Medical Physics Market Size

Medical Physics Market size was over USD 4.3 Billion in 2023 and is projected to exceed USD 10.87 Billion by the end of 2036, witnessing over 7.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of medical physics is evaluated at USD 4.59 Billion.The market is estimated to grow on the back of increasing investments in research and development in the healthcare sector along with a greater focus on improving human health. Additionally, the demand for medical physics goods and services is stoking the market's expansion because of the growing emphasis on providing high-quality healthcare at an affordable price. According to statistics, in 2020, the total investment in medical and health research and development (R&D) in the United States was approximately USD 243 billion.

The global medical physics market is also estimated to witness growth on account of the increasing prevalence of chronic diseases globally. In 2019, approximately 1,752,735 new cancer cases were diagnosed and approximately 599,589 citizens died of cancer in the United States, according to data from the Centers for Disease Control and Disease Prevention.  In addition, according to data from the World Health Organization (WHO), around 10 million people died of cancer in 2020, making cancer a leading cause of death globally. Moreover, the adoption of telemedicine in the healthcare industry is also anticipated to contribute to the growth of the global medical physics market in the coming years.