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Radiation Oncology Market Report

RA08347

Radiation Oncology Market by Type (External Beam Radiation Therapy and Internal Beam Radiation Therapy), Application (Prostate Cancer, Breast Cancer, Lung Cancer, Head & Neck Cancer, Colorectal Cancer, Cervical Cancer, Gynecological Cancer, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

RA08347

Pages: 248

Feb 2021

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Radiation Oncology Market

According to a new study conducted by Research Dive, the global radiation oncology market is expected to reach $10,679.7 million by 2027, at a CAGR of 7.4%, increasing from $6,820.6 million in 2019. The global market size is dominated by North America region and it accounted for $2,981.3 million in 2019. Asia-Pacific market is anticipated to generate a revenue of $2,485.2 million by 2027.

COVID-19 Impact on the Global Radiation Oncology Market:

The novel COVID-19 has had a significant impact on the global radiation oncology market growth in 2020. During the pandemic, almost all the nations across the globe invested on development of adequate healthcare infrastructure to provide improved services to people. Furthermore, some of the leading players implemented several strategies such as new technology launches and partnerships to increase their share in the global market. For instance, in December 2020, Varian, an American radiation oncology software and treatment provider, collaborated with Yonsei Cancer Center to advance research and development activities in the radiation therapy and oncology field. Through this collaboration, Yonsei Cancer Center uses Varian’s artificial intelligence solutions and services, which have shown improved results in early cancer detection. This aspect is predicted to propel the technological advancements in radiation oncology and is anticipated to drive the market growth in the forecast years. 

Radiation Oncology Market Analysis

Radiation oncology is also called as radiation therapy and radiotherapy, it is used in diagnosis, prevention as well as treatment of cancer with high energy sources to kill cancer cells in the body. It is the most advanced technique and essential part of the multi-disciplinary treatment approach for the all types of cancers. 

Developments in technology and treatment techniques are the major driving factors for the growth of the global radiation oncology market

According to World Health Organization (WHO), cancer is the second major cause of global deaths; in 2018, it accounted for about 9.6 million deaths. Among these, about 30% to 40% of cancer deaths can be prevented by advanced technologies and evidence-based prevention techniques. This factor is predicted to majorly drive the growth of the radiation oncology market in the forecast years. Radiation oncology techniques have the ability to slow down the growth of cancer cells inside the human body treat lung, breast, prostate and many other cancers. In addition, continuous development in treatment procedures and technologies is also estimated to fuel the growth of the market in the forecast time. For instance, one of most efficient oncology technology called stereotactic radiotherapy (SRT) targets only abnormal lesions and protects normal tissues by using cross-firing techniques, reducing the exposure of the adjacent tissues which are closer to cancer cells. This aspect is predicted to fuel the growth of the market in the forecast time. 
To know more about radiation oncology market drivers, get in touch with our analysts here.

Absence of adequate healthcare facilities is a major restraint for the growth of the radiation oncology market

Lack of adequate healthcare infrastructure especially in the low-income nations is expected to limit the growth of the radiation oncology market in the forecast time. Also, complex nature of the radiation oncology procedures due to difficulty in targeting the cancer cells is estimated to hamper the growth of the market in the analysis time.

New technologies are implemented by the market players is a significant opportunity for the global Radiation Oncology market growth

Constant developments in radiation oncology treatments by market players to minimize cost of the treatment techniques is expected to create ample growth opportunities for the market growth in the coming years. For example, in February 2021, Varian made an agreement with CHRISTUS Health and launched a new technology called CTSI Oncology Solutions to offer oncology solutions & services for healthcare professionals across the globe. As per this agreement, both companies aim to aid cancer patients by providing enhanced technology-enabled services in radiation oncology.

To know more about radiation oncology market opportunities, get in touch with our analysts here.

Radiation Oncology Market, by Type:

External beam radiation therapy sub-segment accounted for highest revenue share in 2019

Radiation Oncology Market, by Type

Source: Research Dive Analysis 

External beam radiation therapy sub-segment held a dominant share of the global market in 2019, which was about 78.5% and is predicted to continue its steady growth with a CAGR of 7.1% throughout the forecast years. High adoption rate of external beam radiation therapy by the healthcare professionals owing to its high accuracy in targeting abnormal cells and reducing pain in advanced cancers. This factor is predicted to fuel the growth of the market in the review time.

