The Global superficial radiation therapy system market is set to record a market value of USD 43.3 Million in the year 2022 with a CAGR of 3.8% which indicates a positive market growth over the forecast period.
Superficial radiation therapy system Market Outlook:
| Data Points | Market Insights |
|---|---|
| Market Value 2022 | USD 43.3 million |
| Market Value 2030 | USD 58.2 million |
| CAGR 2022 to 2030 | 3.8% |
| Key Players | The key players are Sensus Healthcare, Xstrahl Limited |
| Share of Top 5 Countries | 60.2% |
As projected by Future Market Insights, the Basal Cell Carcinoma by application are expected to witness a market value of USD 18.6 Million, which accounts for around half of the total superficial radiation therapy system market, in the year 2022.
Increasing use of radiotherapy for the cancer treatment, rapid rise in the cases of skin cancer, growing awareness initiatives undertaken by government and private organizations such as education programmes and campaigns encouraging the population, and niche market creating potential opportunities for the market players are the primary factors boosting the development of the superficial radiation therapy system market.
Moreover, the superficial radiation therapy is an effective, safe and beneficial treatment options as compared to Mohs surgery to treat non-melanoma skin cancer. This offers high growth opportunities for the several players in this market.
Superficial radiation therapy system market holds nearly 1% market value share of the USD 5.9 Billion radiotherapy market in 2021. In addition, there has been an increase in funding for cancer research together with emerging trend of digitalization and patient – centric healthcare.
Digital healthcare and artificial-intelligence-based innovations in the USA provide people with more personalized high-tech care. The expansion in the use of digital health technologies produces significant cost savings for the healthcare sector.
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| Particulars | Details |
|---|---|
| H1 - 2021 | 3.80% |
| H1 – 2022 Projected | 3.77% |
| H1 – 2022 Outlook | 3.67% |
| BPS Change - H1, 2022 (O) – H1, 2022 (P) | (-) 10 ↓ |
| BPS Change– H1, 2022 (O) – H1, 2021 | (-) 13 ↓ |
According to Future Market Insights Analysis, the global superficial radiation therapy system market will see an approximately 13-unit decrease in Basis Point Share (BPS) from H1- 2021 to H1- 2022(O). H1-2022 outlook period in comparison to H1-2022 projected period showed a negative growth in terms of Basis Point Share by 10 BPS.
This was mostly due to the impact of cost factors related with robotic superficial radiation therapy systems, which resulted in greater development costs and lower adoption rates. This is based on value consumption as stated by the key competitors.
However, various key factors such as the implementation of surface guided radiation technique (SGRT), which improves patient isocentric and postural alignment accuracy and reproducibility, as well as efficiency and safety in cancer radiotherapy shows a promising growth for this market in near future.
Furthermore, because radiation levels off at the peripheral, the aspect of unequal dosage administration would hinder the growth of the superficial radiation therapy system market.
Sales of superficial radiation therapy system grew at a CAGR of 3.5% between 2014 and 2021.
Increasing adoption of SRT treatment in various end-user, ozone layer depletion and extensive results of radiotherapy for the cancer treatment are major drivers for superficial radiation therapy system market.
The use of superficial radiations therapy for cancer treatment is increasing due to their non-invasive nature, which penetrates up to 5 millimeter of the skin surface. The use of chemotherapy alone is not as effective as the chemo-radiotherapy in cancer patients, which is one of the reasons why radiotherapy is mostly adopted.
As per the AAC Journal, out of 10.5 Million cancer survivors in 2016, around 3.05 Million received radiotherapy treatment and this number was expected to increase up to 3.38 Million by 2020
Moreover, the device offers minimally invasive procedure which has reduced the chances of pain and scar in the body. The positive result outcomes by the use of the superficial radiation therapy system on the non-melanoma skin cancer patients have led to the high adoption of the system in various end-user such as cancer institutes and dermatology clinics.
Considering this, FMI expects the global superficial radiation therapy system market to grow at a CAGR of 3.8% through 2030.
Side effects associated with radiation therapy and large number of unaware population are the key factors restraining the market growth over the forecast period. Patient treated with SRT system are likely to face side effects such as dryness, hair loss, itching, redness and sometimes can face severe symptoms.
Also, there is a huge chance of reoccurrence of non-melanoma skin cancer and keloid scar as the SRT treatment does not assure complete cure of the disease. This factor is likely to affect the market growth of the superficial radiation therapy system.
In addition, According to the Skin Cancer Foundation survey, the majority of the general and affected population are unaware of a potential and widespread impact of life-threatening skin cancer.
According to the survey conducted by The Harris Poll in collaboration with Sanofi and Regeneron, it was stated that approximately 74% of the American population are unaware of being suffering from cutaneous squamous cell carcinoma, which is the 2nd most common skin cancer in the USA
These are some of the factors which may restraint the growth of the market in the forecast period.
The USA is estimated to account for around 88.9% of the North America superficial radiation therapy system market in 2022.
The dominant share of USA can mainly be owing to the rapidly increasing incidence of skin cancer, rising geriatric population and various education programmes. Around 90% of non-melanoma skin cancer occurs due to exposure to UV sun lights. Newly diagnosed cases of skin cancer are rapidly increasing in the USA
Although the incidence of skin cancer is increasing rapidly, the death rate has decreased from 1991 to 2015. The decrease in death rate is majorly due to rising early diagnosis, and availability of advanced treatment options. In the USA, the diagnosis and treatment for non-melanoma skin cancers have raised by 77% between 1994 and 2014 in the USA
Additionally, with the increased burden of skin cancer, many campaigns and initiatives have been carried out to raise awareness amongst the population regarding the consequences of the skin disease caused due to excessive exposure to the sun. May month is considered to be the month of skin cancer awareness. Many skin cancer survivals are encouraged to share their stories on the social media platform to raise awareness.
