Global Image-Guided Radiation Therapy Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 - 2032

Global Image-Guided Radiation Therapy Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 - 2032

Global Image-Guided Radiation Therapy Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 – 2032

Global Image-Guided Radiation Therapy Market was valued at US$ 1.7 Billion in 2022 and is expected to reach ~US$ 2.9 Billion by 2032, growing at a CAGR of 5.1% from 2023-2032.

By combining radiation therapy with cutting-edge imaging techniques, image-guided radiation therapy (IGRT) is a cutting-edge technology that successfully targets and treats malignant tumours. This novel technique minimises damage to the surrounding healthy tissues while improving the accuracy and effectiveness of radiation therapy. Real-time imaging modalities such as CT, MRI, or X-rays are used in IGRT to direct the delivery of radiation therapy. As a result, during therapy, oncologists can keep a close eye on patients and modify the treatment plan accordingly if the patient's anatomy or tumour location changes.

The global imaging and radiation therapy (IGRT) market is being driven by a number of factors, such as the rising incidence of cancer worldwide, the growing need for customised treatment plans, and the continuous developments in radiation therapy and imaging technology. This market includes a wide range of components that improve overall patient outcomes, such as radiation therapy devices, software solutions, and imaging systems.

However, there is a significant upfront cost associated with deploying IGRT in healthcare facilities. This entails acquiring sophisticated imaging equipment designed for IGRT as well as specialised linear accelerators with imaging capabilities. These upfront expenses may be a major deterrent to adoption for many healthcare organisations, particularly those with smaller facilities or those in areas with low resources.

According to data from the World Health Organisation, cancer is one of the leading causes of death worldwide, accounting for around 10 million deaths in 2020—roughly one in every six deaths. The most common malignancies worldwide are those of the breast, lung, colon, rectum, prostate, skin, and stomach. Based on WHO data from 2020, lung cancer accounted for 1.80 million of all cancer-related deaths, with colon and rectal cancer coming in second with 916,000 deaths. Breast cancer (685,000 fatalities), stomach cancer (769,000 deaths), and liver cancer (830,000 deaths) were further major factors. Globally increasing cancer occurrences has a favourable impact on the business environment. By 2040, the number of cancer cases worldwide is predicted to increase by 60%. Lung, melanoma, prostate, and breast cancer cases have all increased recently, making cancer one of the top causes of death. Radiation therapy will remain a crucial part of cancer patient care due to the increased need for affordable interventions.

The market for image-guided radiation therapy is expected to increase significantly over the next several years due to a number of important considerations. The rising rate of cancer and the quick developments in cancer therapies are two important drivers. It is anticipated that this tendency will support the IGRT market's growth. In addition, the ageing population and the growth in cancer cases worldwide are expected to be major factors driving the IGRT market. Furthermore, the market is anticipated to benefit from the growing use of different radiotherapy tools and techniques as well as continuous technological developments in the sector. Furthermore, the market is expected to be supported in the upcoming years by the widespread awareness efforts that highlight the advantages of radiation therapy.

Additionally, growing prospects in emerging regions and a rise in the need for cancer treatment are likely to drive the global image-guided radiation therapy market's growth during the research period. Nonetheless, a number of obstacles and difficulties could prevent market expansion. Obstacles could include things like a lack of qualified experts in the sector and difficulties in observing tumours. In order to fully realise this exciting future, the industry must provide an atmosphere that is favourable to the adoption of these novel therapeutic methods. The industry should concentrate on creating new technology and smarter gadgets that give doctors instant access to all relevant data in order to start this trip.

“PET/MRI-guided radiation therapy product segment, by product, to be largest market from 2023 to 2030.”

Regarding product categories, the image-guided radiation therapy (IGRT) market is divided into several segments, including 4D gating/4D RT, CT scanning, LINAC (linear accelerator), PET/MRI-guided radiation therapy, and portal imaging. When PET/MRI is combined with radiation therapy, treatment responses can be evaluated quickly, allowing medical professionals to make quick modifications. This skill improves both the efficacy of treatment and the accuracy of therapies. Real-time insight availability facilitates well-informed decision-making, increasing the profile of IGRT and bringing it into line with patient-centric principles. Because of their synergistic relationship, IGRT and PET/MRI are positioned as essential elements of progressive cancer care.

“Stereotactic segment, by procedure, to be largest market from 2023 to 2030.”

By procedure, the image-guided radiation therapy (IGRT) market is categorized into IMRT, particle, stereotactic, and others. Stereotactic therapy's efficiency and streamlined approach align with IGRT, improving patient satisfaction and adherence and contributing toward its market position as an essential cancer care modality.

“Asia Pacific to be largest region in Image-Guided Radiation Therapy Market.”

By region, the market is divided into North America, Europe, APAC, and Others. Others are further divided into the Middle East and South America.

North America has the largest global market for image-guided radiation therapy because of its large patient population and rising use of medical services. Furthermore, heightened public awareness and well-crafted innovation have propelled industry growth.

With a significant portion of the worldwide market for image-guided radiation therapy, Europe is the second-biggest market. Throughout the projected period, the European market is anticipated to expand dramatically because of the availability of state-of-the-art treatment facilities, highly qualified technical personnel, and government funding for research and development. Due to the availability of new treatment methods, growing knowledge of the condition, and an increase in the frequency of cancer, Asia Pacific has the fastest-growing commercial sector. The Middle East and Africa have to show only modest progress in this market due to low awareness, limited progress in innovative medical services, and limited availability of treatment facilities.

Competitive Landscape

The competitive landscape of the Image-Guided Radiation Therapy Market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Image-Guided Radiation Therapy holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Image-Guided Radiation Therapy Market is highly competitive, with numerous companies vying for market share. Prominent companies in the Image-Guided Radiation Therapy Market include:

Major Players:

ViewRay

General Electric Company

Hitachi

Siemens AG

Koninklijke Philips

Toshiba Corporation

Varian Medical Systems

Vision RT Ltd

Scranton Gillette Communications

XinRay Systems

C-Rad

Yamazaki Mazak Corporation

Datron Amada Co. Ltd.

others.

Recent Developments:

With the launch of Pixxoscan in April 2023, GE HealthCare will offer clients access to two top macrocyclic compounds, Pixxoscan (gadobutrol) and Clariscan (gadoteric acid), as part of its expanded portfolio of MRI contrast agents.

Zenition 10 was a 2023 addition to Philips' lineup of mobile C-arm systems.

Through the use of AIR Technologies, GE Healthcare enhanced PET/MR capabilities in 2023 in order to increase patient comfort, simplify treatment assessment, and improve diagnostic accuracy.

The most advanced radiation therapy equipment, Halcyon 3.0, was unveiled and full-scale treatment using it began at Chonnam National University Hwasun Hospital in March 2022. With its ability to deliver intensity-modulated radiation therapy under the guidance of real-time imaging, Halcyon 3.0 is a state-of-the-art radiation cancer treatment apparatus.