Dublin, Aug. 09, 2021 (GLOBE NEWSWIRE) -- The "Global Radiation Therapy in the Oncology Market: Focus on Radiation Therapy Systems, Product Regulation, Key Strategies and Developments, Market Dynamics, 15 Company Profiles, and 12 Countries Data and Cross Segmentation - Analysis and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The radiation therapy in oncology report highlights that the market was valued at $5,481.8 million in 2020 and is expected to reach $9,206.6 million by the end of 2031. The market is expected to grow at a CAGR of 5.0% during the forecast period from 2021 to 2031.
Radiation therapy in the oncology market is a treatment method to treat any type of cancer/tumor with the help of radiation. Radiation therapy uses radiation beams made of photons, protons, heavy-ions, and other particles. These radiation beams of intense energy are used to destroy or shrink cancer/tumor cells.
The term 'radiation therapy' mostly refers to external beam radiation therapy, but it also means internal beam radiation therapy too. The external beam radiation therapy is done with the help of a machine outside the patient's body that produces a high-energy radiation beam and then aims the beam to a localized precise point or area of treatment on the patient's body. Whereas internal beam radiation therapy is a method to place radiation (radioactive source) inside the patient's body.
The radiation therapy systems (machines) available in the market are, namely, linear accelerator (LINAC), cyclotrons, synchrotrons, synchrocyclotrons, and conventional and electronic brachytherapy systems.
Key Companies Profiled
Accuray Inc., Eckert & Ziegler AG, Elekta AB, General Electric Company, Hitachi Ltd., Ion Beam Applications SA, Koninklijke Philips N.V., Mevion Medical Systems Inc., TeamBest Group, Reflexion Medical Inc., Sensus Healthcare Inc., Varian Medical Systems Inc. (Siemens Healthineers AG), Xoft Inc. (iCAD Inc.), Xstrahl Inc., Zap Surgical Systems Ltd.
Key Questions Answered in the Report
- Which are the consortiums in the radiation therapy market, and what is their role in the market?
- How is the funding scenario in the radiation therapy market?
- What are the major market drivers, challenges, and opportunities in the global radiation therapy in oncology market?
- What is the market trend within the radiation therapy systems industry?
- What was the market value of the leading segments of the global radiation therapy in oncology market in 2020?
- How will the industry evolve during the forecast period 2021-2031?
- What are the key developmental strategies implemented by the key players to sustain in the competitive market?
- What is the current market share of each of the companies in the global radiation therapy in oncology market and what will be their contribution in 2031?
- What is the growth potential of radiation therapy in oncology market in each region, including North America, Europe, Asia-Pacific, and Rest-of-the-World?
- What are the key regulatory implications in developed and developing regions for radiation therapy systems and associated procedures?
Radiation Therapy Market Drivers
Presently, the factors driving the growth of the market as per the radiation therapy report include rising incidence and prevalence of neoplastic patients, elevating geriatric population, rising demand for reduced radiation exposure during radiotherapy, technological advancements in the field of radiotherapy.
All the radiation therapy systems, such as external beam radiation systems or internal beam radiation systems are based on using radiation beams to treat cancer/tumor. The radiation beam destroys the cell's DNA thus, resulting in the shrinkage or destruction of the cancer/tumor. This cancer/tumor treatment by radiation beam has resolved treatment of complex cancer/tumor and providing less side effects when compared to traditional radiation therapy by x-ray or cobalt-60, or chemotherapy.
Radiation Therapy Market Challenges
The challenges that are restricting the growth of the market include the high cost of radiotherapy systems and their associated procedures, and a highly regulated market due to the use of radioactivity.
The high cost of the systems and their associated procedures are among the most challenging factors for the end-user to buy and treatment delivery for patients. It has been observed that many patients prefer international travel for their treatment to take the advantage of the currency rate. Also, the highly regulated market because of the use of radioactivity has led the company to strictly obey the regulations to commercialize their products. Lack of accuracy in beam or radiation dose delivery is another factor affecting the growth of global radiation therapy in the oncology market.
Radiation Therapy Market Opportunities
Potential opportunities that are likely to boost the growth of the market include the development of low-cost cancer treatment centers, the development of a radiation therapy system which is cost effective, and implementation of machine learning in the radiation therapy system.
The current radiation therapy systems have a price of more than $2 million, therefore many companies are working in developing cost-effective systems and even working towards the development of a low-cost infrastructure facility for radiation therapy. And with time, technologically advanced products are being worked on, researched to get an upgraded product.
Impact of COVID-19 on Radiation Therapy Market
The neoplastic patients were at concern with their need for timely diagnosis, treatment, and symptom palliation due to the pandemic lockdown. During the pandemic, there was an increased number of treatments for some cancers and on the other hand, some radiotherapy treatments fell significantly. The increase in the number of cancer treatments via radiation therapy was due to reduced surgical procedures, which lead the doctors to give radiation therapy as an alternative solution for the surgery.
In response to safety from the COVID-19 virus. professional bodies internationally issued guidance for cancer care. The suggestions were treatment omission or delay, utilizing radiation therapy to replace or to bridge to surgery, and use of short and high-daily-dose (HDR or hypo-fractionated) radiotherapy.