Radiation Oncology Market, by Application:

Breast cancer sub-segment accounted for a significant market size in 2019

Radiation Oncology Market, by Application

Source: Research Dive Analysis 

The radiation oncology market for breast cancer application accounted for the highest market size in 2019 valued at $1,801.1 million and is estimated to produce a revenue of $2,577.7 million by 2027. Increasing prevalence of breast cancer especially in developed countries as a result of aging, obesity, and radiation exposure is estimated to drive the sub-segment market growth in the analysis time. As per available data, in 2021, about 330,840 new cases of breast cancer are estimated to be diagnosed in the U.S. This factor is estimated to enhance the demand for radiotherapy, which is estimated to drive the market growth in the review time.

Radiation Oncology Market, Regional Analysis:

North America region is predicted to have vast growth opportunities for the market participants in the coming years

Radiation Oncology Market, Regional Analysis

Source: Research Dive Analysis

In 2019, North America region accounted for a significant radiation oncology market share, which was over 43.7% and is estimated to continue its dominance in the coming years. Existence of most developed and advanced healthcare infrastructure in North America especially in U.S. is influencing the cancer patients to adopt radiation oncology techniques in these regions. Furthermore, in recent times, U.S. department of government has implemented 9 federal programs to support cancer prevention and early detection by providing additional support for better cancer treatment processes, which is anticipated to fuel the growth of the market in the upcoming time.

To explore more about radiation oncology market, get in touch with our analysts here.

Product launches and partnerships are the common strategies adopted by the market players

Product launches and partnerships are the common strategies adopted by the market players

Source: Research Dive Analysis

The list of key radiation oncology market players profiled include 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. 

Porter’s Five Forces Analysis for Radiation Oncology Market:

  • Bargaining Power of Suppliers: This market has huge number of dealers and increasing demand for innovative radiotherapy procedures. Also, high cost of the radiotherapy procedure is expected limit the adoption rate, resulting in Moderate bargaining power of dealers.
  • Bargaining Power of Consumer: The market contains high number of clients owing to high brand loyalty because less number alternatives is resulting moderate bargaining power of consumers.
    The bargaining control of consumers is Moderate.
  • Threat of New Participants: The market requires huge investments due to complex nature of radiation techniques. There is Low threat of new participants in the industry.
  • Threat of Substitutes: The radiation oncology market has less number replacement techniques, resulting in high brand loyalty of the treatments; therefore there is Low threat of substitutes.
  • Competition Among Rivals: Market and players are emphasizing more on strategic collaborations and advanced product development. These are the frequent strategies followed by established organizations. This factor is ensuing High rivalry among the market players.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2019

  Forecast timeline for Market Projection

  2020-2027

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Type

  • Brackish Water
  • Marine Water
  • Fresh Water

  Segmentation by Application

 

  • Prostate Cancer
  • Breast Cancer
  • Lung Cancer
  • Head and Neck Cancer
  • Colorectal Cancer
  • Cervical Cancer
  • Gynecological Cancer
  • Others

  Key Countries covered

U.S., Canada, Germany, UK, Italy, Spain, Russia, Japan, China, India, South Korea, Australia, Brazil, Argentina, GCC and Saudi Arabia

  Key Companies Profiled

  • Varian Medical Systems, Inc.
  • Elekta AB
  • Accuray Incorporated
  • Mevion Medical Systems
  • IBA Worldwide
  • Nordion (Canada) Inc.
  • BD
  • Isoray Inc.
  • Provision Healthcare
  • Panacea Medical Technologies Pvt. Ltd

 


Frequently Asked Questions
 

A. The global radiation oncology market size was over $6,820.6 million in 2019 and is further anticipated to reach $10,679.7 million by 2027.

A. Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, Isoray Inc. and Provision Healthcare are some of the key players in the global radiation oncology Market.

A. Asia-Pacific possesses great investment opportunities for the investors to witness the most promising growth in the coming years.

