Global Radiation Oncology Market Expected to Reach up to $10,679.7 Million by 2027 despite the COVID-19 EmergencyDownload Sample Reports Overview
According to analysis by Research Dive, the global radiation oncology market is estimated to account for $10,679.7 million by the end of 2027, at a 7.4% CAGR, growing from $6,820.6 million in 2019.
Radiation Oncology Market, COVID-19 Effect:
The coronavirus pandemic has had a notable impact on the global radiation oncology market in 2020. As per available data, due to COVID-19, the global cancer treatment burden is estimated to increase by nearly 21% over last three years because of increasing demand for radiation therapy equipment globally. In addition, major market participants are emphasizing on joint ventures and partnerships to reinforce their presence in the overall industry. For example, in July 2020, Turkish hospital launched MR-guided radiotherapy program with Elekta Unity MR-Linac through collaboration with Baskent University. With the collaboration, the hospital has treated Turkey’s first patient who is suffering with rectal cancer. This factor is estimated boost the market growth during the pandemic.
Radiation Oncology Market, Overview:
Rising healthcare expenditure to adopt advanced technologies in the treatment of cancer owing to increasing prevalence of cancer across the globe is estimated to boost the growth of the market in the forecast time. This growth is attributed to the ability of radiation therapy to kill a large number of cancer cells within the tumor and being relatively safer. Furthermore, continuous advancements done by the market leaders by adopting innovative technologies is estimated to fuel the market growth in the coming years. For instance, in September 2020, Elekta launched its Elekta Harmony Linear Accelerator, which is a cancer treatment system to address cancer burden across the globe. With this new product, the company has aimed to shorten treatment time and enhance the precision in cancer treatment. However, side effects related to radiations during treatment of cancer is estimated to hinder the growth of the market in the analysis time.
Radiation Oncology Market, Segmentation Insights:
Internal beam radiation therapy sub-segment is estimated to rise at a notable CAGR of 8.3% during the forecast period and is anticipated to reach about $2,456.4 million by the end of 2027. Internal beam radiation therapy is highly efficient and offers low treatment time, and hence the adoption of the therapy has been increasing, which is anticipated to impel the market growth in the review period.
Radiation oncology market for lung cancer application accounted for second largest market size, it generated over $1,545.1 million in 2019 and is estimated to experience a notable growth in the review period. There is high adoption of radiotherapy for lung cancer treatment since it is one of the commonly diagnosed diseases and results in high mortality rate in both women and men.
Asia-Pacific radiation oncology market is estimated to witness a significant growth and is predicted to generate huge investment opportunities for the market players in the forecast time. Increasing spending on healthcare infrastructure development majorly in China, Australia, Japan, and India to provide effective services to people is estimated to fuel the growth of the market in Asia-Pacific region. For instance, in May 2019, in China, Yale University has stated cancer immunology program to advance China’s cancer treatment and diagnosis research to support in innovation to deal with cancer diseases.
Radiation Oncology Market, Significant Market Players:
The some of the global radiation oncology market players are –
1.Mevion Medical Systems
2.Nordion (Canada) Inc.
4.Panacea Medical Technologies Pvt. Ltd.
5.Varian Medical Systems, Inc.
Porter’s Five Forces Analysis for Radiation Oncology Market:
- Bargaining Power of Suppliers: Radiation oncology market contains huge concentration of dealers and rising demand for advanced radiation oncology treatments. Further, huge investments are required for advanced diagnosis methods are resulting in Moderate bargaining power of dealers.
- Bargaining Power of Consumers: This market has huge number of consumers, but cost associated with radiation oncology treatment is high. But, less availability of substitutes are delivering High bargaining control of consumer.
- Threat of New Entrants: This market requires huge investments for products designing as well as treatments and increasing purchaser demand is creating vast growth prospects. These aspects are delivering Moderate threat of new entrants.
- Threat of Substitutes: The low availability of alternative diagnosis procedures is creating huge demand for radiotherapy procedures. Also, high cost of advanced techniques are delivering Low risk of alternative products.
- Rivalry Among Market Players: This market consists of prominent players. These players are focusing on collaborations and partnerships to increase their market share. These are most common strategies adopted by prominent players resulting in High competition in the market.