The global radiation oncology market was valued at $7,794.4 million in 2021, and is anticipated to reach $15,231.2 million by 2030, growing at a CAGR of 7.8% from 2022 to 2030.
Radiation oncology is one of the treatment options for cancer along with surgery and chemotherapy. In radiation therapy, high energy protons are emitted into the effected part of the body, which stops the DNA replication and eventually death leads to the of cancer cells. Radiation therapy persists to be an an important part of treatment with 50% of cancer patients receiving it and with a contribution of 40% of the curative treatment.
According to WHO, cancer was one of the leading causes of deaths worldwide, counting for 10 million deaths in 2020, which is nearly one in every six deaths. Advancements like image guided and intensity modulated radiation therapy, digital imaging, and computer controlled linear accelerators have transformed radiation oncology over the past decade. These advancements have reduced the chances of many medical events and errors. The increase in sedentary lifestyle along with improper diet and lack of exercise are making patients prone to cancer.
In underdeveloped countries, extremely high treatment costs of cancer treatment are a serious issue. Infrastructure with a high level of technical advancement drives up costs. Despite the efforts of governments from other nations, contributions have not reached the bottom of the pyramid. Furthermore, technical improvements have resulted in additional problems such as device communication failures, software defects, and hardware failures, all of which hamper market growth. It is difficult for developing and underdeveloped countries to afford highly equipped radio oncology devices due to their high costs. Moreover, lack of adequate healthcare facilities along with lack of skilled surgeons in underdeveloped countries could hamper the market growth.
Rising mortality rate of cancer has been an important propeller to the market. The increasing number of cases will need a better treatment to the disease in future, and along with the cutting-edge technological advancement, it can be estimated that the market will be propelled in the forecasted period.
Healthcare Industries were favoured by the pandemic, however not every part was positively impacted. Many clinics across the world were converted into Covid-19 clinics to treat Covid patients. There was unavailability of hospital beds for cancer patients since Covid patients were taken on priority. Patients avoided visiting hospitals in fear contracting the infection. During the continuing COVID-19 situation, the Italian Association of Radiation and Clinical Oncology (AIRO), established a document to standardise radiotherapy operating practises [9] and conducted a focused nationwide survey.
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.
Radiation oncology is one of the treatment options for cancer along with surgery and chemotherapy. In radiation therapy, high energy protons are emitted into the effected part of the body, which stops the DNA replication and eventually death leads to the of cancer cells. Radiation therapy persists to be an an important part of treatment with 50% of cancer patients receiving it and with a contribution of 40% of the curative treatment.
According to WHO, cancer was one of the leading causes of deaths worldwide, counting for 10 million deaths in 2020, which is nearly one in every six deaths. Advancements like image guided and intensity modulated radiation therapy, digital imaging, and computer controlled linear accelerators have transformed radiation oncology over the past decade. These advancements have reduced the chances of many medical events and errors. The increase in sedentary lifestyle along with improper diet and lack of exercise are making patients prone to cancer.
In underdeveloped countries, extremely high treatment costs of cancer treatment are a serious issue. Infrastructure with a high level of technical advancement drives up costs. Despite the efforts of governments from other nations, contributions have not reached the bottom of the pyramid. Furthermore, technical improvements have resulted in additional problems such as device communication failures, software defects, and hardware failures, all of which hamper market growth. It is difficult for developing and underdeveloped countries to afford highly equipped radio oncology devices due to their high costs. Moreover, lack of adequate healthcare facilities along with lack of skilled surgeons in underdeveloped countries could hamper the market growth.
Rising mortality rate of cancer has been an important propeller to the market. The increasing number of cases will need a better treatment to the disease in future, and along with the cutting-edge technological advancement, it can be estimated that the market will be propelled in the forecasted period.
Healthcare Industries were favoured by the pandemic, however not every part was positively impacted. Many clinics across the world were converted into Covid-19 clinics to treat Covid patients. There was unavailability of hospital beds for cancer patients since Covid patients were taken on priority. Patients avoided visiting hospitals in fear contracting the infection. During the continuing COVID-19 situation, the Italian Association of Radiation and Clinical Oncology (AIRO), established a document to standardise radiotherapy operating practises [9] and conducted a focused nationwide survey.
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.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the radiation oncology market analysis from 2021 to 2030 to identify the prevailing radiation oncology market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the radiation oncology market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global radiation oncology market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- External Beam Radiation Therapy
- Internal Beam Radiation Therapy
By Application
- Prostate Cancer
- Breast Cancer
- Lung Cancer
- Head and Neck Cancer
- Colorectal Cancer
- Cervical Cancer
- Gynecological Cancer
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest Of Asia Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Rest of LAMEA
Key Market Players
- BD
- Isoray Inc.
- Provision Healthcare
- Varian Medical Systems, Inc.
- Elekta AB
- Accuray Incorporated
- Mevion Medical Systems
- IBA Worldwide
- Nordion (Canada) Inc.
- Panacea Medical Technologies Pvt. Ltd
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: RADIATION ONCOLOGY MARKET, BY TYPE
CHAPTER 5: RADIATION ONCOLOGY MARKET, BY APPLICATION
CHAPTER 6: RADIATION ONCOLOGY MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, 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.
Companies Mentioned
- Bd
- Isoray Inc.
- Provision Healthcare
- Varian Medical Systems, Inc.
- Elekta Ab
- Accuray Incorporated
- Mevion Medical Systems
- Iba Worldwide
- Nordion (Canada) Inc.
- Panacea Medical Technologies Pvt. Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 280 |
| Published | July 2022 |
| Forecast Period | 2021 - 2030 |
| Estimated Market Value ( USD | $ 7794.4 million |
| Forecasted Market Value ( USD | $ 15231.2 million |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
