Radiation Oncology Market Size Worth $11.7 Billion By 2028 | CAGR: 7.0%: Grand View Research, Inc.
SAN FRANCISCO, April 19, 2021 /PRNewswire/ -- The global radiation oncology market size is expected to reach USD 11.7 billion by 2028, registering a CAGR of 7.0% over the forecast period, according to a new report by Grand View Research, Inc. The rising incidence of cancer and technological advancement in radiation therapy equipment are some of the major factors driving the growth of the market.
Key suggestions from the report:
- 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
Read 130 page research report with ToC on "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" at: https://www.grandviewresearch.com/industry-analysis/radiation-oncology-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. For instance, Accuray Incorporated introduced its motion monitoring and correction tools, Synchrony, for the Radixact device in April 2019. In contrast to traditional radiotherapy devices, this technology increases dosage accuracy and treatment times and is comparatively more effective.
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.
Grand View Research has segmented the global radiation oncology market on the basis of type, technology, application, and region:
- Radiation Oncology Type Outlook (Revenue, USD Million, 2017 - 2028)
- EBRT
- Linear Accelerators (Linacs)
- Compact Advanced Radiotherapy Systems
- Cyberknife
- Gamma Knife
- Tomotherapy
- Proton Therapy
- Cyclotron
- Synchrotron
- Internal Beam Radiation Therapy
- Brachytherapy
- Seeds
- Applicators and Afterloaders
- Electronic Brachytherapy
- Systemic Beam Radiation Therapy
- Others
- Radiation Oncology Technology Outlook (Revenue, USD Million, 2017 - 2028)
- EBRT
- Image-Guided Radiotherapy (IGRT)
- Intensity Modulated Radiotherapy (IMRT)
- Stereotactic Technology
- Proton Beam Therapy
- 3D Conformal Radiotherapy (3D CRT)
- Volumetric Modulated Arc Therapy (VMAT)
- Brachytherapy
- Low-Dose Rate Brachytherapy
- High-Dose Rate Brachytherapy
- Radiation Oncology Application Outlook (Revenue, USD Million, 2017 - 2028)
- EBRT
- Prostate Cancer
- Breast Cancer
- Lung Cancer
- Head and Neck Cancer
- Colorectal Cancer
- Others
- Internal Beam Radiation Therapy
- Prostate Cancer
- Gynecological Cancer
- Breast Cancer
- Cervical Cancer
- Penile Cancer
- Others
- Radiation Oncology Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Spain
- Italy
- Russia
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Singapore
- Latin America
- Mexico
- Brazil
- Argentina
- MEA
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Radiation Oncology Market
- 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.
Find more research reports on Medical Devices Industry, by Grand View Research:
- Microfluidics Market – Global microfluidics market size was valued at USD 17.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.3% from 2021 to 2028.
- Biosensors Market – Global biosensors market size was valued at USD 22.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.9% from 2021 to 2028.
- Brachytherapy Market – Global brachytherapy market size was valued at USD 788.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.1% from 2021 to 2028.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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