Germany is estimated to account for 26.3% of the Europe superficial radiation therapy system market in 2022.
Germany is expected to lead the market owing to technological advancements and introduction of portable machines in end user. There has constant development of superficial radiation therapy technology which is widely used to treat non-melanoma skin cancer. The superficial radiation therapy system has become easily available in end-user segment settings through which radiation therapy has been performed with positive and effective outcomes.
With the introduction of portable superficial radiation therapy systems, the appropriate employment of dermatology practices in an office-based setting has increased from the past few years. Technological advancements of portability features are likely to further boost growth of the HCMS market in the near future.
The superficial radiation therapy system market in China is estimated to be worth USD 1.8 Million in 2022 in the global market.
In developing countries like China, many education courses which is required to perform effective radiation therapy are being provided for positives outcomes. The education courses mainly focuses on well-versed healthcare professionals with delivery and planning of advanced radiation therapy for the treatment of cancer.
It is an important way to increase the pool of qualified professionals and maximize the use of this radiation technology to fight against cancer. This can navigate the rising cases of cancer in china and drive the market.
The superficial radiation therapy system market in India is anticipated to be capture around 76.3% of the global market share in 2022. The global issues like ozone layer depletion has increased the amount of ultraviolet light that reaches the earth surface which has led to the rise in many skin related disorder, even in countries like India, where its impact can clearly be seen.
The general population is not much aware of the risk factors associated with insufficient and inflated sunlight exposure. However, many players are now entering into this market to serve the large patient pool suffering from cancer or related disease requiring such radiation treatment.
These factors are expected to increase the patient pool with the skin-related disorder and likewise demand for treatment procedures and is likely to propel the growth of the market.
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By product type, superficial radiation therapy systems is anticipated to hold the maximum share of 95.8% in 2022, expanding at rate of nearly 3.9% during the forecast period.
The SRT system software provides complete patients details and provides products for various phases and stages of pre-planning, treatment, management and manipulation of the radiation therapy treatment procedure till follow-up. This advantage of this type of unique software solution allow physicians to use the patient data in the most effective and efficient ways.
The software helps in the treatment planning, verification and information management, collects treatment data and images. Due to their growing popularity and demand, this segment takes the highest share.
By application, Basal Cell Carcinoma will lead the market and is projected to account for 42.9% of the total market revenue share in 2022.
Basal cell carcinoma is the most common type of skin cancer, which grows in the skin area damaged by sunrays. The growth of this type of cancer is very slow and is unlikely to spread from the skin to other parts of the body, but it can move to nearby bone or other tissues under the skin. Cancer majorly affect basal cell of skin. Thereby, driving the demand for this segment.
By End User, hospital segment is anticipated to hold the maximum share of 35.5% in 2022, expanding at rapid rate of 3.9% CAGR during the forecast period.
Superficial radiation therapy system is easily installed in hospitals and cost of installation return can easily be received from patient’s bill. Moreover, walk in patient in hospital for radiation therapy is more compared to any other healthcare setup. These are some of the major factors expected to boom the demand for hospitals.
Companies operating in the superficial radiation therapy system market are fragmented by nature, with a presence of few players. These players are involved in a number of strategic alliances. The agreement and system automation accelerates the manufacturer’s strategy to capitalize on the market share and capture the significant share of market.
Some of the recent instances include:
| Attribute | Details |
|---|---|
| Forecast Period | 2014 to 2021 |
| Historical Data Available for | 2022 to 2030 |
| Market Analysis | USD Billion for Value |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Argentina, Germany, UK, France, Italy, Spain, BENELUX, Russia, Nordic, China, Japan, South Korea, India, Indonesia, Malaysia, Thailand, Australia, New Zealand, GCC Countries, South Africa, Turkey |
| Key Segments Covered | Product Type, Application, End User and Region |
| Key Companies Profiled | Sensus Healthcare; Xstrahl Limited |
| Report Coverage | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global superficial radiation therapy system market is worth USD 41.6 Million in 2021 and is set to expand 1.3X over the forecasted years.
The sales of superficial radiation therapy system in the market have grown at a CAGR of nearly 3.5% between 2014 and 2021. The need for superficial radiation therapy system is growing because of rapid growth of technological advancements and growing need of hospital automation.
The superficial radiation therapy system market is expected to reach USD 58.2 Mn by the end of 2030 with sales revenue expected to register CAGR of 3.8% over the forecast period.
North America currently holds the largest market share in the superficial radiation therapy system. North America currently holds 36.6% of global market share in 2022.
Demand of superficial radiation therapy system market is expected to register growth in Europe at rate of 3.4% CAGR during the forecast period.
The superficial radiation therapy system in China is likely to observe growth with an impressive with market share of 33.4% in 2022. The ozone layer depletion and growing disease incidence are the major factors driving the market growth in China.
Wide availability and portability of machines, consolidation of radiotherapy device manufacturers, and investments in educational programs are key trends driving sales of superficial radiation therapy system market across the globe.
United States, Germany, United Kingdom, Australia, France are the top 5 countries that are driving the demand for superficial radiation therapy system market.
| Market Value for 2023 | USD 59.3 million |
|---|---|
| Market Value for 2033 | USD 124.7 million |
| Market CAGR (2023 to 2033) | 7.7% |
| Market Value 2023 | USD 3.9 Billion |
|---|---|
| Market Value 2033 | USD 7.9 Billion |
| CAGR (2023 to 2033) | 7.3% |
| Market Value (2022) | USD 354.9 Million |
|---|---|
| Market Anticipated Value (2032) | USD 847.9 Million |
| Projected CAGR (2022 to 2032) | 8.20 % |
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