The Worldwide Radiation Oncology Industry is Expected to Reach $12.8 Billion by 2028

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Jan 17, 2023, 10:15 ET

DUBLIN, Jan. 17, 2023 /PRNewswire/ -- The "Global Radiation Oncology Market Size, Share & Industry Trends Analysis Report By Application, By Type (External Beam Radiation Therapy and Internal Beam Radiation Therapy), By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.

The Global Radiation Oncology Market size is expected to reach $12.8 billion by 2028, rising at a market growth of 8.5% CAGR during the forecast period.

A multidisciplinary approach to treating cancer must include the medical specialty of radiation oncology (radiotherapy/radiotherapy). It makes use of high-energy x-rays (photons), which are typically delivered by a linear accelerator. These non-invasive, painless therapeutic x-rays are used to treat a variety of malignancies.

A multidisciplinary team composed of radiation oncologists, nurses, radiation therapists, and medical physicists will discuss radiation therapy as a treatment option, assess users, plan and deliver users' treatments, and assist users with any side effects experienced.

The linear accelerator is housed within a cancer center. Radiation therapy, often known as radiation, has acquired recognition as a highly effective cancer treatment option for reducing cancer-related morbidity and mortality. The desire for technologically advanced treatment options is growing, which is driving the market for radiation oncology.

Accurate tumor localization during oncology has been made possible by the introduction of cutting-edge technology. The effectiveness of radiation oncology has increased due to the use of diagnostic imaging. Treatment approaches include stereotactic radiosurgery, volumetric-modulated arc therapy, 3D high-dose-rate brachytherapy, and 3D conformal radiation have all grown in popularity.

Additionally, the planning of diagnosis, staging, and oncology is becoming more and more dependent on enhanced imaging modalities. Tumor targeting developments in radiation oncology have paved the way for individualized care due to the field's continual breakthroughs. The market for radiation oncology is anticipated to be driven by technical developments that increase the efficacy and safety of treatments.

4D radiation, which combines 4D imaging with radiotherapy, enables accurate tumor size, shape, area, and volume measurements as well as real-time tumor tracking. With this combination, medical professionals can still administer a conformal dose while compensating for organ, tumor, or patient movement.

COVID-19 Impact Analysis

On the market for radiation oncology, a detrimental effect of the COVID-19 pandemic is anticipated. Lockdowns were implemented to stop the COVID-19 virus from spreading. Several hospitals have undergone COVID-19 center conversions. As a result of the Coronavirus pandemic in 2019, the healthcare sector has been severely damaged, even though many studies focus on preventing and treating COVID-19.

The COVID-19 pandemic has had a significant impact on these factors on several levels, including the decrease in the number of cancer patients seen at cancer centers, the implementation of additional safety measures, the availability of health care staff and training, the influence on patient behavior, and changes to clinical practice.

Market Growth Factors

Radiotherapy Education Program

The advantages of radiation treatments have motivated numerous activities, including conferences and symposia, in recent years. At such gatherings, a bigger emphasis is placed on raising awareness of the advantages and therapeutic benefits that radiation provides for a variety of cancers. For instance, Portugal will host the 6th Cancer World Congress in September 2022. The sixth Cancer World Congress will focus on "Personalized Cancer Diagnosis and Therapy" in 2022.

Expanding Public-Private Funding For Cancer Research

The second-leading cause of death, cancer, is responsible for a significant fraction of all fatalities. Wealthy countries have a substantially higher cancer rate than developing ones. It is anticipated that recognized risk factors will be increasingly prominent in these developing nations due to population growth, aging, and an increase in known risk factors. Lung cancer is the leading cause of cancer-related death in men only in industrialized countries, while breast cancer is the leading cause of cancer death in developing countries.

Market Restraining Factors

Lack Of Qualified Radiologists And Oncologists

To improve the precision and focus of the equipment and techniques used in radiotherapy, there are ongoing technological developments. However, as a clinical modality, radiation, high standards can only be attained and upheld by full-time professionals. Thus, it is anticipated that a lack of technical know-how and a paucity of skilled workers is expected to hinder the introduction of modern radiation. Due to a lack of qualified and trained people, many cancer patients are denied access to effective and cutting-edge radiotherapy techniques.

Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition & scenarios
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2020, Nov - 2022, May) Leading Players

Chapter 4. Global Radiation Oncology Market by Application
4.1 Global Breast Cancer Market by Region
4.2 Global Gynecological Cancer Market by Region
4.3 Global Colorectal Cancer Market by Region
4.4 Global Lung Cancer Market by Region
4.5 Global Prostate Cancer Market by Region
4.6 Global Head & Neck Cancer Market by Region
4.7 Global Gynecological Cancer Market by Region
4.8 Global Other Application Market by Region

Chapter 5. Global Radiation Oncology Market by Type
5.1 Global External Beam Radiation Therapy Market by Region
5.2 Global Internal Beam Radiation Therapy Market by Region

Chapter 6. Global Radiation Oncology Market by Region

Chapter 7. Company Profiles
7.1 Becton, Dickinson and Company
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Research & Development Expense
7.1.5 SWOT Analysis
7.2 Varian Medical Systems, Inc. (Siemens Healthineers)
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expense
7.2.5 Recent strategies and developments:
7.2.5.1 Partnerships, Collaborations, and Agreements:
7.2.5.2 Product Launches and Product Expansions:
7.3 Ion Beam Applications SA
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental Analysis
7.3.4 Research & Development Expenses
7.3.5 Recent strategies and developments:
7.3.5.1 Partnerships, Collaborations, and Agreements:
7.3.5.2 Product Launches and Product Expansions:
7.4 Elekta AB
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Regional Analysis
7.4.4 Research & Development Expense
7.4.5 Recent strategies and developments:
7.4.5.1 Partnerships, Collaborations, and Agreements:
7.4.5.2 Acquisition and Mergers:
7.5 Accuray Incorporated
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Regional Analysis
7.5.4 Research & Development Expenses
7.5.5 Recent strategies and developments:
7.5.5.1 Partnerships, Collaborations, and Agreements:
7.5.5.2 Product Launches and Product Expansions:
7.6 Nordion Inc. (Sotera Health LLC)
7.6.1 Company Overview
7.6.2 Financial Analysis
7.6.3 Segmental and Regional Analysis
7.7 Isoray Inc.
7.7.1 Company Overview
7.7.2 Financial Analysis
7.8 Mevion Medical Systems, Inc.
7.8.1 Company Overview
7.9 Provision Healthcare
7.9.1 Company Overview
7.10. Panacea Medical Technologies Pvt. Ltd.
7.10.1 Company Overview