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    Radiation Oncology Market Growth Analysis | 2021-2026

    Radiation Oncology Market Growth Analysis | 2021-2026
    Report code - SRHL302 Delivery - 2 Weeks
    Radiation Oncology Market Size, Share, Trend, Forecast & Industry Analysis: 2021- See more...

    Market Insights

    The Global Radiation Oncology Market is estimated to grow from USD 6.8 billion in 2020 to USD 10.1 billion by 2026 at a healthy CAGR of 6.88% during the forecast period.

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    What is Radiation Oncology?

    Radiation Oncology is a specialized branch of medicine that focuses on the use of high-energy radiation to treat and manage cancer and certain benign conditions. It involves the precise delivery of ionizing radiation to target and destroy cancerous cells while minimizing damage to surrounding healthy tissues. Radiation therapy can be delivered externally through machines (external beam radiation) or internally using radioactive sources implanted close to or within the tumor (brachytherapy). The goal of Radiation Oncology is to either cure cancer, control its growth, or alleviate symptoms and improve the patient's quality of life. Radiation Oncologists work in close collaboration with other cancer specialists to create personalized treatment plans, ensuring the best possible outcomes for patients undergoing radiation therapy.

    Market Dynamics

    The global radiation oncology market growth is primarily driven by increasing cancer prevalence among consumers.

    • Increasing adoption of radiation therapy to cure various types of cancer including prostate cancer, breast cancer, lung cancer, gynecological cancer, and cervical cancer is likely to propel the market growth at a significant rate during the review period.

    • Growing emphasis on technological advancement in the treatment process providing improved efficacy and few side effects is expected to create lucrative opportunities for the market players during the review period.

    COVID-19 Impact

    The covid-19 outbreak posed significant challenges to the healthcare system across geographies. It affected the growth of the radiation oncology market negatively as patients postponed their treatment due to a rapid surge in covid-19 cases across geographies. Additionally, people having cancer were at risk of becoming severely ill. Also, supply chain disruptions due to the imposition of the lockdown affected the installation of equipment in the hospital and thus, affected the market growth.

    Segments Analysis

    Type Trends

    Based on type, the market has been divided into external beam radiation therapy and internal beam radiation therapy.

    • The external beam radiation therapy type segment has been further sub-segmented into linear accelerators, compact advanced radiotherapy systems, and proton therapy, while the internal beam radiation therapy segment has been further sub-segmented into brachytherapy, systemic beam radiation therapy, and others.

    • The external beam radiation therapy segment accounted for substantial growth in the market. The segment growth can be attributed to its widespread usage in treating cancer and relatively high equipment cost.

    Regional Analysis

    The market in North America accounted for the largest share during the forecast.

    • The regional market growth can be attributed to increasing incidences of cancer.

    • Additionally, the presence of established healthcare infrastructure and key market players such as Varian Medical Systems, Inc. (US), and Isoray Medical (US) is likely to add to the market growth substantially.

    • The market in the Asia-Pacific region is projected to register a healthy growth rate on account of the increasing prevalence of cancer and rising awareness about the available cancer treatment methods.

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    Key Players

    Key players operating in the global Radiation Oncology Market are-

    • Varian Medical Systems, Inc. (The U.S),
    • Isoray Medical (The U.S),
    • Elekta AB (Sweden),
    • Mevion Medical Systems, Inc. (The U.S),
    • Accuray Incorporated (The U.S),
    • Nordion Inc. (Canada),
    • Ion Beam Applications (IBA), (Belgium),
    • NTP Radioisotopes SOC Ltd. (South Africa),
    • C.R. BARD, INC. (BD), (The U.S),
    • Viewray Technologies, Inc. (The U.S), and
    • Curium Pharma (UK).

    Target Audience

    Here is the list of the group of customers that the Global Radiation Oncology Market hopes to have the greatest opportunity to convert-

    • Manufacturers
    • Suppliers
    • Distributors
    • Organizations
    • Government bodies

    Critical Queries answered in the report -

    • What are the key trends in the global Radiation Oncology market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global Radiation Oncology market?
    • What are the key strategies adopted by the major vendors to lead in the global Radiation Oncology market?
    • What is the market share of the top vendors?

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How ample is the sales opportunity?

    In-depth Analysis of the Radiation Oncology Market 

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players).
    • SWOT analysis of key players (up to three players).

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The Radiation Oncology Market is estimated to grow at a healthy CAGR of 6.88% during the forecast period.

    Varian Medical Systems, Inc. (The U.S), Isoray Medical (The U.S), Elekta AB (Sweden), Mevion Medical Systems, Inc. (The U.S), Accuray Incorporated (The U.S), Nordion Inc. (Canada), Ion Beam Applications (IBA), (Belgium), NTP Radioisotopes SOC Ltd. (South Africa), C.R. BARD, INC. (BD), (The U.S), Viewray Technologies, Inc. (The U.S) and Curium Pharma (UK) are among the key players in the radiation oncology market.

    The Radiation Oncology Market is estimated to grow from USD 6.8 billion in 2020 to USD 10.1 billion by 2026 during the forecast period.

    North America accounted for the largest share of the radiation oncology market.

    The external beam radiation therapy segment accounted for a substantial share of the radiation oncology market.

    Radiation oncology distributors, Radiation oncology suppliers, Radiation oncology manufacturers, Logistics organizations, and Government bodies are the target audience in the radiation oncology market.