A. North America radiation oncology market accounted for $2,981.3 million in 2019.

A. Product launches and partnerships are the key strategies opted by the operating companies in this market.

A. Varian Medical Systems, Inc., Elekta AB and Accuray Incorporated are investing more on R&D activities for developing new products and technologies.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary
 

2.1.360° summary
2.2.Type trends
2.3.Application trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways
3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities
3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Strategic overview

4.Radiation Oncology Market, by Type 

4.1.Internal Beam Radiation Therapy

4.1.1.Market size and forecast, by region, 2019-2027
4.1.2.Comparative market share analysis, 2019 & 2027

4.2.External Beam Radiation Therapy

4.2.1.Market size and forecast, by region, 2019-2027
4.2.2.Comparative market share analysis, 2019 & 2027

5.Radiation Oncology Market, by Application 

5.1.Prostate Cancer

5.1.1.Market size and forecast, by region, 2019-2027
5.1.2.Comparative market share analysis, 2019 & 2027

5.2.Breast Cancer

5.2.1.Market size and forecast, by region, 2019-2027
5.2.2.Comparative market share analysis, 2019 & 2027

5.3.Lung Cancer

5.3.1.Market size and forecast, by region, 2019-2027
5.3.2.Comparative market share analysis, 2019 & 2027

5.4.Head & Neck Cancer

5.4.1.Market size and forecast, by region, 2019-2027
5.4.2.Comparative market share analysis, 2019 & 2027

5.5.Colorectal Cancer

5.5.1.Market size and forecast, by region, 2019-2027
5.5.2.Comparative market share analysis, 2019 & 2027

5.6.Cervical Cancer

5.6.1.Market size and forecast, by region, 2019-2027
5.6.2.Comparative market share analysis, 2019 & 2027

5.7.Gynecological Cancer

5.7.1.Market size and forecast, by region, 2019-2027
5.7.2.Comparative market share analysis, 2019 & 2027

5.8.Others

5.8.1.Market size and forecast, by region, 2019-2027
5.8.2.Comparative market share analysis, 2019 & 2027

6.Radiation Oncology Market, by Region

6.1.North America

6.1.1.Market size and forecast, by type, 2019-2027
6.1.2.Market size and forecast, by application, 2019-2027
6.1.3.Market size and forecast, by country, 2019-2027
6.1.4.Comparative market share analysis, 2019 & 2027

6.1.5.U.S.

6.1.5.1.Market size and forecast, by type, 2019-2027
6.1.5.2.Market size and forecast, by application, 2019-2027
6.1.5.3.Comparative market share analysis, 2019 & 2027

6.1.6.Canada

6.1.6.1.Market size and forecast, by type, 2019-2027
6.1.6.2.Market size and forecast, by application, 2019-2027
6.1.6.3.Comparative market share analysis, 2019 & 2027

6.1.7.Mexico
 

6.1.7.1.Market size and forecast, by type, 2019-2027
6.1.7.2.Market size and forecast, by application, 2019-2027
6.1.7.3.Comparative market share analysis, 2019 & 2027

6.2.Europe

6.2.1.Market size and forecast, by type, 2019-2027
6.2.2.Market size and forecast, by application, 2019-2027
6.2.3.Market size and forecast, by country, 2019-2027
6.2.4.Comparative market share analysis, 2019 & 2027
6.2.5.Germany 

6.2.5.1.Market size and forecast, by type, 2019-2027
6.2.5.2.Market size and forecast, by application, 2019-2027
6.2.5.3.Comparative market share analysis, 2019 & 2027

6.2.6.UK

6.2.6.1.Market size and forecast, by type, 2019-2027
6.2.6.2.Market size and forecast, by application, 2019-2027
6.2.6.3.Comparative market share analysis, 2019 & 2027

6.2.7.France

6.2.7.1.Market size and forecast, by type, 2019-2027
6.2.7.2.Market size and forecast, by application, 2019-2027
6.2.7.3.Comparative market share analysis, 2019 & 2027

6.2.8.Spain

6.2.8.1.Market size and forecast, by type, 2019-2027
6.2.8.2.Market size and forecast, by application, 2019-2027
6.2.8.3.Comparative market share analysis, 2019 & 2027

6.2.9.Italy 

6.2.9.1.Market size and forecast, by type, 2019-2027
6.2.9.2.Market size and forecast, by application, 2019-2027
6.2.9.3.Comparative market share analysis, 2019 & 2027

