Technological Advancements in Treatment Procedures Expected to Surge the Global Radiation Oncology Market in Upcoming Years, 2020-2027 – Exclusive Report [248 Pages] By Research Dive

    Research Dive

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    Global radiation oncology market is expected to witness a noteworthy growth during the forecast period, 2020-2027. By type, the external beam radiation therapy sub-segment is expected to be the most lucrative. By application, the breast cancer sub-segment is expected to be the most profitable. North America is expected to lead the market.

    According to a report published by Research Dive, the global radiation oncology market is anticipated to generate a revenue of $10,679.7 million by 2027, at a CAGR of 7.4%, increasing from $6,820.6 million in 2019.

    The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.

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    Dynamics of the Market

    Drivers: Radiation oncology techniques are rising in demand in the healthcare industry as they are capable of slowing down the cancer cells’ growth inside the human body. This process is used to treat breast, lung, prostate, and other types of cancer. Moreover, implementation of efficient oncology technology such as stereotactic radiotherapy (SRT), which is applied to treat only abnormal lesions and guard normal tissues by using cross-firing techniques, is expected to enhance the growth of the market during the forecast period.

    Restraint: Complexity and expensive cost of radiation oncology procedures is expected to hinder the growth of the radiation oncology market.

    Opportunity: Continuous advancements in the radiation oncology procedures are predicted to create many opportunities for the market in upcoming years.

    Strategies Opted by Leading Players, During the COVID-19 Outbreak, to Promote the Development of the Global Radiation Oncology Market

    Key Segments of the Market

    The report has divided the market into different segments based on type, application, and regional analysis.

    Type: External Beam Radiation Therapy Sub-Segment Expected to be the Most Lucrative

    External beam radiation therapy sub-segment is expected to garner the highest revenue at a CAGR of 7.1% during the forecast period. External beam radiation therapy has many benefits such as high accuracy in eliminating abnormal cells and reduction of pain in advanced cancers. This factor is expected to enhance the growth of the market segment during the forecast period.

    Application: Breast Cancer Sub-Segment Predicted to be the Most Profitable

    The breast cancer application sub-segment is anticipated to produce the highest revenue of $2,577.7 million by the end of 2027. Rising occurrence of breast cancer because of pollution and genetic factors is expected to fuel the growth of the market segment during the forecast period.

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    Regional Outlook: North America Expected to Dominate the Market

    North American regional market is expected to dominate the market with a significant revenue during the forecast period. Presence of advanced healthcare infrastructure in the North American countries has increased the demand of radiation oncology techniques in recent years. This is the main factor behind the growth of the regional market during the forecast period.

    Key Market Players & Strategies

    The most prominent players of the global radiation oncology market include -

    1. IBA Worldwide
    2. Elekta AB
    3. Accuray Incorporated
    4. Mevion Medical Systems
    5. Varian Medical Systems, Inc.
    6. Nordion (Canada) Inc.
    7. BD
    8. Provision Healthcare
    9. Isoray Inc.
    10. Panacea Medical Technologies Pvt. Ltd.

    These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report

    Recent Development

    In July 2021, Accuray Incorporated, the medical device manufacturer announced that the medical care team at Hong Kong Sanatorium & Hospital (HKSH) in Hong Kong treated the first cancer patient in Asia using the Radixact® System, the next-generation TomoTherapy® platform, with ClearRT™ helical fan-beam kVCT imaging. The installation of ClearRT has increased the capability of cancer care centers.

    Impact Analysis of COVID-19 on the Industry

    The coronavirus pandemic has affected the global radiation oncology market in a remarkable way. During the pandemic, most of the nations across the world made investment on the research and development on the healthcare infrastructure to offer efficient treatment to the patients. Another factor behind this growth of the market during the pandemic is the strategic developments by some of the major players of the market.

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