According to Ameco Research, the global Radiation Oncology Market size is expected to grow a CAGR above 7% over the projected timeframe and reach a market value of around USD 13,710 Million by 2030.
The growing number of cancer patients, the growing use of radioactivity in cancer therapy, and technological advancements in radiation equipment are some of the key drivers propelling the market growth. Radiation oncology is a clinical specialization that is an important component of a multidisciplinary cancer treatment program. It makes use of high-energy x-rays (particles) delivered by a linear accelerator. These therapeutic x-rays are both safe and invisible, and they are utilized to treat a wide range of malignancies. Furthermore, radiation oncology technologies and treatments are constantly evolving. Many cancer patients have benefited from recent advances, which have led to increased treatment efficacy, fewer side effects, faster processing times, and fewer drugs. The new system combines motion management services and tumor tracking capabilities, allowing radiation beams to be precisely targeted to cancer while causing minimal damage to nearby essential organs.
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Global Radiation Oncology Market Growth Aspects
Technological improvements that improve treatment efficacy and safety are projected to drive the radiation oncology industry. Other factors driving the growth of the oncology market include funding from the government through ongoing reimbursements and research and technology applied to a wide range of applications. Markets in emerging nations are expected to grow during the forecast period due to rising healthcare expenditure, an expanding consumer pool, and increased public awareness of healthcare. The increased incidence of cancer is one of the key driving causes behind the radiation oncology industry's rise. The World Health Organization estimates that the number of new cancer sufferers will rise by 70% over the next couple of decades. Furthermore, advancements in technology to increase effective treatments through radiation oncology are likely to propel the global oncology market during the forecast period.
The global rise in cancer cases is the primary element influencing the growth of the global radiation oncology market. As a result of poor diet and nicotine use, the global incidence of cancer disease has climbed considerably in the previous decade. It is projected that around 27 million cases will be diagnosed each year by 2040. Lung and pancreatic cancer are two of the most common kinds of cancer seen worldwide. Lung cancer affects approximately two million individuals each year and accounts for further than 10% of all cases of cancer. Breast cancer is the most common type of cancer, affecting around 2 million people each year. Radiation cancer immunotherapy is among the most often used cancer treatments, with much more than two-thirds of patients receiving it.
The epidemic has had a significant impact on the radiation oncology business due to manufacturing and operations restrictions, as well as postponed product releases. Furthermore, a shortage of competent employees, insufficient support for research and academic institutions, surgical delays, and reduced hospitalization all impeded future growth. Despite the availability of rapid radiation services, the number of urgent consumers visiting treatment centers has fallen. Similarly, a decline in oncology-focused clinical studies has impacted overall growth in 2020. Retail chains will take initiatives after 2020 to compensate for a drop in the availability of radiation oncology products to target consumers. As a result, the outbreak will have no long-term effect on future market growth projections.
Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global radiation oncology market. North America is expected to dominate the worldwide radiation oncology market due to its best-in-class healthcare infrastructure, health infrastructure, better technological penetration, higher awareness, and more expenditure on healthcare by residents. North America was followed by Europe and Asia-Pacific as the second and third largest radiation oncology industries, respectively. The Asia Pacific region is expected to grow the fastest, owing to rapidly expanding healthcare systems, increased spending, increased authorities, and continued improved public awareness, as well as a rapidly growing healthcare insurance business in the region's emerging economies such as India and China.
Market Segmentation
The global radiation oncology market segmentation by Ameco Research based on type, procedure, and application. Based on the type, the market is divided into external beam radiation therapy, cyclotron, proton therapy, internal beam radiation therapy, synchrotron, and others. Based on the procedure, the market separated into external beam radiation therapy, systemic radiation therapy, and internal beam radiation therapy. Based on application, the market is categorized into external beam radiation therapy, and internal radiation therapy.
Major Players
Some key players covered global in the radiation oncology industry are Accuray Incorporated, NTP Radioisotopes SOC Ltd., Mevion Medical Systems, Inc., Viewray Technologies, Inc., Curium Pharma, Isoray Medical, Nordion Inc., Ion Beam, Applications (IBA), Varian Medical Systems, Inc., Elekta AB, and C.R. BARD, INC. (BD).
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