The global radiation therapy in oncology market size is expected to reach USD 8.86 Billion at a revenue CAGR of 5.08% in 2030, according to latest analysis by Emergen Research.
The global radiation therapy in oncology market size is expected to reach USD 8.86 Billion at a revenue CAGR of 5.08% in 2030, according to latest analysis by Emergen Research. Rising incidence of cancer is one of the major factors driving the growth of the market. As per data published by World Health Organization (WHO), in 2018, around 18.1 million people were diagnosed with cancer globally, out of which 9.6 million people succumbed to the disease. Furthermore, as per American Cancer Society, around 1.76 million people in the U.S. were diagnosed with cancer in 2019 and the number is expected to rise to 2.1 million by 2030.
Technological advancements in radiation therapy equipment and procedures are another major factor propelling the market growth. For instance, in September 2019, ViewRay Inc., a developer of MRI-guided radiation therapy systems, announced FDA 510(k) clearance for the company’s new software version 3.4 for MRIdian Linac systems. This new software is expected to improve speed and efficiency of treatments by reducing the time required for patient positioning and setup.
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However, stringent government regulations related to reimbursement & approval of radiation therapy equipment are restraining the market growth to some extent.
Radiation therapy has been used in the treatment of cancer for more than a century. Despite advances in surgical and chemotherapeutic techniques, radiation therapy remains an important part of cancer care, with more than half of all cancer patients receiving some form of radiation therapy during their course of treatment.
Radiation therapy can be used alone or in combination with other cancer treatments, such as surgery or chemotherapy. Radiation therapy works by damaging the DNA of cancer cells, which prevents them from growing and spreading.
There are two main types of radiation therapy: external beam radiation therapy (EBRT) and brachytherapy. EBRT uses a machine to direct high-energy beams of radiation at the cancer. Brachytherapy involves placing radioactive material directly into or near the cancer.
Radiation therapy can be used to treat cancer at any stage, but it is most commonly used to treat early-stage cancers. It can also be used to relieve symptoms caused by advanced-stage cancer. The side effects of radiation therapy depend on the type and dose of radiation used, as well as the part of the body that is being treated. Common side effects of radiation therapy include fatigue, skin reactions, and nausea. More serious side effects are rare but can include heart damage and secondary cancers.
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Some Key Highlights in the Report
- Based on technology, image guided radiotherapy segment accounted for a significantly large revenue share in 2021 due to constant advancements in technology resulting in precise delivery of radiation dose.
- Among the type segments, internal beam radiation therapy segment is expected to register rapid revenue CAGR over forecast period due to rising adoption of internal beam radiation therapy to treat cancer.
- Among the product segments, diagnostic radiation therapy segment is expected to register rapid revenue CAGR over forecast period due to rising cases of cancer.
- Among the end user segments, hospitals segment is expected to register rapid revenue CAGR over forecast period due to growing demand for cancer treatment from hospitals.
- The North America region is expected to hold the largest share in the global radiation therapy in oncology market over the forecast period, owing to rising prevalence of cancer and adoption of technologically advanced therapies in this region. For instance, as per a report published by Surveillance, Epidemiology and End Results (SEER), in 2017, around 1.7 million people were diagnosed with cancer in the U.S., out of which 609,640 people succumbed to the disease.
- Some major companies in the global market report include Elekta AB, Isoray Medical, Nordion Inc., Varian Medical Systems Inc., NTP Radioisotopes SOC Ltd., Accuracy Inc., Viewray Technologies Inc., Mevion Medical Systems Inc., C. R. Bard Inc., and Curium Pharma.
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Emergen Research has segmented the global radiation therapy in oncology market on the basis of type, technology, application, and region:
- Type Outlook (Revenue, USD Billion; 2022–2030)
- Internal Beam Radiation Therapy
- External Beam Radiation Therapy
- Technology Outlook (Revenue, USD Billion; 2022–2030)
- Image Guided Radiotherapy
- Stereotactic Technology
- Proton Beam Therapy
- Intensity Modulated Radiotherapy
- 3D Conformal Radiotherapy
- Brachytherapy
- Others
- Application Outlook (Revenue, USD Billion; 2022–2030)
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Cervical Cancer
- Colorectal Cancer
- Others
- Regional Outlook (Revenue, USD Billion; 2022–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
- North America
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