New York, USA, Aug. 01, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global radiation oncology market is estimated to generate $15,231.2 million and grow at 7.8% CAGR over the forecast period from 2022-2030. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2022-2030. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: The rising prevalence of cancer among people due to their sedentary lifestyle choices, lack of exercise, improper diet, etc. and the growing demand for cost-effective cancer treatment are some factors anticipated to drive the growth of the global radiation oncology market during the forecast period. In addition, increasing technological advancements in the radiation oncology treatment is also expected to boost the market growth by 2030.
Opportunities: The increasing use of radiation therapy in breast and prostate cancer and rising technological innovations like intensity-modulated and image-guided radiation therapy, computer-controlled linear accelerators, and digital imaging are some factors predicted to create abundant growth opportunities for the global radiation oncology market during the analysis years.
Restraints: Lack of trained professionals in the radiation oncology field is the major factor to impede the market growth.
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Covid-19 Impact on the Market
The outbreak of the covid-19 catastrophe has had a devastating impact on the global radiation oncology market due to decreasing number of cancer patients, healthcare professionals’ growing focus on treating covid-19 affected people, and shortage of trained professionals due to travel restrictions imposed by governments worldwide. Additionally, bans on import-export of raw materials used in radiation oncology treatment also led disruptions in the supply chain that further led to people’s decreased visits to the hospital for cancer treatment. However, post the uplifting of lockdowns and slowdown of the corona virus spread, the market is projected to witness significant growth due to increasing government investments of the betterment of healthcare sector.
Segments of the Market
The report has divided the radiation oncology market into multiple 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 hold a dominant market share and register a revenue of $11,638.2 million during the forecast years due to its better accuracy for patient’s treatment. The external beam radiation treatment uses protons, photons, and electrons according to the patient’s treatment to destroy abnormal cells and alleviate the pain. Therefore, the adoption of this type of radiation oncology treatment is surging rapidly.
Application: Breast Cancer Sub-segment to be Highly Progressive
The breast cancer sub-segment of the global radiation oncology market is anticipated to have the highest growth rate and garner a revenue of $3,552.4 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 expected to bolster the sub-segment’s growth by 2030.
Region: Market in the North America Region to Witness Better Growth Opportunities
The radiation oncology market in the North America region is predicted to have the highest growth rate of 9.4% CAGR during the 2022-2030 forecast years due to the existence of advanced healthcare infrastructure and skilled healthcare professionals. Furthermore, the US department of government has also implemented multiple federal programs to support cancer prevention and early detection by offering additional medical support, thus propelling the market growth by 2030.
Key Market Players
Some key players of the radiation oncology market include
- Isoray Inc.
- Panacea Medical Technologies Pvt. Ltd
- Elekta AB
- Mevion Medical Systems
- Varian Medical Systems, Inc.
- IBA Worldwide
- BD
- Provision Healthcare
- Novartis
- Accuray Incorporated
- Nordion (Canada) 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 June 2021, Philips, a global healthcare consulting organization, announced its collaboration with Elekta, a Swedish cancer care firm, to advance personalized and comprehensive cancer care via precision treatments. The strategic collaboration also aimed to expand both the companies’ footprints in the magnetic resonance (MR)-guided adaptive radiation treatment.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Radiation Oncology Market:
- Is Chemotherapy and Radiation Oncology Different?
- 5 Crucial Pros and Cons of Radiation Oncology That One Should Know About
- What is Radiation Oncology? Insights on its Types, Side Effects, Covid-19 Impact, and Future Scope
- Global Radiation Oncology Market to Observe Extensive Growth with Growing Improvements in Radiation Oncology Treatments
