Image-Guided Radiation Therapy Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product, by Procedure, by End User : Global Opportunity Analysis and Industry Forecast, 2024-2033

Key Market Dynamics

The increasing incidence of cancer globally is a significant driver for growth of the image-guided radiation therapy market size. As the demand for more effective and targeted cancer treatments rises, IGRT offers a solution by enabling precise delivery of radiation therapy, thus improving treatment outcomes. Moreover, technological advancements in imaging modalities such as MRI, CT scans, and PET scans have significantly improved the accuracy of IGRT, driving its adoption and driving the image-guided radiation therapy market growth. For instance, the integration of real-time imaging during treatment sessions allows clinicians to monitor tumor movement and adjust radiation delivery to enhance treatment efficacy.

However, the high cost associated with IGRT equipment and treatment procedures remains a significant restraint for growth during image-guided radiation therapy market forecast. Additionally, the complexity of IGRT systems requires specialized training for healthcare professionals, which can lead to longer implementation times and increased operational costs for healthcare facilities. Furthermore, concerns regarding radiation exposure and potential side effects may deter patients from opting for IGRT, particularly in regions with limited access to advanced healthcare services.

On the other hand, the growing trend towards personalized medicine presents a significant image-guided radiation therapy market opportunity for the market. Advancements in genomic profiling and molecular imaging techniques allow clinicians to tailor treatment plans based on individual patient characteristics, optimizing therapeutic outcomes. Moreover, the expanding applications of IGRT beyond conventional radiotherapy, such as in the treatment of recurrent or metastatic tumors, offer new avenues for market expansion. Additionally, the rising adoption of IGRT in emerging economies, coupled with increasing healthcare expenditure, creates a favorable environment for growth of the image-guided radiation therapy market share.

Market Segmentation

The image-guided radiation therapy industry is segmented into product, procedure, end-user and region. On the basis of product, the market is categorized into 4D RT, LINAC, MRI-guided radiotherapy, portal imaging, CT scanning. On the basis of procedure, the market is classified into IMRT (intensity modulation radiation therapy) , Stereotactic therapy, Particle therapy and others. Based on end user, the market is divided into hospitals, independent radiotherapy centers, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Regional/Country Market Outlook

North America dominate the image-guided radiation therapy market share driven by factors such as technological advancements in imaging modalities such as MRI, CT scans, and PET scans, increase in cancer prevalence, supportive regulatory and reimbursement policies, and a focus on patient-centered care. These factors collectively contribute to the widespread adoption of IGRT as a standard-of-care approach in cancer treatment, ultimately improving clinical outcomes and enhancing the quality of life for cancer patients.

In addition, the image-guided radiotherapy market in developing countries such as India and China are propelled by factors such as increase in cancer incidences, advancements in healthcare infrastructure and technology, growth in awareness, and supportive government initiatives. These drivers collectively contribute to the expansion of IGRT services, enabling better cancer care and outcomes for patients in these regions.

• In 2020, health expenditure as a share of GDP for China was 5.6%. Health expenditure as a share of GDP of China increased from 4.3% in 2001 to 5.6% in 2020 growing at an average annual rate of 1.54%.

Industry Trends

• On April 3, 2023, the U.S. National Cancer Institute released its long-anticipated National Cancer Plan, a roadmap and call to action to improve all facets of cancer care from prevention, screening, and early detection through to treatment and survivorship care.
• In December 2022, Cancer Moonshot Announces New Actions Aimed to Reduce the Cancer Burden in Africa as Part of the U.S. The Cancer Moonshot highlights bold deliverables and new announcements from the U.S. departments and agencies and the private sector of over $300 million to drastically improve cancer outcomes in Africa.

Patent Analysis, By Country, 2015-2024

U.S. witnessed the highest number of patent approvals and applications, due to favorable government policies, new technological advancement ad new product launches in the country. PCT has 18.9% of the total number of patents, followed by European Patent Office at 15.5% and China at 15.5%.

Competitive Landscape

The major players operating in the image-guided radiation therapy market include Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, ViewRay, Inc., Siemens Healthineers AG, Hitachi, Ltd., Brainlab AG, Mevion Medical Systems, Inc., C-RAD AB, Sumitomo Heavy Industries, Ltd. Other players in image-guided radiation therapy market includes Philips Healthcare, Canon Medical Systems Corporation, IBA Dosimetry GmbH, IntraOp Medical Corporation, Isoray Inc., and so on.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the image-guided radiation therapy market analysis to identify the market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the image-guided radiation therapy market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global image-guided radiation therapy market trends, key players, market segments, application areas, and market growth strategies.

Recent Key Strategies and Developments

• In May 2024, Elekta launched its latest linear accelerator (linac) , Evo, a CT-Linac with new high-definition AI enhanced imaging, capable of delivering offline and online adaptive radiation therapy as well as improved standard image-guided radiation therapy treatments. This highly versatile CT-Linac will enable clinicians to choose the most suitable radiation therapy technique for each individual patient.
• In September 2023, Philips extended its mobile C-arm range with Zenition 30, alleviating staff shortages by empowering surgeons with greater personalization and control.
• In June 2023, GE HealthCare advanced PET/MR capabilities with AIR technologies.
• In April 2023, GE HealthCare revealed plans to launch its macrocyclic, nonionic MRI gadolinium-based contrast agent in "a number of" European countries this year under the name Pixxoscan.
• In February 2020, Varian announced it has received FDA 510 (k) clearance for its Ethos therapy, an Adaptive Intelligence solution. Ethos therapy is an artificial intelligence (AI) -driven holistic solution that provides an opportunity to transform cancer care. This new solution is designed to deliver an entire adaptive treatment in a typical 15-minute timeslot, from patient setup through treatment delivery.

Key Sources Referred

• World Health Organization
• Center for Disease Control and Prevention
• National Center for Biotechnology Information
• National Cancer Institute
• Australian Institute of Health and Welfare
• Pan American Health Organization
• Australian Bureau of Statistics
• National Health Service
• American Cancer Society
• Cancer Research UK
• National Institute of Cancer Prevention and Research
• Indian Cancer Society