Global Radiation Therapy in Oncology Market to Reach US$8.86 Billion by the Year 2030| Emergen Research
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Market Size – USD 5.68 Billion in 2021, Market Growth – at a CAGR of 5.08%, Market Trends – Commercialization of proton
VANCOUVER, BC, CANADA, June 2, 2022 /EINPresswire.com/ -- The global radiation therapy in oncology market size is expected to reach USD 8.86 Billion at a revenue CAGR of 5.08% in 2030, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to increasing prevalence of cancer and increasing adoption of radiation therapy procedures in hospitals, clinics, and other medical centers.
Increasing prevalence of cancer and rapid innovations in oncology treatment are major factors driving global radiation therapy in oncology market revenue growth
Estimates from the World Health Organization (WHO) indicate that approximately 10 million deaths occurred globally due to cancer in 2020, with lung cancer accounting for over 1.5 million deaths. Rising incidence rate is expected to increase adoption of radiation therapy procedures in medical sector globally and support market revenue growth.
Radiation methods of cancer therapy are non-invasive, have a faster recovery time, decreased chance of post-surgery infections, and shorter period of hospitalization. Also, radiation therapy in oncology, especially internal radiation therapy, is considered advantageous owing to use of localized radiation dose. This enables reduced radiation exposure to nearby tissues, and in turn, effectively lessens chances of second malignancies induced by radiation therapy, which is of severe concern, especially in case of children. Internal radiation therapy is often used for rare cases of cancer in pediatrics. According to WHO, around 400,000 children develop some form of cancer each year. Radiology procedures enable healthcare providers to reduce the mortality rate and accelerate the treatment process.
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Some Key Highlights in the Report
On 04 October 2021, C-RAD AB announced the partnership agreement with Accuray Incorporated to improve the ability of Radixact System of the latter for treatment of breast cancer. As part of the partnership, both firms would offer customers with deep inspiration breath hold (DIBH) solution deploying the Radixact System and C-RAD Catalyst+ HD. Deep inspiration breath hold is a procedure often used for treating breast cancer.
Among the type segments, internal beam radiation therapy segment is expected to register rapid revenue CAGR over forecast period. Internal beam radiation therapy provides a concentrated radiation dose to tumor site instantly after removal of tumor, enabling destruction of leftover microscopic tumor cells. While performing internal beam radiation therapy, radiation oncologists administer an accurate radiation dose to safeguard healthy tissues, including skin, from any damage. This therapy helps in lessening requirement for additional radiation therapy.
Based on technology, image guided radiotherapy segment accounted for a significantly large revenue share in 2021. Image-guided radiation therapy integrates imaging procedures during each treatment session and deploys high-energy radiation beams to combat cancer and noncancerous tumors. Incorporation of detailed images enables image guided radiation therapy to reduce the focus area of radiation beam. Benefits of image guided radiotherapy comprises precise delivery of radiation, better definition, monitoring, and localization of tumor size, shape, and location prior to and during treatment.
Among the application segments, breast cancer segment accounted for considerably large revenue share in 2021. High incidence and mortality rate of breast cancer are driving adoption of radiation therapeutic methods in medical centers. According to the American Cancer Society, breast cancer accounts for approximately 30% of all cancers in women in the U.S.
Radiation therapy in oncology market in North America accounted for largest revenue share in 2021, attributed to rising prevalence of cancer, high use of novel procedures in oncology, and high healthcare expenditure. In addition, collaborations between academic institutions and medical device manufacturers to commercialize innovative radiation therapy techniques is another factor driving market growth in the region.
Some major companies in the global market report include Elekta AB, Isoray Medical, Nordion Inc., Varian Medical Systems Inc., NTP Radioisotopes SOC Ltd., Accuracy Inc., Viewray Technologies Inc., Mevion Medical Systems Inc., C. R. Bard Inc., and Curium Pharma.
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Emergen Research has segmented the global radiation therapy in oncology market on the basis of type, technology, application, and region:
Type Outlook (Revenue, USD Billion; 2022–2030)
Internal Beam Radiation Therapy
External Beam Radiation Therapy
Technology Outlook (Revenue, USD Billion; 2022–2030)
Image Guided Radiotherapy
Stereotactic Technology
Proton Beam Therapy
Intensity Modulated Radiotherapy
3D Conformal Radiotherapy
Brachytherapy
Others
Application Outlook (Revenue, USD Billion; 2022–2030)
Breast Cancer
Lung Cancer
Prostate Cancer
Cervical Cancer
Colorectal Cancer
Others
Regional Outlook (Revenue, USD Billion; 2022–2030)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Sweden
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Israel
Rest of MEA
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Table Of Content:
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2028
Chapter 3. Key Insights
Chapter 4. Radiation Therapy in Oncology Market Segmentation & Impact Analysis
4.1. Radiation Therapy in Oncology Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.2.1. Increasing use of drone for faster delivery of goods
4.2.2.2. Growth of e-commerce sector
4.2.2.3. Increasing investment in research and development
4.2.2.4. Advancement in technology
4.2.2.5. Supportive government regulations
4.2.2.6. Increasing demand for last mile delivery solutions
4.2.2.7. Emergence of 3PL vendors
4.2.3. Market restraints analysis
4.2.3.1. Issues associated with battery back-up
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Radiation Therapy in Oncology Market By Type Insights & Trends, Revenue (USD Billion)
5.1. Type Dynamics & Market Share, 2021 & 2028
5.1.1. Freight Drones
5.1.2. Ambulance Drones
5.1.3. Passenger Drones
The report aims to answer the most common queries related to the global Radiation Therapy in Oncology market:
What is the scope of innovation in the current market landscape?
What are the current trends dictating global market growth?
What is the projected value of the market in 2027?
Which regional market is expected to witness the highest CAGR during the forecast period?
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Radiation Therapy in Oncology Market Size Worth USD 8.86 Billion in 2030
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