Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Radiation Oncology Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, May 12, 2021 (GLOBE NEWSWIRE) -- The Global Radiation Oncology Market is expected to grow at a CAGR of around 7.1% from 2020 to 2027 and reach the market value of over US$ 11.0 Bn by 2027.
Radiation oncology, radiotherapy, or radiation therapy is a medical specialty used for the treatment of cancer. The overall technology uses the energy mostly x rays (photon) and is commonly delivered through a linear accelerator. The linear accelerator is housed within a cancer center and a multidisciplinary team comprises radiation oncologists, nurses, radiation therapists, and medical physicists.
The global radiation oncology market is segmented on the basis of type, technology, application, and geography. Based on type, the market is divided across external beam radiation therapy (linear accelerators (LINAC), compact advanced radiotherapy systems), proton therapy, cyclotron, synchrotron, internal beam radiation therapy (brachytherapy, systemic beam radiation therapy, and others. By technology, the market is divided into external beam radiation therapy, (image-guided radiotherapy (IGRT), intensity-modulated radiotherapy (IMRT), stereotactic technology, proton beam therapy, 3D conformal radiotherapy (3D CRT), volumetric modulated arc therapy (VMAT), internal beam radiation therapy (low-dose rate brachytherapy, high-dose rate brachytherapy), and systemic radiation therapy.
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Additionally, radiation oncology has applications across external beam radiation therapy including prostate cancer, breast cancer, lung cancer, head & neck cancer, colorectal cancer, and others, and internal radiation therapy including prostate cancer, gynecological cancer, breast cancer, cervical cancer, penile cancer, and others.
On the basis of application, external beam radiation therapy accounted for the maximum revenue share (%) and the segment is also projected to maintain its dominance over the forecast period from 2020 to 2027.
North America accounted for the maximum revenue share and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The major economies of the region including US and Canada are the major revenue contributors. Furthermore, North America is followed by Europe in the revenue share of radiation oncology in 2019.
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Furthermore, Asia Pacific is projected to exhibit the fastest growth over the forecast period from 2020 to 2027. The rapidly developing economies across the region are contributing to the rapid growth during the forecast period. The increasing number of cancer cases is the major factor boosting the market growth. Additionally, the increasing spending power of residents of developing economies boosts their spending on treatment is another factor contributing to the regional market value.
Some of the leading competitors are Accuray Incorporated, C.R. BARD, INC. (BD), Curium Pharma, Elekta AB, Ion Beam, Applications (IBA), Isoray Medical, Mevion Medical Systems, Inc., Nordion Inc., NTP Radioisotopes SOC Ltd., Varian Medical Systems, Inc., Viewray Technologies, Inc., and others. The major players are continuously involved in the development of advanced technologies that can overcome the drawbacks of existing ones as well as provide better imaging quality. The strategic developments undergone by the major players include mergers and acquisitions, partnerships and collaborations, and new product development.
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Some of the key observations regarding the radiation oncology industry include:
- In 2021, ONCOFACTS has organized an international virtual CME (Continuing Medical Education) on ‘Practice Changing Capsule for Breast Cancer Radiation Oncology Update’ on the first Sunday of May 2021 under the aegis of Association of Radiation Oncologists of India, North Zone Chapter, and American Oncology Institute ASCOMS Hospital, Jammu.
- A multidisciplinary team has been developed in April 2021 to promote communication and collaboration among radiation oncology care facilities. Research from a poster presentation at the Oncology Nursing Society’s 46th Annual Congress has detailed the development and implementation of a multidisciplinary patient-centered care team at a radiation oncology outpatient clinic.
- RaySearch Laboratories AB (publ) has signed a sales agent agreement with Canon Medical Systems USA, Inc. in May 2021. The new agreement enables RaySearch America's salesforce to promote Canon Medical's Aquilion Large Bore CT and Celesteion PET/CT products.
- Ion Beam Applications S.A. (IBA) has announced that its Proteus®ONE1 compact proton therapy solution has been selected by Advocate Radiation Oncology in April 2021. This has been done in conjunction with affiliate Southwest Florida Proton for its new radiation oncology center of Advocate Radiation Oncology.
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