Market Trends of Radiotherapy Industry
Skin and Lip Cancer Segment is Expected to Register Significant Growth Over the Forecast Period
Skin cancer, including basal cell carcinoma, melanoma, and squamous cell carcinoma, mainly arises from the cells in the skin due to exposure to ultraviolet (UV) radiation. Lip cancer mainly arises from exposure to UV radiation, weakened immune systems, and smoking.
The skin and lip cancer segment is expected to grow significantly over the forecast period. Certain factors driving the segment growth include increasing skin and lip cancer incidence, extensive research and development (R&D) pipelines, advancements in radiotherapy technologies, growing demand for non-invasive cancer treatments such as radiotherapy, and increasing availability of radiotherapy services worldwide. For instance, according to the data released by the American Cancer Society in January 2023, there would be approximately 97,610 melanomas, including 58,120 men and 39,490 women diagnosed in the United States by the end of 2023. Hence, the rising prevalence of skin and lip cancer will create a huge demand for radiotherapy devices for treatment purposes, thereby burgeoning market growth.
In addition, as per the data updated by 'Cancer Council NSW' in 2022, radiation therapy damages cancer cells by administering a controlled radiation dosage. Radiation therapy is the primary treatment for basal cell carcinomas (BCCs) and squamous cell carcinomas (SCCs) that cannot be surgically removed in large areas or patients not physically fit for surgery. Thus, such advantages offered by radiation therapy are set to drive market growth during the forecast period. Furthermore, due to the increased tobacco and smoking use, lip cancer has been increasing globally, creating a major healthcare burden. For instance, per the data published in Globocan 2022, the estimated number of new lip/oral cancer cases is projected to be 535,157 in the next 15 years.
Moreover, the prominent players are actively participating in the launch of advanced radiotherapy instruments, which is also projected to drive market growth during the forecast period. For instance, in May 2023, IntraOp Medical Corporation announced the launch of its Phase II Electron FLASH Trial, indicated for treating nonmelanoma skin cancer (NMSC).
Thus, the market segment is expected to show significant growth over the forecast period due to the abovementioned factors.
North America is Expected to Register Significant Growth During the Forecast Period
North America is expected to register significant growth in the radiation therapy market throughout the forecast period. The market growth is due to factors such as the increasing prevalence and incidence of cancers, the presence of prominent players in the region, and new product launches.
According to the data updated by the American Cancer Society in January 2023, breast cancer is the most common cancer in women in the United States. It accounts for 30% (or 1 in 3) of all new female cancers in the country each year. As per the same source, around 297,790 new cases of invasive breast cancer and 55,720 new cases of ductal carcinoma in situ (DCIS) will be diagnosed in women by the end of 2023. This burden of cancer is anticipated to drive the demand for radiotherapy in the country. Thus, the incidence and prevalence of cancer in the country demand the development of advanced radiotherapy treatment, which is further predicted to propel the overall market growth in the region.
In addition, the prominent players in the region are actively participating in various radiotherapy-related developments, which is burgeoning the regional market growth. For instance, in September 2021, SkinCure Oncology declared positive results from a clinical trial, showing positive data (99.3% cure rate) for Image-Guided Superficial Radiotherapy (IGSRT) in treating basal cell carcinoma (BCC) and squamous cell carcinoma (SCC). In addition, in October 2021, at the American Society for Radiation Oncology (ASTRO)-2021 event, GE Healthcare showcased more than 15 innovative multi-modality radiation therapy solutions to improve patient-centered care and advance the practice of precision medicine. These recent developments are expected to drive the radiotherapy demand in the country, driving the overall market growth in the region.
Hence, as per the abovementioned factors, North America is anticipated to create opportunities for radiation therapy, driving the overall market growth over the analysis period.
