The global intraoperative radiation therapy market is projected to reach USD 66 million by 2025 from USD 48 million in 2020, at a CAGR of 6.4% during the forecast period. The rising incidence of cancer, technological advancements, and advantages offered by IORT are the major factors driving the growth of the global intraoperative radiation therapy market. Research and clinical trials are also being conducted to expand the applications of IORT; this will add to market growth prospects in the coming years.
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Key Market Players
The key growth strategies adopted by the top players in the market are product launches and approvals, agreements, partnerships, mergers and acquisitions, and expansions. Prominent players in the intraoperative radiation therapy market include ZEISS Group (Germany), iCAD, Inc. (US), Eckert & Ziegler (Germany), Elekta AB (Sweden), GMV Innovating Solutions (Spain), Sensus Healthcare, Inc. (US), IntraOp Medical, Inc. (US), Isoray, Inc. (US), Becton, Dickinson and Company (US), Sordina IORT Technologies (Italy), Varian Medical Systems, Inc. (US), SeeDos Ltd. (UK), IsoAid LLC (US), Ariane Medical Systems Ltd. (UK), Panacea Medical Technologies Pvt. Ltd. (India), Salutaris Medical Devices (US), Brainlab AG (Germany), RaySearch Laboratories (Sweden), REMEDI Co., Ltd. (South Korea), Merit Medical Systems Inc. (US), Xstrahl Medical (UK), DOSIsoft SA (France), Huiheng Medical (China), Sun Nuclear Corporation (US), and Theragenics Corporation (US).
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ZEISS is among the pioneer companies that combined surgery with radiotherapy to develop and introduce intraoperative radiation therapy to the cancer treatment field. The flagship product of the company, INTRABEAM, is one of the most widely used IORT products across the globe. INTRABEAM is a revolutionary, intraoperative form of radiation therapy for early-stage breast cancers. It allows radiation treatment and breast-conserving surgery to be performed simultaneously. As a result, the need for several weeks of external radiation therapy following surgery can often be minimized or eliminated. The strong foothold of the company in the intraoperative radiation therapy market can be attributed to its wide geographic reach. ZEISS has a direct presence in almost 50 countries and more than 30 production sites and 25 R&D facilities. ZEISS has a sound custom services support set up, which helps it to strengthen its customer relationships and presence in the market.
iCAD, Inc. is a major player in the intraoperative radiation therapy market. The company offers a wide range of IORT products, including electronic brachytherapy products, different types of applicators, and accessories. In the last three years, the company has significantly invested in R&D activities to launch advanced products in the market. In 2019, the company invested USD 9.4 million in R&D.
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