Radiation Oncology Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

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Radiation oncology Market: By Type (External Beam Radiation Therapy, Internal Radiation Therapy, Systemic Radiation Therapy), By End User (Hospitals and Clinics, Others), and Geography

 

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Report

Description

Radiation Oncology Market is estimated to be valued at USD 7,548.9 Million in 2021 and is poised to grow at a significant CAGR of 7.6% over 2022-2028. Radiotherapy treats cancer by irradiating the tumor cells and inhibiting their growth and division. The rising incidence and prevalence of cancer increased awareness of radiotherapy’s therapeutic benefits, and technological advancements in radiotherapy are the primary factors driving the market’s growth. Radiotherapy is also becoming more popular due to huge prospects given by emerging nations and increased government investment in cancer treatment. Radiation therapy remains an essential aspect of cancer treatment, with over 50% of cancer patients receiving it and accounting for 40% of curative therapy. Based on the type of the global radiation oncology market is bean segmented into external beam radiation therapy, internal radiation therapy, and systemic radiation therapy into which external beam radiation therapy is anticipated to grow the market. The most prevalent form of radiation therapy for cancer treatment is external radiation (or external beam radiation). High-energy rays (or beams) from outside the body are directed into the tumor using a machine. External beam radiation treatment may now be delivered with extreme precision because of advances in radiation technology. These devices direct the radiation to the exact area of the body, causing as minimal damage to normal tissues as possible. External radiation therapy is often administered during outpatient hospital or treatment facility visits. Most people get external radiation treatment over many weeks, and patients often visit the treatment center every weekday for several weeks. However, some people may need to visit the treatment facility twice a day for a shorter period. Increase in the number of cancer patients, an increase in the senior population, an increase in the use of radiation equipment and procedures, an increase in the number of radiotherapy awareness programs, and technical developments in radiotherapy devices, However, dearth of skilled personnel and difficulty in tumor visualization restrict the radiotherapy market growth. Furthermore, increased demand for cancer treatment and development possibilities in emerging economies will likely give multiple potential for market expansion throughout the projection period.

Recent Market Developments:

In July 2019, Swiss Medical Network obtained a Radixact system, an Image-guided, Intensity-modulated Radiation Therapy (IG-IMRT) system manufactured by Accuray, Inc., to give patients a highly accurate radiation system. Hospital adoption of these precise systems is projected to drive the radiation oncology market.

Radiation Oncology Market

MARKET SUMMARY
-
7.6%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 7.6%
  • Largest Market– Asia Pacific
  • Fastest Growing Market–  North America

Radiation Oncology Market

  • The radiation oncology market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The radiation oncology market is segmented based on based on by type, end user and geography.
Key Players
  • R. BARD, INC. (BD)
  • Isoray Medical
  • Mevion Medical Systems, Inc.
  • Nordion Inc.
  • NTP Radioisotopes SOC Ltd.
Radiation Oncology Market Dynamics

Many efforts, such as conferences and symposia, have recently been held in response to the benefits of radiation methods. Such activities emphasize raising knowledge about the advantages and treatment benefits of radiation for various malignancies. Several radiation-related events are being planned to raise awareness and provide training for radiotherapy treatments among oncologists and radiographers. Such events are critical in boosting knowledge about various radiation methods and their advantages, which is predicted to increase demand for and adoption of radiotherapy devices.


North-America Got Significant Share

Radiation Oncology Market

The Radiation oncology market in North America is likely to hold the highest revenue share in 2021 and same trend is expected over the forecast period due the existence of the most comprehensive and advanced healthcare infrastructure in North America, notably in the United States, is encouraging cancer patients to undergo radiation oncology operations in these places. Breast cancer prevalence is predicted to rise throughout the projection period, particularly in industrialized nations in the area, due to aging, obesity, and radiation exposure. Furthermore, the United States Department of Health and Human Services has launched nine government initiatives to encourage cancer prevention and early diagnosis by providing more excellent financing for improved cancer treatment approaches, which is projected to fuel market revenue growth in the near future.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The radiation oncology market report provides granular level information about the market size, regional market share, historic market (2017-2021), and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Radiation Oncology Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

Breast Cancer sub-segment of the application-wise industry acquired the maximum share of the global radiation oncology Market in 2021.

The market’s key players, like Panacea Medical Technologies, have started taking certifications on the latest technologies, making them reliable.

North America will provide more business opportunities for the Global Radiation Oncology Market in the future.

Super specialty hospitals and radiotherapists are the primary customers in the global radiation oncology market.


Report

Company Profile

  • 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.

Description

Radiation Oncology Market is estimated to be valued at USD 7,548.9 Million in 2021 and is poised to grow at a significant CAGR of 7.6% over 2022-2028. Radiotherapy treats cancer by irradiating the tumor cells and inhibiting their growth and division. The rising incidence and prevalence of cancer increased awareness of radiotherapy’s therapeutic benefits, and technological advancements in radiotherapy are the primary factors driving the market’s growth. Radiotherapy is also becoming more popular due to huge prospects given by emerging nations and increased government investment in cancer treatment. Radiation therapy remains an essential aspect of cancer treatment, with over 50% of cancer patients receiving it and accounting for 40% of curative therapy. Based on the type of the global radiation oncology market is bean segmented into external beam radiation therapy, internal radiation therapy, and systemic radiation therapy into which external beam radiation therapy is anticipated to grow the market. The most prevalent form of radiation therapy for cancer treatment is external radiation (or external beam radiation). High-energy rays (or beams) from outside the body are directed into the tumor using a machine. External beam radiation treatment may now be delivered with extreme precision because of advances in radiation technology. These devices direct the radiation to the exact area of the body, causing as minimal damage to normal tissues as possible. External radiation therapy is often administered during outpatient hospital or treatment facility visits. Most people get external radiation treatment over many weeks, and patients often visit the treatment center every weekday for several weeks. However, some people may need to visit the treatment facility twice a day for a shorter period. Increase in the number of cancer patients, an increase in the senior population, an increase in the use of radiation equipment and procedures, an increase in the number of radiotherapy awareness programs, and technical developments in radiotherapy devices, However, dearth of skilled personnel and difficulty in tumor visualization restrict the radiotherapy market growth. Furthermore, increased demand for cancer treatment and development possibilities in emerging economies will likely give multiple potential for market expansion throughout the projection period.

Recent Market Developments:

In July 2019, Swiss Medical Network obtained a Radixact system, an Image-guided, Intensity-modulated Radiation Therapy (IG-IMRT) system manufactured by Accuray, Inc., to give patients a highly accurate radiation system. Hospital adoption of these precise systems is projected to drive the radiation oncology market.

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