The Global Radiation Oncology Market Projected to Grow at a CAGR of 7.8% and Generate a Revenue of $15,231.2million by 2030Download Sample Reports Overview
The global radiation oncology market size is projected to be valued at $15,231.2 million by 2030, Increase from $7,794.4 million in 2021, at a significant of 7.8%.
COVID-19 Impact on Radiation Oncology Market
The outbreak of deadly virus caused chaos in world. The healthcare system was overwhelmed during the pandemic. The pandemic spot the weakness of healthcare system. The world economic breakdown impacted the healthcare system and supply chain further disrupted the healthcare system. The COVID-19 pandemic had a significant impact on the medical equipment industry, particularly radiation oncology devices. During the COVID-19 outbreak, there were many differences in how radiation procedures were handled from one location to the next. Moreover, cancer patients were most susceptible to COVID-19 due to their compromised immune system. COVID-19 was expected to increase the global cancer burden by 20%. This is because several elective surgeries were temporarily postponed as governments and agencies worked to ensure that COVID-19 patients had access to resources. In addition, hospitals delayed capital equipment purchases in order to focus resources on COVID-19 therapy. Due to the pandemic, there were delays in the installation of previously approved equipment. Despite the availability of radiation emergency services in nearly all centres, the number of emergency patients attending was decreased.
During the pandemic, patients’ visits to the radiation clinic were reduced and many patients missed their visits. Thus, many clinics changed the way of treatment and started treating patient by incorporating AI technology in radiation oncology. Major players are investing to develop economical methods for radiation therapy for cancer which will boost the radiation oncology market opportunity.
Global Radiation Oncology Market Analysis
Patients with metastatic disease benefit from radiation therapy. It is extremely effective at controlling bleeding and pain, as well as symptoms caused by nerve, spinal cord, or airway compression. The use of radiation therapy for pain relief is especially beneficial; a single moderate dose relieves pain in 60-80% of patients. This benefit is especially important in low or middle income countries, where many patients have advanced or metastatic disease. This factor is expected to drive the radiation oncology market share.
However, the recent development in medication to treat cancer has shown promising results as the small trial done by doctors at New York’s Memorial Sloan Kettering Cancer Centre has shown disappearing of tumours from the 18 patients where ‘dostarlimab’ monoclonal antibodies medication was administered for 6 months. It has shown promising results achieving the 100% cure rate in clinical trials of early stages of colon cancer. This might hamper the market growth. Moreover, the high cost of radiation as compared to the medication is expected to hamper radiation oncology market growth.
The recent introduction of machine learning techniques in radiation oncology has sparked renewed interest in the field's future automation. A variety of elements in the oncology patient route could benefit from machine learning techniques like increase efficiency, consistency, and, most importantly, patient outcomes. Following adequate cancer staging, the first decision for an entering patient is whether to treat with surgery, chemotherapy, radiation therapy, or immunotherapy, either alone or in combination. Clinical trial results, as well as outcome and/or toxicity modelling, are frequently used to support these judgments. Following that, decisions about target quantities in relation to tumour site, nodal regions, and organs at risk become increasingly detailed in radiation oncology.
Global Radiation Oncology Market, Segmentation
The global radiation oncology market is segmented based on type, application, and region.
The segment is further divided into internal beam radiation therapy and external beam radiation therapy. Among these, external beam radiation therapy sub-type is anticipated to dominate the market share and generate a revenue of $6,090 million in 2021. The radiation oncology market trends as there are several uses for small, modern radiation devices including zomotherapy. Reduced rectal toxicity from intensity-modulated radiation (IMRT), a more sophisticated type of conformal external radiation therapy, has allowed for tumour dose escalation to previously unachievable levels with a concurrent improvement in local tumour control and disease-free survival. Significant result improvements have also been seen when androgen deprivation and conventional-dose radiation were combined, mainly in individuals with locally advanced illness. For certain patients, both methods could be required to increase the likelihood of a successful recovery. The design of clinical studies to answer these pressing questions is crucial given the favourable benefit-risk ratio of high-dose IMRT.
The application segment of radiation oncology market has been categorized into prostate cancer, breast cancer, lung cancer, head & neck cancer, colorectal cancer, cervical cancer, gynaecological cancer, and other. Among these, the breast cancer sub segment is foreseen to have largest market share and generate a revenue of $2,017.5 million in 2021. Due to the radiation therapy’s excellent effectiveness and backing from awareness campaigns, external beam radiation therapy treatment for breast cancer is used in significant amount of patient. Due to the disease's rising prevalence, the sub-segment is anticipated to drive the radiation oncology market share.
The radiation oncology market in North America region is expected to have a dominant market share and generate revenue of $3,349.2 million in 2021, and projected to reach up to $6,162.5 million by 2030. Radiation oncology market in North America stood for the greatest revenue share of market. High healthcare costs, sophisticated healthcare infrastructure, and substantial R&D expenditures are a few of the key elements influencing this region's market domination. Radiation oncology market size growth is also anticipated to be aided by the presence of major players like Varian Medical Systems, Accuray Incorporated, and Nordion Inc.
Key Players in the Global Radiation Oncology Market
The leading players in radiation oncology market are
- Varian Medical Systems, Inc.
- Elekta AB
- Accuray Incorporated
- Mevion Medical Systems
- IBA Worldwide
- Nordion (Canada) Inc.
- Isoray Inc.
- Provision Healthcare
- Panacea Medical Technologies Pvt. Ltd
Neutron Therapeutics Inc (NT), a leading provider of boron neutron capsule, and the University Hospital of Brussels, a leading academic hospital involved in clinical care, teaching missions, and scientific research, announced to place nuBeam®, which is accelerator-based neutron source, a radiotherapy treatment option for locally invasive malignant tumours such as primary brain tumours, reoccurring cancers of the head & neck region, and cutaneous melanomas.