New York, USA, March 23, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global radiation oncology market is forecasted to garner a revenue of $10,679.7 million by 2027, at a CAGR of 7.4% during 2020-2027. The extensive report puts forth a summary of the present market scenario, including other aspects such as growth and restricting factors, industry dynamics, challenges, and opportunities during and post pandemic period. The report also offers industry statistics which makes it easier and more beneficial for the new participants to comprehend the present market.
COVID -19 Impact on Global Radiation Oncology Market:
The novel COVID-19 has had a significant impact on the growth of the global radiation oncology market in 2020. Almost all the nations across the world invested on development of adequate healthcare infrastructure in order to provide improved services to people, in times of the pandemic. Moreover, some of the leading market 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 the research and development activities in the radiation therapy and oncology field. Through this tie up, Yonsei Cancer Center can collaboratively use 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 drive the market growth in the forecast years.
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Market Dynamics
Radiation oncology techniques have the ability to slow down the growth of cancer cells inside the human body and they treat lung, breast, prostate and many other cancers. In addition to this, continuous development in treatment procedures and technologies is 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 adjacent tissues which are closer to cancer cells. This aspect is predicted to fuel the growth of the global radiation oncology market in the analysis period.
Lack of adequate healthcare infrastructure especially in the developing 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 cancer cells is estimated to hamper the growth of the market in the analysis time.
The report has segmented the market based on type, application, and regional analysis.
Type Sub-Segment is Projected to a Dominant Market Share
In the type sub-segment, external beam radiation therapy sub-segment accounted for 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. Due to its high accuracy in targeting abnormal cells and reducing pain in advanced cancers, healthcare professionals have adopted external beam radiation therapy on a large scale. This factor is predicted to fuel the growth of the radiation oncology market in the analysis period.
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Application Sub-Segment is Predicted to Garner the Largest Market Share
In the application sub-segment, the radiation oncology market for breast cancer application was valued at $1,801.1 million and accounted for the highest market size in 2019. Further, it 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, it is estimated that about 330,840 new cases of breast cancer will be diagnosed in the U.S. in 2021. This factor is estimated to increase demand for radiotherapy, which in the analysis period is estimated to drive market growth.
North America Region will be the Most Lucrative
North America region market for radiation oncology accounted for a significant market share of over 43.7% in 2019, and is estimated to continue its dominance in the coming years. The existence of highly developed and advanced healthcare infrastructure in North America, particularly in the United States, is influencing the cancer patients to adopt radiation oncology techniques in these regions. Moreover, recently, U.S. department of government has implemented 9 federal programs in order to support cancer prevention and early detection by providing additional support for better cancer treatment processes. These factors are predicted to the growth of the radiation oncology market in the upcoming time.
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Key Players and Business Strategies
The report enlists the most significant players of the global radiation oncology market, which include -
- 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.
These industry players are focusing on developing several strategies such as mergers and acquisitions, partnerships, and product launches to promote to the expansion of the market.
For instance, in May 2020, Varian, an American radiation oncology software and treatment provider, collaborated with the National University Cancer Institute, Singapore (NCIS), to expand access to cancer solutions and radiation oncology treatments in Singapore in the fight against cancer. In 2018, 26,164 cases of cancer were diagnosed in Singapore, and it is expected that the cases may double and reach to 57,319 cases over the next 20 years. Thus, these treatments are being offered to reduce the cases of cancer. The report also discusses the other important aspects of the market including SWOT analysis, financial performance of the key players, product portfolio and recent strategic developments.
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