“global radiation oncology market is anticipated to surpass USD 6.5 billion by 2020”, says Visiongain

07 November 2019
Pharma

Visiongain has launched a new pharma report “Radiation oncology Market Report 2020-2030” Prospects by Product {Brachytherapy (Applicators and Afterloaders, Electronic Brachytherapy, Seeds), External Beam Radiation Therapy (Proton Therapy, Compact Advanced Radiotherapy Systems, Electron-Emitting High-Energy Linear Accelerators), Systemic Beam Radiation Therapy, Other Products}, Technology {Brachytherapy (High-Dose Rate Brachytherapy, Low-Dose Rate Brachytherapy), External Beam Radiation Therapy (3D Conformal Radiotherapy, Image-Guided Radiotherapy, Intensity Modulated Radiotherapy, Proton Beam Therapy, Stereotactic Technology, Volumetric Modulated Arc Therapy ), Systemic Beam Radiation Therapy, Other Technologies}, Application {Internal Beam Radiation Therapy (Breast Cancer, Cervical Cancer, Gynecological Cancer, Penile Cancer, Prostate Cancer, Others), External Beam Radiation Therapy (Breast Cancer, Colorectal Cancer, Head and Neck Cancer, Lung Cancer, Prostate Cancer, Others)}, and Geography.

The global radiation oncology market is projected to grow at a lucrative CAGR of ~6% over the forecast period 2020-2030 and anticipated to surpass USD 6.5 billion by 2020. The advancement in technology has resulted in increased radiation oncology being accepted as the main treatment for cancer. This growth is expected to be complemented by the development of portable advanced radiotherapy options like CyberKnife, Gamma Knife, and tomotherapy. These advanced methods pose less postoperative complications and faster recovery time.

Increasing healthcare spending per capita is also an important factor in the macroeconomic development of the sector. Therefore, patients are not afraid to opt for innovative treatment options with the aid of supporting government programs and awareness. For example, health expenditure per capita witnessed more than 55.0% exponential growth between 1995 to 2017, as the World Bank Group reported.

Over the forecast period, high cancer incidence is expected to fuel the global radiation oncology market. In 2015, over 15.0 million fresh cancer cases and 8.2 million cancer-related deaths were reported, as per the reports of the World Health Organization (WHO). Over the next two decades, this 4er is anticipated to rise by about 70.0%.  Also, it is estimated that over 14.0 million people are affected by cancer every year.

The growing advancement in technology has resulted in efficient treatment options and the incorporation of radiotherapy with different imaging methods. The advent of therapies such as intensity-modulated radiation therapy (IMRT), image-guided, stereotactic radiation therapy, and 3D conformal radiation therapy (3D-CRT) has opened up effective treatment choices with minimal adverse effect. Dry mouth, for example, is the most common adverse effect of treating cancer of the head and neck. Nonetheless, 3D-CRT restricts the damage caused by dry mouth to the salivary gland.

In the year 2018, the external beam radiation therapy (EBRT) market contributed the majority of share on the radiation oncology market. EBRT includes Linear Accelerators (LINAC), compact advanced, and proton beam therapy systems that emit high-energy electrons. EBRT can be administered conveniently as radiologists can monitor the radiotherapy dose.

There are wide applications of lightweight advanced radiotherapy devices such as CyberKnife, Gamma Knife, and tomotherapy. CyberKnife is a method for robotic radiosurgery used to treat benign and malignant tumors. Gamma Knife is used mainly for a brain tumor. This uses cobalt radiation of high intensity in such a way as to concentrate radiation in small volumes.

North America dominated the global radiation oncology market with over 40% market share. Its dominance is attributed to advanced health-care systems, growing health-care expenditures, and growing R&D activities. Declining isotope demand, however, has led to higher prices. Consequently, for only a few individuals, they are inexpensive and would entail out-of-pocket spending. Also, U.S. healthcare policy and reform repercussions of uncertainty are likely to translate into market dynamics that reduce investment in this vertical.

On the other hand, over the forecast period, Asia Pacific is anticipated to witness lucrative growth. Growing aging population, urbanization, and growing wealth in low- and middle-income countries such as China and India are anticipated to boost the APAC radiation oncology market.

Some of the major players operating in this industry are Accuray Incorporated, Elekta AB, C.R. Bard, Inc., Ion Beam Applications SA, Isoray Medical, Inc., Mevion Medical Systems, Inc., Nordian Inc., Mallinckrodt Public Limited Company, NTP Radioisotopes, Varian Medical Systems, Provision Healthcare, Panacea Medical Technologies Pvt. Ltd. , Sumitomo Heavy Industries, Ltd.,  Optivus Proton Therapy, Inc., P-cure Ltd., Theragenics Corporation, Cvergenx, C-RAD, Toshiba Medical Systems among other prominent players.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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