Radiation Oncology Market – Comprehensive Study Explores Huge Growth with Expected CAGR of 6.9% During The Forecast Period 2021-2028
Radiation oncology also called radiation therapy, is a major part of cancer care. The increasing prevalence of cancer is expected to propel the growth of the global radiation oncology market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
Moreover, R&D in radiotherapy is also expected to aid in the growth of the market. For instance, in July 2020, IntraOp Medical Corporation delivered a pre-clinical high dose rate electron beam linear accelerator to The Ohio State University Comprehensive James Cancer Center – Arthur G. James Cancer Hospital and Richard J. Solove Research Institute (OSUCCC – James) for the study of FLASH radiotherapy.
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R&D in radiotracers is expected to offer lucrative growth opportunities for players in the global radiation oncology market. For instance, in April 2020, researchers from the University of Aveiro, Portugal, concluded that pyrazole, an organic compound, is an important scaffold for the development of 18F-labeled radiotracers for PET imaging.
Moreover, an increasing number of radiation oncology centers is also expected to aid in the growth of the market. For instance, in July 2020, Colquitt Regional Medical Center in Moultrie, U.S. started construction of a US$ 7.7 million radiation oncology center.
However, side effects from radiation are expected to hinder the growth of the global radiation oncology market. Higher doses of head and neck radiation can be associated with cardiovascular complications, thyroid dysfunction, and pituitary axis dysfunction.
The market is witnessing the adoption of TomoTherapy platforms. For instance, in December 2019, Timpanogos Cancer Services installed Radixact System, the next-generation TomoTherapy platform from Accuray Incorporated.
Major players in the market are focused on adopting collaboration and partnership strategies to enhance their market share. For instance, in June 2020, Isoray, Inc. entered into a research grant agreement with the University of Cincinnati Physicians Company for a study involving the treatment of recurrent head and neck cancers.
Key Takeaways –
- Increasing prevalence of cancer to augment the growth of the global radiation oncology market over the forecast period
- Major players in the market are focused on launching new products to expand their product portfolio. For instance, in June 2020, Accuray Incorporated launched the CyberKnife S7 System, a motion tracking and synchronization treatment delivery for all stereotactic radiosurgery and stereotactic body radiation therapy treatments.
- Major players operating in the global radiation oncology market include Accuray Incorporated, C. R. Bard, Elekta, IBA Worldwide, Varian Medical Systems, Carl Zeiss Meditec, iCAD, IsoRay, Mevion Medical Systems, Nordion, and NTP Radioisotopes. Toshiba Medical Systems
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Market Segmentation –
Radiation Oncology Market Segmentation By Type –
- External Beam Radiation Therapy (EBRT)
Radiation Oncology Market Segmentation By Applications –
- Blood Cancer (Leukaemia)
- Breast Cancer
- Gastrointestinal Cancer
- Respiratory/Lung Cancer
- Skin Cancer
- Other Cancers
Region-Wise Classification of the Radiation Oncology Market –
- North America
- South America
- Middle East
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