Dublin, Oct. 25, 2021 (GLOBE NEWSWIRE) -- The "Global Radiation Oncology Market Size, Share & Trends Analysis Report by Type (External Beam Radiation Therapy, Internal Beam Radiation Therapy), by Application, by Technology, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global radiation oncology market size is expected to reach USD 11.7 billion by 2028, registering a CAGR of 7.0%
The rising incidence of cancer and technological advancement in radiation therapy equipment are some of the major factors driving the growth of the market.
There have been various technological advancements in radiotherapy equipment over the last decade, which has been a major factor for growth. Advancement from 2D to 3D conformal radiotherapy, motion tracking, and real-time imaging has helped improve radiation targeting and thereby reduce exposure to the surrounding healthy tissues.
Strategies such as partnerships, innovative product launches, and acquisitions are the priority of major players in the industry. For instance, in February 2020, Varian received FDA 510K clearance for its Ethos Therapy.
It is an AI-driven solution designed to deliver an entire adaptive treatment plan in 15 minutes, including patient set-up to treatment delivery. In December 2019, Elekta signed a non-binding MoU with ViewRay, Inc. for the advancement of the knowledge and application of MR-LINACs.
According to an article published in Seminars in Radiation Oncology in 2017, it is expected that in low- and middle-income countries alone, more than 12,000 additional treatment machines will be needed by 2035. Besides, by 2035, it is projected that China, India, and Brazil will need over 3,800, 1,200, and 400 additional equipment, respectively.
Companies are taking several initiatives to meet this demand. For instance, in 2019, Tata Trust signed a 3-year agreement with Varian Medical Systems Inc. for the installation of new advanced radiotherapy equipment in India, to improve patient access to treatment.
However, the lack of skilled radiotherapy professionals is expected to be a major restraining factor for the growth of the market, particularly in developing countries. The recommended number of radiation oncologists in the developed world is around 4 per million population.
There are around 0.8 radiation oncologists per million population in India. Similar is the situation in other countries in the Indian sub-continent.
Radiation Oncology Market Report Highlights
- Due to the high availability of External Beam Radiation Therapy (EBRT) equipment and penetration of innovative diagnostic instruments and understanding of available treatment options, EBRT dominated the market in 2020
- In IBRT application, the prostate cancer segment dominated the market in 2020, majorly due to the promising applications for brachytherapy in the treatment of prostate cancer
- In 2020, North America dominated the market and accounted for a revenue share of more than 44.0%. Favorable reimbursement policies, quality of healthcare infrastructure, and the presence of key players in the region are some of the factors driving the market in the region
Market Variables, Trends & Scope
Market Driver Analysis
- Rising Adoption Of Radiotherapy
- Technological Advancements In Radiotherapy
- Rising Prevalence Of Cancer
- Increase In Healthcare Expenditure
- Increasing Application Of Radiopharmaceuticals
Market Restraint Analysis
- Lack Of Skilled Radiotherapy Professionals
- Inadequate Radiation Infrastructure
- Adverse Effects Of Radiotherapy
Companies Mentioned
- Varian Medical Systems, Inc.
- Elekta AB
- Accuray Incorporated
- Ion Beam Applications (IBA)
- C.R. BARD, INC. (BD)
- Isoray Medical
- Mevion Medical Systems, Inc.
- Nordion Inc.
- NTP Radioisotopes SOC Ltd.
- Curium Pharma
- Viewray Technologies, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/o2wl5u
