The rising incidence of cancer, technological advancements, and advantages offered by IORT over conventional radiotherapy are the major factors driving the growth of the global market. Additionally, growing clinical trials exploring the use of IORT for various cancer applications is expected to offer lucrative growth opportunities to market players.
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What the Market Looks Like?
Predicted to grow at a CAGR of 7.0% during the forecast period, the global Intraoperative Radiation Therapy Market projected to reach USD 68 million by 2024 from USD 48 million in 2019
Based on method, the market is segmented into electron IORT and intraoperative brachytherapy. The electron IORT segment is expected to grow at the highest rate in the market in 2019.
On the basis of application, the market is segmented into breast cancer, brain tumor, gastrointestinal cancer, head & neck cancer, and other cancers. The breast cancer application segment is expected to dominate the market during the forecast period. This can be primarily attributed to factors such as the non-invasive nature of radiotherapy, rising incidence of breast cancer, and high success rates achieved with IORT.
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What Drives the Market?
The growth of the global market for Intraoperative Radiation Therapy is primarily influenced by the following factors:
• Growing Global Prevalence of Cancer
• Technological Advancements
• Advantages of IORT Over EBRT
Geographical growth scenario of Intraoperative Radiation Therapy
The Asia Pacific region is one of the major revenue-generating regions in the market. China, India, and Japan are the major countries responsible for the high growth of this regional market owing to factors such as the increasing per capita income, improving healthcare infrastructure, and supportive government activities in these emerging countries. Furthermore, increasing geriatric population, the growing incidence of cancer, and the rising acceptance of IORT procedures and devices are also driving the growth of this regional market
Leading market players and strategies adopted
EISS Group (Germany) and iCAD, Inc. (US) dominated the global intraoperative radiation therapy market. Other prominent players include IntraOp Medical Corporation (US), Ariane Medical Systems, Ltd. (UK), Sordina IORT Technologies S.p.A. (Italy), GMV Innovating Solutions (Spain), Sensus Healthcare, Inc.(US), Elekta AB (Sweden), Varian Medical Systems, Inc. (US), and Eckert & Ziegler Group (Germany), among others.