Radiation Oncology Market to Reach $15.23 Bn, Globally, by 2031 at 7.8% CAGR: Allied Market Research

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Aug 23, 2022, 07:30 ET

PORTLAND, Ore., Aug. 23, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Radiation Oncology Market by Type (External Beam Radiation Therapy, Internal Beam Radiation Therapy), by Application (Prostate Cancer, Breast Cancer, Lung Cancer, Head and Neck Cancer, Colorectal Cancer, Cervical Cancer, Gynecological Cancer, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global radiation oncology industry was estimated at $7.79 billion in 2021, and is anticipated to hit $15.23 billion by 2030, registering a CAGR of 7.8% from 2022 to 2030. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.

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Determinants of growth-

Growing prevalence of cancer, increasing use of radiotherapy in cancer treatment, and high-end technological developments in radiotherapy equipment drive the growth of the global radiation oncology market. At the same time, the fact that a good combination of 4D imaging and radiotherapy, known as 4D radiotherapy, enables real-time tumor tracking and provides precise data on the tumor's size, shape, area, and volume has been highly beneficial for the industry.

Covid-19 scenario-

Even though healthcare industries were highly favored by the Covid-19 pandemic, not every part was positively impacted. The majority of clinics across the world were converted to Covid-19 clinics to treat the affected patients. And, unavailability of hospitals and surgeons was a major restrain for the radiation oncology market. ,
However, as the restrictions were removed and the markets started opening to the masses, the radiation oncology industry has also started restoring at a fast pace.

The external beam radiation therapy segment to dominate by 2031-

By type, the external beam radiation therapy segment contributed to more than three-fourths of the global radiation oncology market share in 2021, and is expected to lead the trail by 2030.This is because external beam radiation therapy is the preferred kind of treatment among patients since it comes with the ability to precisely target the tumor, eliminating aberrant cells and reducing pain. The internal beam radiation therapy segment, however, is expected to exhibit the fastest CAGR of 8.7% from 2022 to 2030.

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The breast cancer segment to rule the roost-

Based on application, the breast cancer segment generated around one-fourth of the global radiation oncology market revenue in 2021, and is expected to lead the trail by 2030, due to aging, obesity, and radiation exposure. The lung cancer segment, on the other hand, would manifest the fastest CAGR of 9.3% from 2022 to 2031.

North America garnered the major share in 2021-

Based on region, North America held the major share in 2021, generating more than two-fifths of the global radiation oncology market. Asia-Pacific, simultaneously, would garner the fastest CAGR of 9.4% by 2031. This is attributed to the fact that lung cancer is the most common cancer in Asian males, followed by stomach, liver, colorectal, and esophageal cancers. The other regions studied in report include Europe and LAMEA.

Key players in the industry-

Elekta AB
Accuray Incorporated
Mevion Medical Systems
IBA Worldwide
Nordion (Canada) Inc.
BD
Provision Healthcare
Varian Medical Systems, Inc.
Isoray Inc.
Panacea Medical Technologies Pvt. Ltd.

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The report analyzes these key players in the global radiation oncology market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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