External-Beam Radiation Therapy Segment has the Largest Share of Type in the Europe Radiotherapy Market during 2021–2028

According to a new market research study on “Europe Radiotherapy Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Product, Application, and End User” is expected to reach US$ 3,122.4 million by 2028 from US$ 2,131.2 million in 2021. The market is estimated to grow at a CAGR of 5.6% from 2021 to 2028. The report provides trends prevailing in the Europe Radiotherapy market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the rising prevalence of cancer across the region and rising number of conferences and symposiums to boost the awareness about radiation therapy are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the increased risk of adverse effects due to radiation therapy.

During the COVID-19 pandemic, radiotherapy has become the best treatment choice for cancer patients because it doesn't compete for scarce hospital resources, including intensive care unit beds, and can be done with shorter radiation regimens, reducing patient and medical staff exposure. The International Atomic Energy Agency (IAEA) has supported medical professionals working in radiation oncology, nuclear medicine, and radiology practices through guidance documents, webinars, and publications to ensure the continuity of these essential services. These factors had a potential impact on the Europe radiotherapy market.

The market for radiotherapy market is segmented into type, product, application, and end user. Based on type, the radiotherapy market is segmented into external-beam radiation therapy, internal radiation therapy, and systemic radiotherapy/radiopharmaceuticals. In 2020, the external-beam radiation therapy segment accounted for the largest share of the market. Growth of this segment is majorly attributed to the increasing adoption radiotherapy for treatment of several cancers. In addition, increasing awareness about benefits offered by external-beam radiation therapy coupled with increasing number of product launches are also projected to accelerate the segment growth.

Siemens Healthineers AG, Accuray Incorporated, Sumitomo Heavy Industries, Ltd., Elekta AB, Hitachi, Ltd., Koninklijke Philips N.V., Brainlab AG, Maastro, Mevion Medical Systems, and Varian Medical Systems, Inc. are among the leading companies in the Europe radiotherapy market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in March 2021, Siemens Healthineers has acquired Varian Medical Systems Varian Medical Systems with all-cash deal totaling US$16.4 billion. This merger of two leading companies in radiotherapy market is expected to add more advanced radiotherapy products in the market. Both the company's will expand their portfolio in radiotherapy market and gain major market share at global level. 

The market for radiotherapy market is segmented into type, product, application, and end user. Based on type, the radiotherapy market is segmented into external-beam radiation therapy, internal radiation therapy, and systemic radiotherapy/radiopharmaceuticals. Based on product, the radiotherapy market is segmented into external beam radiotherapy products, internal radiotherapy products, radiotherapy software, and others. Based on application, the radiotherapy market is segmented into breast cancer, lung cancer, prostate cancer, colorectal cancer, lymphoma, liver cancer, thyroid cancer, brain cancer, cervical cancer, spine cancer, and others. Based on end user, the radiotherapy market is segmented into hospitals, radiation therapy centers, and specialty clinics. Geographically, the radiotherapy market is segmented into Europe (Germany, UK, France, Spain, Italy, Rest of Europe).