Radiation Oncology Market Size, Share & Trends Analysis Report By Type, By Application, By Technology, By Region And Segment Forecasts, 2020 - 2027

New York, March 05, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Radiation Oncology Market Size, Share & Trends Analysis Report By Type, By Application, By Technology, By Region And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05868773/?utm_source=GNW

The global radiation oncology market size is expected to reach USD 11.5 billion by 2027., registering a CAGR of 7.3% over the forecast period. Increasing prevalence of cancer is one of the major factors driving the market growth.

Rising technological advancements in radiation therapy is expected to increase the adoption of radiation oncology.For instance, in April 2019, Accuray Incorporated launched Synchrony motion tracking and correction technology for Radixact system.

This technology improves dose accuracy and treatment times and is relatively more effective when compared to conventional radiosurgery therapy systems. Such advancements in technology is expected to boost the market growth.

Key players in the market focus on strategic initiatives such as collaborations, new product developments, and acquisitions.For instance, in August 2019, Mevion Medical Systems and C-RAD integrated MEVION S250i Proton Therapy System and C-RAD Catalyst PT.

Integration of these products supports seamless workflow throughout the treatment with patient tracking and monitoring from setup through treatment.

Rising adoption of radiotherapy by medical centers and hospitals is expected to drive the market growth.For instance, according to an article published in Seminars in Radiation Oncology in 2017, it is estimated that more than 12,000 additional treatment machines will be required by 2035 in low- and middle-income countries alone.

Furthermore, by 2035, China, India, and Brazil are estimated to require over 3,800; 1,200; and 400 additional machines, respectively.

Key initiatives are being undertaken by the U.S. government to facilitate and support R&D in oncology. Cancer Moonshot, RAS Initiative, and NCI Community Oncology Research Program are some of the initiatives undertaken by the U.S. government and are expected to have a positive impact on market growth.

Further key findings from the study suggest:
• External Beam Radiation Therapy (EBRT) dominated the radiation oncology market in 2019 owing to high availability and penetration of sophisticated diagnostic tools and increase in awareness about available treatment options
• Brachytherapy is projected to account for the largest share through the forecast period due to extensive usage of brachytherapy for the treatment of prostate and breast cancer
• EBRT emerged as the largest application segment as this therapy is non-invasive and is used for the treatment of prostate, breast, lung, colorectal, head, and neck cancer owing to its ability to treat cancers in inoperable patients
• The growth of the 3-D CRT technology segment is attributed to its precise radiation treatment and ability of radiation beams to form the same shape as the tumor at the specific site of cancer
• North America dominated the global market in 2019. Presence of major players, reimbursement policies, and developed health infrastructure are the key factors driving the regional market growth
• Key players operating in the market include Accuray, Inc.; Nordion (Canada) Inc.; Varian Medical Systems; IsoRay, Inc.; Ion Beam Applications SA; Elekta AB; C.R. Bard, Inc., Mallinckrodt Public Ltd.; Mevion Medical Systems, and NTP Radioisotopes SOC. Ltd.
Read the full report: https://www.reportlinker.com/p05868773/?utm_source=GNW

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