6.2.10.Rest of Europe

6.2.10.1.Market size and forecast, by type, 2019-2027
6.2.10.2.Market size and forecast, by application, 2019-2027
6.2.10.3.Comparative market share analysis, 2019 & 2027

6.3.Asia Pacific

6.3.1.Market size and forecast, by type, 2019-2027
6.3.2.Market size and forecast, by application, 2019-2027
6.3.3.Market size and forecast, by country, 2019-2027
6.3.4.Comparative market share analysis, 2019 & 2027

6.3.5.China

6.3.5.1.Market size and forecast, by type, 2019-2027
6.3.5.2.Market size and forecast, by application, 2019-2027
6.3.5.3.Comparative market share analysis, 2019 & 2027

6.3.6.India 

6.3.6.1.Market size and forecast, by type, 2019-2027
6.3.6.2.Market size and forecast, by application, 2019-2027
6.3.6.3.Comparative market share analysis, 2019 & 2027

6.3.7.Japan  

6.3.7.1.Market size and forecast, by type, 2019-2027
6.3.7.2.Market size and forecast, by application, 2019-2027
6.3.7.3.Comparative market share analysis, 2019 & 2027

6.3.8.Australia 

6.3.8.1.Market size and forecast, by type, 2019-2027
6.3.8.2.Market size and forecast, by application, 2019-2027
6.3.8.3.Comparative market share analysis, 2019 & 2027

6.3.9.South Korea

6.3.9.1.Market size and forecast, by type, 2019-2027
6.3.9.2.Market size and forecast, by application, 2019-2027
6.3.9.3.Comparative market share analysis, 2019 & 2027

6.3.10.Rest of Asia Pacific

6.3.10.1.Market size and forecast, by type, 2019-2027
6.3.10.2.Market size and forecast, by application, 2019-2027
6.3.10.3.Comparative market share analysis, 2019 & 2027

6.4.LAMEA

6.4.1.Market size and forecast, by type, 2019-2027
6.4.2.Market size and forecast, by application, 2019-2027
6.4.3.Market size and forecast, by country, 2019-2027
6.4.4.Comparative market share analysis, 2019 & 2027

6.4.5.Latin America  

6.4.5.1.Market size and forecast, by type, 2019-2027
6.4.5.2.Market size and forecast, by application, 2019-2027
6.4.5.3.Comparative market share analysis, 2019 & 2027

6.4.6.Middle East 

6.4.6.1.Market size and forecast, by type, 2019-2027
6.4.6.2.Market size and forecast, by application, 2019-2027
6.4.6.3.Comparative market share analysis, 2019 & 2027

6.4.7.Africa

6.4.7.1.Market size and forecast, by type, 2019-2027
6.4.7.2.Market size and forecast, by application, 2019-2027
6.4.7.3.Comparative market share analysis, 2019 & 2027

7.Company profiles

7.1.Varian Medical Systems, Inc.

7.1.1.Business overview
7.1.2.Financial performance
7.1.3.Product portfolio
7.1.4.Recent strategic moves & developments
7.1.5.SWOT analysis

7.2.Elekta AB

7.2.1.Business overview
7.2.2.Financial performance
7.2.3.Product portfolio
7.2.4.Recent strategic moves & developments
7.2.5.SWOT analysis

7.3.Accuray Incorporated 

7.3.1.Business overview
7.3.2.Financial performance
7.3.3.Product portfolio
7.3.4.Recent strategic moves & developments
7.3.5.SWOT analysis

7.4.Mevion Medical Systems

7.4.1.Business overview
7.4.2.Financial performance
7.4.3.Product portfolio
7.4.4.Recent strategic moves & developments
7.4.5.SWOT analysis

7.5.IBA Worldwide 

7.5.1.Business overview
7.5.2.Financial performance
7.5.3.Product portfolio
7.5.4.Recent strategic moves & developments
7.5.5.SWOT analysis

7.6.Nordion (Canada) Inc.

7.6.1.Business overview
7.6.2.Financial performance
7.6.3.Product portfolio
7.6.4.Recent strategic moves & developments
7.6.5.SWOT analysis

7.7.BD

7.7.1.Business overview
7.7.2.Financial performance
7.7.3.Product portfolio
7.7.4.Recent strategic moves & developments
7.7.5.SWOT analysis

7.8.Isoray Inc.

