New York, USA, June 28, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global radiation oncology market is projected to register a revenue of $10,679.7 million at a CAGR of 7.4%, rising from $6,820.6 million in 2019, during the forecast period, 2020-2027. The in-depth research gives a brief analysis of the current market landscape, including major features such as restraints, potential opportunities, growth factors, and challenges during the analysis period. The report also includes all market statistics, making it easier and more useful for readers to grasp the market.
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COVID-19 Impact on the Market
The worldwide radiation oncology market is expected to rise significantly in 2020 as a result of the coronavirus pandemic. Almost every country in the world invested throughout the epidemic in the creation of suitable healthcare infrastructure in order to deliver better services to citizens. For example, Varian, an American radiation oncology software and treatment supplier, partnered with Yonsei Cancer Center in December 2020 to promote radiation therapy and cancer research and development. Yonsei Cancer Center will leverage Varian's artificial intelligence products and services as part of this agreement, which have shown to increase early cancer detection results. This aspect is predicted to drive the growth of the market.
Dynamics of the Market
According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide, accounting for 9.6 million deaths in 2018. Advanced technologies and evidence-based prevention approaches can save about 30% to 40% of cancer deaths among these people. This factor is expected to drive the radiation oncology market in the coming years. Radiation oncology techniques can be used to treat breast, lung, prostate, and other malignancies by slowing the growth of cancer cells inside the human body. Furthermore, continual advancements in treatment processes and technologies are expected to fuel market growth over the forecast period.
For example, stereotactic radiotherapy (SRT), one of the most effective oncology methods, uses cross-firing techniques to target abnormal lesions while protecting normal tissues, limiting the exposure of nearby tissues that are closer to cancer cells. This factor is expected to boost the market's growth in the upcoming years.
The lack of adequate healthcare infrastructure, particularly in low-income countries, is expected to limit the growth of the radiation oncology market in the forecast period. Furthermore, the complex nature of radiation oncology procedures, as a result of the difficulty in targeting cancer cells, is expected to hamper the market growth during the analysis period.
Segments of the Market
The report has segmented the market into different segments based on type, application, and regional analysis.
Type: External Beam Radiation Therapy Sub-Segment is Predictable to be the Most Profitable
External beam radiation therapy sub-segment is predicted to be the most profitable over the analysis period and surge with a CAGR of 7.1% during the forecast period. External beam radiation therapy has a high adoption rate among healthcare professionals due to its high accuracy in targeting abnormal cells and reducing pain in advanced cancers. This factor is expected to fuel the market growth in the analysis period.
Application: Breast Cancer Sub-Segment is Expected to be the Most Lucrative
The breast cancer sub-segment is expected to be the most lucrative over the analysis period and garner a revenue of $2,577.7 million. The rising prevalence of breast cancer, particularly in developed countries, as a result of obesity, ageing, and radiation exposure, is expected to drive the growth of the market during the analysis period. According to available data, approximately 330,840 new cases of breast cancer are expected to be diagnosed in the United States in 2021. This factor is expected to increase demand for radiotherapy.
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Region: North America is Expected to Experience Fastest Growth
North America region is expected to experience fastest growth in the upcoming years and dominate the global industry during the analysis period. The presence of the most developed and advanced healthcare infrastructure in North America region, particularly in the United States, is influencing cancer patients to use radiation oncology techniques in these regions.
Key Market Players and Strategies
The most prominent market players of the global radiation oncology market include -
- Panacea Medical Technologies Pvt. Ltd
- Varian Medical Systems, Inc.
- Provision Healthcare
- Elekta AB
- Isoray Inc.
- Accuray Incorporated
- BD
- Mevion Medical Systems
- Nordion (Canada) Inc.
- IBA Worldwide
These players are working on developing strategies such as merger and acquisition, partnerships, collaborations, and product development to sustain the market growth.
For example, in February 2021, Varian announced a collaboration with CHRISTUS Health and the launch of a new technology called ‘CTSI Oncology Solutions’ to provide oncology solutions and services to healthcare professionals worldwide. According to the terms of the agreement, both companies intend to help cancer patients by providing enhanced technology-enabled radiation oncology services.
The report also summarizes several key aspects including product portfolio, SWOT analysis, latest strategic developments, and financial position of the market players.
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