Global Radiation Oncology Market to Garner a Revenue of $10,679.7 Million, Growing at a CAGR of 7.4% during 2020-2027 - Exclusive Report [248 Pages] by Research Dive

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27 Aug, 2021, 13:00 GMT

The global radiation oncology market is predicted to undergo huge growth in the coming years. The North American market for radiation oncology is projected to dominate the global industry.

NEW YORK, Aug. 27, 2021 /PRNewswire/ -- Research Dive has published a report titled "Radiation Oncology Market by Type (External Beam Radiation Therapy and Internal Beam Radiation Therapy), Application (Prostate Cancer, Breast Cancer, Lung Cancer, Head &Neck Cancer, Colorectal Cancer, Cervical Cancer, Gynecological Cancer, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027".

The Global Radiation Oncology Market accounted for $6,820.6 million in 2019 and is anticipated to garner a revenue of $10,679.7 million by 2027 with a CAGR of 7.4% during 2020-2027.

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COVID -19 Impact on Global Radiation Oncology Market:

The novel COVID-19 has had a significant impact on the growth of the global radiation oncology market in 2020. Almost all nations around the world have invested in the development of adequate healthcare infrastructure to provide improved services to people in times of the COVID-19 pandemic. In addition, some of the leading market players have implemented a number of strategies, such as new technology launches and partnerships, to increase their share of the global market. In November 2020, Accuray Incorporated, announced that innovations in hardware and software solutions and clinical data presented at this year's ASTRO (American Society for Radiation Oncology) Annual Meeting will support the use of the company's  CyberKnife® and TomoTherapy® , and the next-generation Radixact® System platforms, to deliver  (ultra) hypofractionated radiation treatments to patients suffering from cancer. Hypofractionated radiotherapy — a shorter course of radiotherapy with higher radiation doses per fraction — provides an efficient and effective treatment option for an increasing number of indications and may improve patients' clinical and financial experiences. This aspect is predicted to propel the technological advancements in radiation oncology and is anticipated to drive the market growth in the forecast years.

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Regional Analysis

North America Radiation Oncology Market for radiation oncology accounted for a significant market share of over 43.7% in 2019, and is estimated to continue its dominance in the coming years. The existence of highly developed and advanced healthcare infrastructure in North America, particularly in the United States, is influencing the cancer patients to adopt radiation oncology techniques in these regions. Moreover, the U.S. department of government has recently implemented 9 federal programs in order to support cancer prevention and early detection by providing additional support for better cancer treatment processes. These factors are predicted to the growth of the radiation oncology market in the upcoming time.

Key Segments of the Radiation oncology Market

The report has divided the market into type, application, and region.

  • In the type sub-segment, external beam radiation therapy sub-segment accounted for a dominant share of the global market in 2019, which was about 78.5% and is predicted to continue its steady growth with a CAGR of 7.1% throughout the forecast years.  Healthcare professionals have adopted external beam radiation therapy on a large scale because of its high accuracy in targeting abnormal cells and reducing pain in advanced cancers. This factor is anticipated to boost the growth of the radio oncology market in the analysis timeframe.
  • In the application sub-segment, the radiation oncology market for breast cancer application was valued at $1,801.1 million and accounted for the highest market size in 2019. Further, it is estimated to garner a revenue of $2,577.7 million by 2027.  The increase in the prevalence of breast cancer, particularly in developed countries, due to aging, obesity and exposure to radiation, is estimated to drive the growth of the sub-segment market during the analysis period. It is estimated that about 330,840 new cases of breast cancer will be diagnosed in the U.S. in 2021, as per available data. This factor is projected to boost the demand for radiotherapy, which in turn is anticipated to drive the market growth.

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Dynamics of the Radiation Oncology Market

Radiation oncology techniques have the ability to slow down the growth of cancer cells within the human body. They're also treating lung, breast, prostate, and many other cancers. Moreover, it is estimated that the continuous development of treatment procedures and technologies will fuel market growth in the forecast timeframe. For example, one of the most efficient oncology technologies known as stereotactic radiotherapy (SRT) only targets abnormal lesions and protects normal tissues using cross-fertilization techniques to reduce the exposure of adjacent tissues closer to cancer cells. This aspect is predicted to fuel the growth of the global radiation oncology market in the analysis period.

 The lack of adequate healthcare infrastructure, particularly in low-income countries, is expected to reduce the growth of the radiation oncology market in the forecast timeframe. Furthermore, due to difficulties in targeting cancer cells, the complex nature of radiation oncology procedures is estimated to hamper market growth in the analysis period.

Key Market Players and Strategies

The most significant players of the global radiation oncology market include –

  1. Varian Medical Systems, Inc.
  2. IBA Worldwide
  3. Accuray Incorporated
  4. Mevion Medical Systems
  5. Nordion (Canada) Inc.
  6. BD, Isoray Inc.
  7. Elekta AB
  8. Provision Healthcare
  9. Panacea Medical Technologies Pvt. Ltd.

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These industry players are focusing on developing several strategies such as mergers and acquisitions, partnerships, and product launches to promote to the expansion of the market.

For instance, in February 2021, Varian Medical Systems, an American radiation oncology treatments and software maker, made an agreement with CHRISTUS Health, an international Catholic, faith-based, not-for-profit health system, and launched a new technology called CTSI Oncology Solutions to offer oncology solutions & services for healthcare professionals across the globe. As per this agreement, both companies aim to aid cancer patients by providing enhanced technology-enabled services in radiation oncology.

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