7.8.1.Business overview
7.8.2.Financial performance
7.8.3.Product portfolio
7.8.4.Recent strategic moves & developments
7.8.5.SWOT analysis

7.9.Provision Healthcare

7.9.1.Business overview
7.9.2.Financial performance
7.9.3.Product portfolio
7.9.4.Recent strategic moves & developments
7.9.5.SWOT analysis

7.10.Panacea Medical Technologies Pvt. Ltd

7.10.1.Business overview
7.10.2.Financial performance
7.10.3.Product portfolio
7.10.4.Recent strategic moves & developments
7.10.5.SWOT analysis

Radiation therapy, also called as radiotherapy has emerged as the cost-effective cancer treatment modalities and is thus gaining significance in plummeting the mortality and morbidity of cancer. The drive or demand for technology-driven treatment modality is a vital aspect impelling the evolution of the radiation oncology. Radiation oncology helps in preventing cancer cells from growing by using ion radiation to control or kill malignant cancer cells. Besides, the use of multimodality imaging and advances in tumor biology targeting through radiation oncology have paved way for personalized and effective treatment strategies.

Impact of COVID-19 on the Industry

The outbreak of COVID-19 has had a momentous impact on the global radiation oncology market in 2020. This is mainly because almost all the nations worldwide invested in development of adequate healthcare infrastructure during the pandemic, in order to provide improved services to people. Moreover, some of the leading companies operating in the global radiation oncology market implemented several strategies such as partnerships and new technology launches to increase their share in the overall market. For instance, in December 2020, Varian, an American radiation oncology software & treatment provider, entered into an agreement with Yonsei Cancer Center to advance R&D activities in the radiation therapy and oncology field. Yonsei Cancer Center through this collaboration, uses Varian’s artificial intelligence (AI) services & solutions, which have shown improved results in early cancer detection. Thus, the technological advancements in radiation oncology is estimated to foster the market growth in the upcoming years.

Key Developments in the Industry

The companies operating in the global industry are adopting several growth strategies & business tactics such as mergers, & acquisitions, partnerships, collaborations, and product launches to acquire a leading position in the global market, which is predicted to consequently help the radiation oncology market to grow exponentially in upcoming years. For instance,
In August 2019, Royal Philips, a global leader in health technology, announced the launch of ‘IntelliSpace Radiation Oncology,’ an intelligent patient management solution to improve efficiency, manage complexity, and enable operational excellence in the departments of radiotherapy. IntelliSpace Radiation Oncology provides a synchronized way of working, incorporating applications, and automating workflow to help cut the amount of time it takes from receiving a patient referral to the start of their treatment.

In September 2019, Varian Medical, an American radiation oncology treatments and software maker, invested an unspecified amount and entered into an agreement with Oncora Medical, a Philadelphia-based company involved in making software used to plan radiotherapy procedures, and announced the launch of its ‘Ethos’ artificial intelligence (AI) radiotherapy device. According to Varian Medical, this partnership with Oncora is aimed at accelerating its software development for radiation oncology.

Forecast Analysis of Global Radiation Oncology Market

The global radiation oncology market is anticipated to observe a striking growth over the forecast period, due to continuous technological advancements in radiation oncology treatments by key market players to minimize cost of the treatment techniques. Conversely, the lack of adequate healthcare infrastructure in low-income countries and the complex nature of the radiation oncology procedures due to difficulty in targeting the cancer cells are factors predicted to hinder the market growth in the projected timeframe.

The growing prevalence of cancer across the globe and the constant developments in radiation oncology treatment procedures and techniques are the significant factors estimated to fuel the growth of the market in the forecast period. According to a latest report published by Research Dive, the radiation oncology market is expected to garner $10,679.7 million during the forecast period (2020-2027). Geographically, the North America region is estimated to attain a dominant position in the global industry, owing to the presence of most developed and advanced healthcare infrastructure in the region, which is influencing the cancer patients to adopt radiation oncology techniques. The key players functioning in the global market include Elekta AB, Varian Medical Systems, Inc., Accuray Incorporated, IBA Worldwide, Mevion Medical Systems, Nordion (Canada) Inc., BD, Provision Healthcare, Isoray Inc., and Panacea Medical Technologies Pvt. Ltd.

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