Radiation Oncology Market is Projected to Grow at A CAGR of 7.4% During, 2020-2026

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OVERVIEW

Radiation Oncology Market was valued at $6.8 billion in 2019 with a CAGR of 7.4% from 2020 to 2026.

Radiation oncology is a therapeutic use of radiation to treat cancer for cure or reduce pain and other symptoms caused by cancer. Radiation oncology therapy also uses computed tomography (CT) scans, ultrasound, magnetic resonance imaging (MRI), and hyperthermia (heat) as an additional intervention to aid in treatment planning and delivery.

Rising prevalence of cancer is a key driving factor of the market. Cancer is the second leading cause of death globally. According to the World Health Organization (WHO), in 2018, around 18.1 million new cancer cases were diagnosed globally, and 9.6 million people died due to cancer. Worldwide, the total number of people alive with 5-year cancer prevalence is around 43.8 million. According to the American Cancer Society, in 2020, an estimate of new cancer cases and deaths accounts for 1.8 million new cancer cases and 606,520 cancer deaths in the United States. According to the Canadian Cancer Society, in 2020, an estimate of 225,800 new cancer cases was diagnosed and 83,300 cancer deaths in Canada.

According to the World Health Organization (WHO), each year, more than 3.7 million new cancer cases are diagnosed, and 1.9 million people die from cancer in Europe. According to the World Health Organization (WHO), India accounts for 1.16 million new cancer cases in 2018. In 2018, around 752,000 new cancer cases were diagnosed, and 506,000 died due to cancer in sub-Saharan Africa.

External Beam Radiation Therapy, Systemic Beam Radiation Therapy, and Brachytherapy is the type segment of the market scope. By technology the market is divided into Stereotactic Technology, Proton Beam Therapy, Volumetric Modulated Arc Therapy (VMAT), Image-Guided Radiotherapy (IGRT), 3D Conformal Radiotherapy (3D CRT), Intensity Modulated Radiotherapy (IMRT), Low-Dose Rate Brachytherapy, High-Dose Rate Brachytherapy, and Others. By application, the market is further divided into Lung Cancer, Breast Cancer, Head and Neck Cancer, Colorectal Cancer, Prostate Cancer, and Others. The report covers value of the global market by type, technology, and application.

External Beam Radiation Therapy was dominating the global radiation oncology market in 2019. External beam radiation therapy is used to provide high-energy rays or electron beams from outside the body into the tumor. The stronger doses of external beam radiation therapy get to certain parts of the tumor and help in reducing the damage to nearby normal body tissues. External beam radiation system includes Gamma Knife, CyberKnife, and tomotherapy; these systems are used for a wide range of applications. However, the increasing commercialization of regulatory approved external beam radiation system is one of the key factor boosting the global radiation oncology market.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global radiation oncology value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America was dominating the global radiation oncology market in 2019, owing to the rising prevalence of cancer, increasing research and development activities on radiation oncology, the collaboration between companies to develop and commercialize radiotherapy system, and growing investment for oncology treatment.

Major players operating in the radiation oncology industry include Accuray Inc., C.R. Bard, Inc., Elekta AB, Varian Medical Systems, Inc., Ion Beam Applications (IBA), Isoray Medical, Nordion Inc., NTP Radioisotopes SOC Ltd., Mevion Medical Systems, Mallinckrodt Public Limited Company, and Curium SAS.

The increasing commercialization of radiation oncology product, the collaboration between companies to develop and distribute radiation oncology products, regional expansion, technological advancement, acquisitions, and licensing, increasing regulatory approval for product expansion are some of the strategies adopted by the major companies.