The global Radiation Oncology Market size is expected to reach USD 11.7 billion by 2028, registering a CAGR of 7.0% over the forecast period, according to a new report by Grand View Research, Inc. The rising incidence of cancer and technological advancement in radiation therapy equipment are some of the major factors driving the growth of the market.
There have been various technological advancements
in radiotherapy equipment over the last decade, which has been a
major factor for growth. Advancement from 2D to 3D conformal radiotherapy,
motion tracking, and real-time imaging has helped improve radiation targeting
and thereby reduce exposure to the surrounding healthy tissues. For instance,
Accuray Incorporated introduced its motion monitoring and correction tools,
Synchrony, for the Radixact device in April 2019. In contrast to traditional
radiotherapy devices, this technology increases dosage accuracy and treatment
times and is comparatively more effective.
Strategies such as partnerships, innovative product
launches, and acquisitions are the priority of major players in the industry.
For instance, in February 2020, Varian received FDA 510K clearance for its
Ethos Therapy. It is an AI-driven solution designed to deliver an entire
adaptive treatment plan in 15 minutes, including patient set-up to treatment
delivery. In December 2019, Elekta signed a non-binding MoU with ViewRay, Inc.
for the advancement of the knowledge and application of MR-LINACs.
According to an article published in Seminars in
Radiation Oncology in 2017, it is expected that in low- and middle-income
countries alone, more than 12,000 additional treatment machines will be needed
by 2035. Besides, by 2035, it is projected that China, India, and Brazil will
need over 3,800, 1,200, and 400 additional equipment, respectively. Companies
are taking several initiatives to meet this demand. For instance, in 2019, Tata
Trust signed a 3-year agreement with Varian Medical Systems Inc. for the
installation of new advanced radiotherapy equipment in India, to improve
patient access to treatment.
However, the lack of skilled radiotherapy
professionals is expected to be a major restraining factor for the growth of
the market, particularly in developing countries. The recommended number of
radiation oncologists in the developed world is around 4 per million
population. There are around 0.8 radiation oncologists per million population
in India. Similar is the situation in other countries in the Indian
sub-continent.
Related Press Release@ Radiation Oncology Market Report
Radiation Oncology Market Report
Highlights
- Due to the high availability of External Beam Radiation Therapy
(EBRT) equipment and penetration of innovative diagnostic instruments and
understanding of available treatment options, EBRT dominated the market in
2020
- In IBRT application, the prostate cancer segment dominated the
market in 2020, majorly due to the promising applications
for brachytherapy in the treatment of prostate cancer
- In 2020, North America dominated the market and accounted for a
revenue share of more than 44.0%. Favorable reimbursement policies,
quality of healthcare infrastructure, and the presence of key players in
the region are some of the factors driving the market in the region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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