Radiation Oncology Market Witness Highest Growth in near future

Radiation Oncology Industry Overview

 

The global radiation oncology market size was valued at USD 6.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028.

 

The increasing prevalence of cancer, rising adoption of radiotherapy in cancer treatment, and technological advancements in radiotherapy equipment are some of the major factors driving the market. Technological advancements to improve treatment safety and efficacy are expected to drive the market for radiation oncology. 4D radiotherapy is a combination of 4D imaging and radiotherapy, which allows real-time tracking of a tumor and provides precise information regarding the tumor size, shape, area, and volume. This combination enables physicians to compensate for organ, tumor, or patient movement and deliver a conformal dose.

 

The key players are also entering strategic collaborations for the advancement of radiotherapy. For instance, in December 2019, Elekta AB collaborated with ViewRay, Inc. for the advancement of MR-guided therapy in oncology. This collaboration aimed to improve MR-Linac technology to benefit clinicians and patients with wider treatment options.

 

Gather more insights about the market drivers, restrains and growth of the Global Radiation Oncology Market

 

However, the lack of skilled radiotherapy professionals is one of the major factors restraining the growth of the market for radiation oncology. For instance, in developed countries, there are around 2-3 radiation oncologists per 1,000 cancer patients, whereas, Bangladesh report only 0.76 radiation oncologists per 1,000 cancer patients. Similar is the situation in India. Besides, there is a lack of training and education in radiation oncology among physicians in many countries.

 

The market for radiation oncology has also been negatively impacted due to the COVID-19 pandemic. Hospitals have delayed the purchase of capital equipment and redirected the resources towards the treatment of COVID-19. Additionally, there have also been delays in the installation of the already sanctioned equipment due to the pandemic.

 

Browse through Grand View Research’s Medical Devices Industry Research Reports.

• Radiotherapy Market – The global radiotherapy market has seen immense growth in terms of its applications, both in new and improved as well as conventional forms, owing to the rapidly rising cancer-afflicted population globally. The most important requirement necessitating the development of improved and increasingly accurate radiation therapy is the need to accurately hit only the affected tumor using the radiation beam and avoid damaging the surrounding tissue.
• Brachytherapy Market– The global brachytherapy market size was valued at USD 788.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.1% from 2021 to 2028. The increasing prevalence of cancer, technological advancements, and a significant rise in the adoption of brachytherapy are expected to drive the growth of the market during the forecast period.

 

Radiation Oncology Market Segmentation

 

Grand View Research has segmented the global radiation oncology market on the basis of type, technology, application, and region:

 

• Radiation Oncology Type Outlook (Revenue, USD Million, 2017 – 2028)
• EBRT
  • Linear Accelerators (Linacs)
  • Compact Advanced Radiotherapy Systems
    • Cyberknife
    • Gamma Knife
    • Tomotherapy
  • Proton Therapy
    • Cyclotron
    • Synchrotron
  • Internal Beam Radiation Therapy
    • Brachytherapy
      • Seeds
      • Applicators and Afterloaders
      • Electronic Brachytherapy
    • Systemic Beam Radiation Therapy
    • Others

 

• Radiation Oncology Technology Outlook (Revenue, USD Million, 2017 – 2028)
• EBRT
  • Image-Guided Radiotherapy (IGRT)
  • Intensity Modulated Radiotherapy (IMRT)
  • Stereotactic Technology
  • Proton Beam Therapy
  • 3D Conformal Radiotherapy (3D CRT)
  • Volumetric Modulated Arc Therapy (VMAT)
• Brachytherapy
  • Low-Dose Rate Brachytherapy
  • High-Dose Rate Brachytherapy

 

• Radiation Oncology Application Outlook (Revenue, USD Million, 2017 – 2028)
• EBRT
  • Prostate Cancer
  • Breast Cancer
  • Lung Cancer
  • Head and Neck Cancer
  • Colorectal Cancer
  • Others
• Internal Beam Radiation Therapy
  • Prostate Cancer
  • Gynecological Cancer
  • Breast Cancer
  • Cervical Cancer
  • Penile Cancer
  • Others

 

• Radiation Oncology Regional Outlook (Revenue, USD Million, 2017 – 2028)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

 

Market Share Insights

• August 2020: Siemens Healthcare GmbH announced its plans to acquire Varian Medical Systems, Inc. for USD 16.4 billion. The deal is expected to be completed by H1 2020.
• July 2019: Swiss Medical Network purchased a Radixact system, an Image-guided, Intensity-modulated Radiation Therapy (IG-IMRT), developed by Accuray, Inc. to provide a highly precise radiation system to treat patients.

 

Key Companies profiled:

 

Some prominent players in the global radiation oncology market include

• Varian Medical Systems, Inc.
• Elekta AB
• Accuray Incorporated
• Ion Beam Applications (IBA)
• R. BARD, INC. (BD)
• Isoray Medical
• Mevion Medical Systems, Inc.
• Nordion Inc.
• NTP Radioisotopes SOC Ltd.
• Curium Pharma
• Viewray Technologies, Inc.

 

Order a free sample PDF of the Radiation Oncology Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.