-guided adaptive radiation therapy and genomic/radio-biologic data mining, thus supporting the growth of the radiotherapy market.

The radiotherapy devices market consists of sales of radiotherapy devices and related services by entities (organizations, sole traders and partnerships) that manufacture radiotherapy devices. Radiotherapy devices are used in cancer treatment by using high doses of radiation to kill cancer cells and shrink tumors.

The global radiotherapy devices market is segmented by product type into external beam radiation therapy devices, linear accelerator devices, and proton therapy devices. By application, the market is segmented into skin cancer, breast cancer, prostate cancer, cervical cancer, lung cancer, and others. By end users, it is segmented into hospitals, ambulatory surgical centers, and oncological treatment centers.

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