Radiation Oncology Market Analysis | 2021-2026

“The Radiation Oncology Market was estimated at US$ 6.8 billion in 2020 and is expected to grow at a CAGR of 6.88% during 2021-2026 to reach US$ 10.1 billion by 2026.”

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Market Dynamics

Introduction

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 Drivers

The global 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.

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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

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.  

The following are the key players in the global radiation oncology market (arranged alphabetically).

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

Note: The above list does not necessarily include all the top players in the market.

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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?

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

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.

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.

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