Radiation Oncology Market 2021: Size, Share, Growth, Revenue, Gross Margin, Progression Status, Recent Development by Top Company, and Industry Segments till 2030

In a recent published report, Kenneth Research has updated the market report for Radiation Oncology Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Radiation Oncology Market products.

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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.

Global Radiation Oncology Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024
Overview: Radiation oncology is a medical specialty that uses high energy radiation such as gamma rays, X-rays, protons, or electrons for cancer treatment. These high energy ionizing radiation damage nucleic acids, either directly or indirectly, through the formation of reactive oxygen species and free radicals. Radiation treatment can be used in combination with chemotherapy, surgery, and immunotherapy. According to the estimation of National Cancer Institute, in the US, around 1.6 million new cases of cancer are diagnosed, and 595,690 people have died due to cancer in 2016. According to the study of World Health Organization, approximately 14 million new cancer cases were diagnosed and is expected to increase by about 70% over the next 2 decades. Increasing cancer cases and increasing adoption of non-invasive procedures in emerging countries are expected to fuel the growth of the radiation oncology market in the near future.

The radiation oncology market is booming due to increasing incidences of cancer globally, increasing elderly population, and technological advancements. The high cost of instrument and therapy, side effects, and lack of trained technicians in developing countries are few of the factors hampering the market growth. The markets in emerging countries are expected to grow rapidly during the forecast period due to increasing healthcare spending, growing patient pool, and increasing healthcare awareness among the public.

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Market Analysis: The “Global Radiation Oncology market is estimated to witness a CAGR of 6.7% during the forecast period 2018–2024. The market is analyzed based on four segments – therapy type, application, end-users, and regions.

Regional Analysis: The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is set to be the leading region for the radiation oncology market growth followed by Europe, Asia Pacific, and Rest of the World. 

Therapy Type Analysis: The market, by therapy type, is segmented into external beam radiation therapy, internal beam radiation therapy, and systemic radiation therapy. External beam radiation therapy occupied the largest share in 2017 due to its high usability, and it is a highly effective treatment for various cancer types such as prostate cancer (that can cure up to 95% of cases). External beam radiation therapy is further segmented by technology and products. The technologies include IGRT, IMRT, VMAT, SBRT, SRS, IMPT, and others. Various products include linear accelerators and proton therapy systems among others. 

Application Analysis: The market, by application, is segmented into prostate cancer, cervical cancer, breast cancer, lung cancer, head & neck cancer, brain cancer, and others. Prostate cancer occupies the largest market share and is expected to be the fastest growing segment during the forecast period.

End-users Analysis: The market, by end-users, is segmented into hospitals, radiation therapy centers, ambulatory service centers, and others. Hospitals occupied a significant share of the radiation oncology market in 2016, and this trend is expected to continue for the next 5 years.

Key Players: Accuray Incorporated, Elekta AB, Varian Medical Systems, C.R. Bard, Inc., IBA Worldwide, Carl Zeiss Meditec AG, Mevion Medical Systems, Nordion, Inc., IsoRay, Inc., Hitachi Medical Corporation, ViewRay, Inc., and other predominate & niche players.

Competitive Analysis: Currently, external beam radiation therapy dominates the global radiation oncology market. The existing leading players and other predominant market players are concentrating on this market to offer advanced and innovative products with fewer side effects. The key market players are acquiring small companies to enhance their product portfolio and strengthen their leadership position in the market. Apart from this, major players are launching new radiation therapy products to have the edge in the market. For instance, in May 2017, Varian Medical Systems introduced the Halcyon system, an entirely new device for cancer treatment. In September 2017, Qfix launched new radiotherapy positioning technology for the accurate treatment of breast cancer.

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Benefits: The report provides complete details about the usage and adoption rate of radiation oncology products in various applications and regions. With that, key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, government initiatives toward the product adoption in the upcoming years along with the details of commercial products available in the market. Moreover, the report provides details about the major challenges that are going to impact on the market growth. Additionally, the report gives the complete details about the key business opportunities to key stakeholders to expand their business and capture the revenue in the specific verticals to analyze before investing or expanding the business in this market.

Table of Contents
1.1 Industry overview 9
1.2 Industry Trends 9
2 Report Outline 10
2.1 Report Scope 10
2.2 Report Summary 11
2.3 Research Methodology 11
2.4 Report Assumptions 12
3 Market Snapshot 13
3.1 Market Definition – Infoholic Research 13
3.2 Advantages of Radiation Oncology 13
3.3 Side-effects of Radiation Oncology 13
3.4 Segmented Addressable Market (SAM) 13
3.5 Trends of the Radiation Oncology market 14
3.6 Related Markets 15
3.6.1 Cancer immunotherapy 15
3.6.2 Oncology drugs 16
4 Market Outlook 16
4.1 Overview 16
4.2 Funding scenario 17
4.3 Market segmentation 17
4.4 PEST Analysis 18
4.5 Porter 5(Five) Forces 20
5 Market Characteristics 21
5.1 DRO – Global Radiation Oncology Market Dynamics 21
5.1.1 Drivers 21 Growing incidence of cancer globally 21 Advancement in technology 22
5.1.2 Opportunities 22 Growing elderly population 22 Increasing adoption of non-invasive procedures in emerging countries 23
5.1.3 Restraints 24 Lack of trained technicians in developing countries 24 Side effects 24 High cost of instrument and therapy 24
6 Therapy type: Market Size and Analysis 27
6.1 Overview 27
6.2 External beam radiation therapy (EBRT) 29
6.2.1 By technology 29 Image-guided radiation therapy (IGRT) 30 Intensity-modulated radiation therapy (IMRT) 31 Volumetric modulated arc therapy (VMAT) 31 Stereotactic body radiation therapy (SBRT) 32 Intensity modulated proton therapy (IMPT) 32 Stereotactic radiosurgery (SRS) 33 Others 33
6.2.2 By Products 34 Linear accelerator (LINAC) 35 Proton therapy systems 35
6.3 Internal beam radiation therapy/Brachytherapy 36
6.3.1 By technology 37 High Dose Rate (HDR) brachytherapy 38 Low Dose Rate (LDR) brachytherapy 38 Others 38
6.3.2 By Products 39 Seeds 40 Applicators, afterloaders and other accessories 40
6.4 Systemic beam radiation therapy 41
7 Application: Market Size and Analysis 43
7.1 Overview 43
7.2 Prostate cancer 44
7.3 Cervical cancer 44
7.4 Breast cancer 45
7.5 Lung cancer 46

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