New York, USA, May 18, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global radiation oncology market is estimated to generate a revenue of $10,679.7 million by 2027 and grow at a stable CAGR of 7.4% over the forecast period from 2020-2027. The extensive report provides a concise layout of the radiation oncology market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2020-2027. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: The growing developments in the advanced medical technologies and cancer treatment procedures is the prime factor anticipated to drive the growth of the global radiation oncology market during the forecast period. In addition, increasing advancements in evidence-based cancer prevention techniques is also expected to boost the market growth by 2027.
Opportunities: Continuous developments in cancer treatment technologies by prominent market players and their efforts to minimize the sky-rocketing costs of such treatments is predicted to create ample growth opportunities for the global radiation oncology market during the analysis timeframe.
Restraints: Lack of adequate healthcare infrastructure in developing and low-income nations is the major factor projected to hamper the market growth.
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Covid-19 Impact on the Radiation Oncology Market
The onset of the Covid-19 pandemic has had a positive impact on the global radiation oncology market, unlike other industries. Amid such unprecedented times, several healthcare organizations across the globe focused and invested on enhancing healthcare infrastructures and providing better medical aid to the affected lives. Additionally, some significant market players also initiated strategic collaborations, partnerships, and product launches to increase their share in the market and boost the market growth. These factors are projected to boost the market development post the pandemic chaos.
Segments of the Radiation Oncology Market
The report has fragmented the market into a few segments based on type, application, and regional analysis.
Type: External Beam Radiation Therapy Sub-segment to be Highly Dominant
The external beam radiation therapy sub-segment is estimated to have a dominant market share and grow at a steady 7.1% CAGR during the forecast years. This growth is attributed to the increasing adoption of external beam radiation therapy by healthcare professionals due to its high accuracy in detecting abnormal cells and reducing pain in case of advanced cancers.
Application: Breast Cancer Sub-segment to be Highly Lucrative
The breast cancer sub-segment of the global radiation oncology market is expected to have a noteworthy market share and gather a revenue of $2,577.7 million during the analysis timeframe due to the increasing prevalence of breast cancer in developing nations. Moreover, rising cases of obesity along with prolonged radiation exposure and aging are also expected increase the risks of breast cancer. These factors are anticipated to propel the sub-segment’s growth by 2027.
Region: Market in the North America Region to Prosper Immensely
The radiation oncology market in the North America region is estimated to have a prominent market share and grow immensely during the 2020-2027 analysis years due to the existence of advanced healthcare infrastructure and skilled professionals. Moreover, the US department of government has also implemented multiple federal programs to support cancer prevention and early detection by offering additional medical support. These factors are projected to augment the market development in the North America by 2027.
Significant Market Players
Some significant players of the radiation oncology market include
- Mevion Medical Systems
- Elekta AB
- IBA Worldwide
- Accuray Incorporated
- BD
- Provision Healthcare
- Panacea Medical Technologies Pvt. Ltd
- Nordion (Canada) Inc
- Varian Medical Systems, Inc.
- Isoray Inc.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in December 2020, Varian, a renowned radiation oncology treatment and software provider, announced its strategic collaboration with Yonsei Cancer Center to boost the research and development activities in the radiation treatment and oncology department. This collaboration will utilize the former organization’s AI services to further improve the results of early cancer detection.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
Region: North America has an outstanding Market Share in Radiation Oncology Market
Some Related Article Links:
- Is Chemotherapy and Radiation Oncology Different?
- What is Radiation Oncology? Insights on its Types, Side Effects, Covid-19 Impact, and Future Scope
- Global Radiation Oncology Market to Witness a Robust Growth by 2027, Owing to Recent Developments by Prominent Industry Players
