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A18438 | Pages: 280 | Charts: 66 | Tables: 126 |
The global radiation oncology market size was valued at $7.79 billion in 2021, and is projected to reach $15.23 billion by 2030, growing at a CAGR of 7.8% from 2022 to 2030. Radiotherapy is used to treat cancer by radiating the tumour cells and destructing its growth and division procedure the rising incidence and prevalence of cancer, the growing awareness of radiotherapy's therapeutic benefits, and technological developments in the field of radiotherapy are the main factors driving this market's expansion. The use of radiotherapy is also being boosted by significant opportunities presented by emerging economies and rising government spending on cancer treatment. Radiation therapy persists as an important part of treatment with nearly 50% of cancer patients receiving it and with a contribution of 40% of the curative treatment.
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Some of the key factors driving the market include the rising incidence of cancer, the rising use of radiotherapy in cancer treatment, and technological developments in radiotherapy equipment. The radiation oncology market is anticipated to be driven by technological developments to increase treatment efficacy and safety. A combination of 4D imaging and radiotherapy, known as 4D radiotherapy, enables real-time tumour tracking and provides precise data on the tumour's size, shape, area, and volume. With the help of this combination, doctors can deliver a conformal dose while compensating for organ, tumour, or patient movement. These factors are anticipated to propel the global radiation oncology market share.
But one of the main things holding back the market for radiation oncology is the scarcity of qualified radiotherapy specialists. For instance, while Bangladesh reports only 0.76 radiation oncologists per 1,000 cancer patients, developed nations typically have 2-3 radiation oncologists for every 1,000 cancer patients. The situation in India is comparable. In addition, physicians in many nations lack exposure to and education in radiation oncology.
It is anticipated that access to high-quality healthcare will improve in several emerging nations, including China, India, Brazil, and Mexico, due to their rapid economic development and rising healthcare spending. This is thought to be a promising sign for the radiation oncology market. The demand for various radiotherapy devices and techniques is increasing as a result of the rising cancer incidence in these nations. Additionally, governments in each of these nations are concentrating on expanding access to high-quality healthcare services for more of their citizens as well as expanding the scope of reimbursement. The expansion of healthcare products (including oncology devices) across these countries is being driven by the quick increase in per-capita healthcare spending and the rising public demand for affordable healthcare services. The aforementioned factors are boosting the radiation oncology market growth.
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 global radiation oncology market is segmented on the basis of type, application and regional analysis. On basis of type, they are further sub-segmented into external beam radiation therapy and internal beam radiation therapy. On basis of application, they are 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.
[TYPEGRAPH]
By type, the external beam radiation therapy sub-segment accounted for highest revenue share and expected to generate the highest revenue in the timeframe. High adoption rate of external beam radiation therapy by the healthcare professionals owing to its high accuracy in targeting abnormal cells and reducing pain in advanced cancers. The external beam radiation therapy has better accuracy to target the tumor to destroy the abnormal cells and alleviate pain. The therapy uses a special X-Ray machine called a linear accelerator to deliver high energy rays to tumors. Thus, adoption of the external beam radiation therapy is increasing day by day by the oncologist. This factor is predicted to fuel revenue growth of the market in the review time.
[APPLICATIONGRAPH]
By application, the breast cancer application sub-segment accounted for the highest market size. Increasing prevalence of breast cancer especially in developed countries as a result of aging, obesity, and radiation exposure is estimated to drive the sub-segment growth in the analysis time. According to the American Cancer Society, a nationwide voluntary health organization, breast cancer is the second leading cause of cancer death in women. The chances that a woman will die from breast cancer is about 1 in 39 (about 2.6%). Breast cancer is increasing due to aging, obesity, and exposure to radiation. Increase in number of cases of breast cancer is rising the demand for radiation therapy. This factor is estimated to increase the demand for radiotherapy, which is estimated to drive the market growth in the review time.
[REGIONGRAPH]
By region, the North America region has a major share in the radiation oncology market, accounting for over 43.7%, and is expected to maintain its dominance in the coming years. The presence of the most sophisticated and advanced healthcare infrastructure in North America, particularly in the U.S., is driving cancer patients in these locations to adopt radiation oncology procedures. Rising prevalence of breast cancer, particularly in developed countries in the region, as a result of aging, obesity, and radiation exposure, is expected to drive market growth during the forecast period. Furthermore, the U.S. Department of Health and Human Services has recently introduced nine federal programs to encourage cancer prevention and early detection by giving additional funding for better cancer treatment methods, which is expected to drive the market revenue growth in the near future.
Key Market Segments
Key Market Players