Radiation Oncology Market Expected to Reach $15.23 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Radiation Oncology Market," The radiation oncology market size was valued at $7.79 billion in 2021, and is estimated to reach $15.23 billion by 2030, growing at a CAGR of 7.8% from 2022 to 2030.

Patients are becoming more prone to cancer as a result of an increase in sedentary lifestyles, poor diets, and lack of exercise. According to the World Health Organization, cancer is one of the major causes of mortality globally, accounting for 10 million fatalities in 2020, or about one in every six deaths, and radiotherapy is one of the most effective therapies for malignant cells in the body. Radiation treatment has changed dramatically in the last decade thanks to innovations like image-guided and intensity-modulated radiation therapy, digital imaging, and computer-controlled linear accelerators. Many medical incidents and blunders have been decreased as a result of these developments. The patient's dependency on therapy is estimated to increase as a result of this factor. These factors are anticipated to improve the radiation oncology market share over the forecast period.

Radiotherapy devices are larger in size and require ample space for installation. As a result, in emerging and underdeveloped economies, the lack of adequate healthcare infrastructure due to limited healthcare expenditure is one of the major factors restraining the adoption of radiotherapy systems. Currently, only a limited number of healthcare institutions in underdeveloped and developing countries are capable of using advanced radiotherapy systems for cancer treatment.

A significant increasing trend has been observed in cancer-related fatalities. According to GLOBOCAN 2020, a report published by the International Agency for Research on cancer, the worldwide cancer burden is expected to rise from 19.3 million cases in 2020 to 28.4 million cases in 2040, with a 47% increase in prevalence from the year 2020. The rising number of instances would need improved illness treatment in the future, and the market is expected to be pushed in the predicted time due to cutting-edge technology development.

The global radiation oncology market is segmented on the basis of type, application, and regional analysis. On basis of type, it is further sub-segmented into external beam radiation therapy and internal beam radiation therapy. On basis of application, it is further sub-segmented into prostate cancer, breast cancer, lung cancer, head & neck cancer, colorectal cancer, cervical cancer, gynecological cancer, and others. On basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA

The key players in the global radiation oncology market are Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, Mevion Medical Systems, IBA Worldwide, Nordion (Canada) Inc., BD, Isoray Inc., Provision Healthcare, and Panacea Medical Technologies Pvt. Ltd.

The report offers a comprehensive analysis of the global radiation oncology market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the radiation oncology market growth. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of COVID-19 on the Global Radiation Oncology Industry

• Many industries were affected by the Covid-19 epidemic. The pandemic favoured the healthcare industry, although not all aspects were pleasantly impacted. To treat the affected individuals, several clinics throughout the world were transformed to Covid-19 clinics.
• Covid-infected patients were given prominence, and a lack of hospitals and surgeons was a severe hurdle for cancer treatment. Patients avoided going to hospitals for fear of acquiring an illness.
• Typical weekly radiotherapy courses fell 19.9% in April, 6.2% in May, and 11.6% in June of 2020 when compared to the same months in 2019. However, as restrictions have been removed and global markets have begun to open to the masses, there has been a gradual increase in patients taking radiotherapy courses. Patients are no longer hesitant to visit hospitals, and the global radiotherapy market will soon show signs of recovery.

Key Findings of the Study

• Based on type, external beam radiation therapy sub-segment accounted for highest revenue share in 2019.
• Based on application, breast cancer sub-segment accounted for a significant market size in 2019.
• Based on region, the North America market had a major share of the radiation oncology market in 2019 and is expected to maintain its dominance in the next years.