Radiation Oncology Market is Anticipated to Rise at a CAGR of 7.0% by 2028: Grand View Research Inc.

 

Radiation Oncology Market Growth & Trends

The global radiation oncology market size is expected to reach USD 11.7 billion by 2028, registering a CAGR of 7.0% over the forecast period, according to a new report by Grand View Research, Inc. The rising incidence of cancer and technological advancement in radiation therapy equipment are some of the major factors driving the growth of the market.

There have been various technological advancements in radiotherapy equipment over the last decade, which has been a major factor for growth. Advancement from 2D to 3D conformal radiotherapy, motion tracking, and real-time imaging has helped improve radiation targeting and thereby reduce exposure to the surrounding healthy tissues. For instance, Accuray Incorporated introduced its motion monitoring and correction tools, Synchrony, for the Radixact device in April 2019. In contrast to traditional radiotherapy devices, this technology increases dosage accuracy and treatment times and is comparatively more effective.

Strategies such as partnerships, innovative product launches, and acquisitions are the priority of major players in the industry. For instance, in February 2020, Varian received FDA 510K clearance for its Ethos Therapy. It is an AI-driven solution designed to deliver an entire adaptive treatment plan in 15 minutes, including patient set-up to treatment delivery. In December 2019, Elekta signed a non-binding MoU with ViewRay, Inc. for the advancement of the knowledge and application of MR-LINACs.

According to an article published in Seminars in Radiation Oncology in 2017, it is expected that in low- and middle-income countries alone, more than 12,000 additional treatment machines will be needed by 2035. Besides, by 2035, it is projected that China, India, and Brazil will need over 3,800, 1,200, and 400 additional equipment, respectively. Companies are taking several initiatives to meet this demand. For instance, in 2019, Tata Trust signed a 3-year agreement with Varian Medical Systems Inc. for the installation of new advanced radiotherapy equipment in India, to improve patient access to treatment.

However, the lack of skilled radiotherapy professionals is expected to be a major restraining factor for the growth of the market, particularly in developing countries. The recommended number of radiation oncologists in the developed world is around 4 per million population. There are around 0.8 radiation oncologists per million population in India. Similar is the situation in other countries in the Indian sub-continent.

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Radiation Oncology Market Report Highlights

• Due to the high availability of External Beam Radiation Therapy (EBRT) equipment and penetration of innovative diagnostic instruments and understanding of available treatment options, EBRT dominated the market in 2020
• In IBRT application, the prostate cancer segment dominated the market in 2020, majorly due to the promising applications for brachytherapyin the treatment of prostate cancer
• In 2020, North America dominated the market and accounted for a revenue share of more than 44.0%. Favorable reimbursement policies, quality of healthcare infrastructure, and the presence of key players in the region are some of the factors driving the market in the region

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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
  • US.
  • Canada
• Europe
  • Germany
  • UK.
  • Spain
  • Italy
  • Russia
  • France
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Singapore
• Latin America
  • Mexico
  • Brazil
  • Argentina
• MEA
  • South Africa
  • Saudi Arabia
  • UAE

List of Key Players of Radiation Oncology Market

• 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.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.