Key Topics Covered:
1 Market Definition
1.1 Assumptions and Limitations
1.2 Market Forecasting Factors
2 Markets
2.1 Market Introduction
2.2 Key Findings and Opportunity Assessment
2.3 Global Market Outlook
2.4 Regulatory Framework
2.4.1 U.S.
2.4.2 Europe
2.4.3 Japan
2.4.4 China
2.4.5 Other Consortiums
2.5 Distribution and Marketing Strategies
2.5.1 Case Study: Elekta AB
2.5.2 Case Study: Varian Medical Systems Inc. (Siemens Healthineers AG)
2.6 Impact of COVID-19 Pandemic on the Market
2.7 Key Developments and Strategies
2.7.1 Partnerships, Alliances, and Business Expansion Activities
2.7.2 Regulatory and Legal Activities
2.7.3 Product Launches and Upgradation
2.7.4 Funding Activities
2.7.5 Mergers and Acquisition Activities
2.8 Market Share Analysis
2.8.1 by Radiation Type
2.8.2 by Product Type
2.8.3 by Therapy
2.8.4 by End User
2.8.5 by Region
2.9 Market Dynamics
2.9.1 Overview
2.9.2 Impact Analysis
2.9.3 Market Drivers
2.9.3.1 Rising Incidence and Prevalence of Neoplastic Patients and Elevating Geriatric Population
2.9.3.2 Rising Demand for Reduced Radiation Exposure During Radiotherapy
2.9.3.3 Technological Advancements in the Field of Radiotherapy
2.9.4 Market Restraints
2.9.4.1 High Cost of Radiotherapy Systems and their Associated Procedures
2.9.4.2 Highly Regulated Market Due to the Use of Radiation
2.9.5 Market Opportunities
2.9.5.1 Development of Low-Cost Cancer Treatment Center
2.9.5.2 Implementation of Machine Learning in Radiotherapy Systems
2.9.6 Market Trend
2.9.6.1 Integration of MRI or CT Technology with Radiotherapy Systems
2.9.6.2 Adoption of Radiation Therapy by Emerging Countries
2.1 Analyst Perspective
2.11 Epidemiology Assessment
3 Application
3.1 Radiation Type
3.1.1 Market Overview
3.1.2 Market Attractiveness Analysis
3.1.3 Market Size and Forecast
3.1.3.1 External Beam Radiation
3.1.3.2 Internal Beam Radiation
3.2 Therapy
3.2.1 Market Overview
3.2.2 Market Attractiveness Analysis
3.2.3 Market Size and Forecast
3.2.3.1 Stereotactic Radiosurgery
3.2.3.2 Image-Guided Radiation Therapy
3.2.3.3 Intensity-Modulated Radiation Therapy
3.2.3.4 Volumetric-Modulated Arc Therapy
3.2.3.5 Brachytherapy
3.3 End User
3.3.1 Market Overview
3.3.2 Market Attractiveness Analysis
3.3.3 Market Size and Forecast
3.3.3.1 Hospitals and Medical Research Institutes
3.3.3.2 Specialized Radiotherapy Centers
4 Products
4.1 Market Overview
4.2 Market Attractiveness Analysis
4.2.1 Market Size and Forecast
4.2.1.1 Oncology Systems
4.2.1.2 Particle Therapy Systems (Proton and Heavy Ion)
4.2.1.3 Others
5 Region
6 Markets - Competitive Benchmarking & Company Profiles
6.1 Overview
6.1.1 Key Players: Snapshot
6.1.2 Key Strategies Implemented by Market Players
6.2 Accuray Inc.
6.2.1 Company Overview
6.2.2 Role of the Company in the Market
6.2.3 Financials
6.2.4 SWOT Analysis
6.3 Eckert & Ziegler AG
6.3.1 Company Overview
6.3.2 Role of the Company in the Market
6.3.3 Financials
6.3.4 SWOT Analysis
6.4 Elekta AB
6.4.1 Company Overview
6.4.2 Role of the Company in the Market
6.4.3 Financials
6.4.4 SWOT Analysis
6.5 General Electric Company
6.5.1 Company Overview
6.5.2 Role of the Company in the Market
6.5.3 Financials
6.5.4 SWOT Analysis
6.6 Hitachi, Ltd.
6.6.1 Company Overview
6.6.2 Role of the Company in the Market
6.6.3 Financials
6.6.4 SWOT Analysis
6.7 Ion Beam Applications SA
6.7.1 Company Overview
6.7.2 Role of the Company in the Market
6.7.3 Financials
6.7.4 SWOT Analysis
6.8 Koninklijke Philips N.V.
6.8.1 Company Overview
6.8.2 Role of the Company in the Market
6.8.3 Financials
6.8.4 SWOT Analysis
6.9 Mevion Medical Systems Inc.
6.9.1 Company Overview
6.9.2 Role of the Company in the Market
6.9.3 SWOT Analysis
6.1 TeamBest Group
6.10.1 Company Overview
6.10.2 Role of the Company in the Market
6.10.3 SWOT Analysis
6.11 Reflexion Medical Inc.
6.11.1 Company Overview
6.11.2 Role of the Company in the Market
6.11.3 SWOT Analysis
6.12 Sensus Healthcare Inc.
6.12.1 Company Overview
6.12.2 Role of the Company in the Market
6.12.3 Financials
6.12.4 SWOT Analysis
6.13 Varian Medical Systems Inc. (Siemens Healthineers AG)
6.13.1 Company Overview
6.13.2 Role of the Company in the Market
6.13.3 Financials
6.13.4 SWOT Analysis
6.14 Xoft Inc. (iCAD Inc.)
6.14.1 Company Overview
6.14.2 Role of the Company in the Market
6.14.3 Financials
6.14.4 SWOT Analysis
6.15 Xstrahl Inc.
6.15.1 Company Overview
6.15.2 Role of the Company in the Market
6.15.3 SWOT Analysis
6.16 Zap Surgical Systems Inc.
6.16.1 Company Overview
6.16.2 Role of the Company in the Market
6.16.3 SWOT Analysis
7 Research Methodology
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