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The global radiation oncology market size is estimated to grow by USD 2,032.03 million at a CAGR of 4.69% between 2022 and 2027. Patients suffering from cancer are a major concern globally. That is why vendors are focussing on various types of therapies such as proton therapy, and radiotherapy to treat cancer. Market players are also focussing on technological advances and product innovations adding different features including smart segmentation and improved algorithms; continuous imaging guidance to deliver effective radiation. Key market players such as Accuray, Elekta AB (Elekta), Ion Beam Applications SA (Ion Beam Applications), and Varian Medical Systems have captured markets in regions such as the US, UK, China, and Germany. Challenges such as the lack of access to radiotherapy are hindering market growth. But key industry players are trying to seize this opportunity by establishing a strong customer base across the globe to cater to the growing demand for treating cancer and gain significant market revenue.
Technavio has divided the market into three segments that are Type, Application, and Geography.
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The type analysis is fragmented into EBRT, Brachytherapy.
EBRT
The EBRT segment was valued at USD 6,080.26 million in 2017 and continued to grow during the forecast period. EBRT delivers high-energy X-rays or beams that are generated outside the patient's body, generally by a LINAC, into the tumor. EBRT is usually delivered by X-rays, which are also called photons. It can also use electrons or other rare particles such as protons. EBRT is used to treat a wide range of diseases such as breast cancer, CRC, esophageal cancer, head and neck cancer, lung cancer, prostate cancer, and brain tumor.
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Brachytherapy
Brachytherapy is an advanced cancer treatment procedure. It places sealed radioactive seeds or sources in or near the tumor to provide a high dose of radiation to the tumor and reduce radiation exposure in the surrounding healthy tissues. It is used to treat cancers such as the prostate, cervix, head and neck, skin, breast, gallbladder, uterus, vagina, lung, and rectum. Brachytherapy can be further segmented into seeds, applicators and after loaders, and electronic brachytherapy.
The application segment is bifurcated into breast cancer, lung cancer, penile cancer, prostate cancer, and others.
Breast Cancer
The rising incidence of breast cancer is one of the major factors fueling the growth of the overall market. In 2020, there were 2.3 million women diagnosed with breast cancer and 685 000 deaths globally. Radiation therapy is required for breast cancer and high-energy X-rays, protons, or other particles are needed to destroy cancer cells.
Lung Cancer
The number of lung cancer diagnoses is increasing due to rising cancer awareness in both developed and emerging markets and the introduction of new medical diagnostic devices and improved treatments driving the market for lung cancer drugs. This, coupled with increased spending on research and innovation by key players, is driving the demand for lung cancer therapeutics.
Penile Cancer
Penile cancer is a rare type of cancer that forms in the male reproductive organ, the penis. Radiation therapy uses high-energy rays or particles to destroy cancer cells. The rising prevalence of cancer across the globe is a key factor driving the growth of the penile cancer treatment market.
Other
The others segment include cervical cancer, head and neck cancer, colorectal cancer, and gynaecological cancer. Government initiatives to provide better and more affordable treatment and favorable reimbursement policies are expected to spur market growth.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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North America dominates the global market. The US is the major contributor to revenue to the market in the region. The US is also the world's largest market for radiation therapy. It has the largest installed base of radiotherapy equipment. The increasing incidence of cancer, the presence of several multinational vendors, the increasing number of radiotherapy procedures and the presence of several radiotherapists, the availability of developed healthcare infrastructure, the increasing adoption of technologically advanced radiation therapy devices, and the high healthcare expenditure are driving the growth of the market in North America.
Furthermore, favorable reimbursements in countries such as the US are also driving the growth of the market in the region. Many vendors are also increasingly focusing on M&A and strategic collaborations to strengthen their market positions. The increasing number of regulatory approvals of new products, the increasing adoption of new technologies such as proton beam therapy, and increasing investments by vendors are also major factors influencing the market research growth in the region. The market is favored by the presence of several global and local vendors such as Accuray, Becton, Dickinson, Mevion Medical Systems, Varian Medical Systems, ViewRay Inc. (ViewRay), and Theragenics Corp. (Theragenics). These vendors offer advanced and high-quality radiation oncology products. Hence, the availability of advanced radiation oncology products is likely to contribute to the market growth in this region during the forecast period.
The outbreak of COVID-19 temporarily impacted the growth of the regional market in 2020. However, the initiation of COVID-19 vaccination drives in 2021 and the subsequent lifting of lockdown restrictions led to the gradual resumption of operations of pharmaceutical manufacturing and logistics units, which helped in easing R&D-related constraints. Thus, the gradually improving situation from the impact of the COVID-19 outbreak in North America is anticipated to increase the demand for radiation oncology, which, in turn, will boost the growth of the regional market during the forecast period.
There is high competition in the radiation oncology market. Among several market players, the organization Accuray Inc. stands out among the competitors due to technological innovation and the on-point marketing strategy.
Accuray Inc.- The company develops, manufactures, and markets proprietary medical devices used in radiation therapy for the treatment of cancer patients. The key offerings of the company include radiation oncology solutions.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Technavio’s report consists of a holistic analysis of the key development Analysis, development stage, pipeline analysis, FDA approval, market players, their marketing strategies, and powerful innovations to help any client gain a competitive edge.
There are multiple factors influencing the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The growth of the global radiation oncology market is being fueled by advancements in technology and product innovation. These advancements include features such as robotics, higher precision, higher dose rates, gating of the beam to track moving targets, stereotactic treatments, and hypofractionation. These technological improvements have made it possible to deliver radiation therapy with greater precision and safety while minimizing exposure to healthy tissue. Innovative products such as the CyberKnife and Gamma Knife have made cancer treatment non-invasive and painless. Vendors such as ViewRay and Accuray are offering advanced products like the MRI-Guided LINAC System and the world's first multileaf collimator for a robotic platform, respectively. The use of targeted nanoparticle systems and personalized biological therapies has also been shown to work synergistically with radiation therapy to improve tumor eradication efficiency. The adoption of these advanced products is expected to drive market growth during the forecast period.
Vendors are increasingly targeting emerging economies like China and India due to the rising focus on cancer prevention, favorable government initiatives, and increasing clinical research activities in the field of oncology, which provide substantial market opportunities. The availability of low-cost raw materials for the development of advanced radiation oncology products and relatively lower labor costs are attracting both new entrants and established global vendors to expand their presence in these developing countries. The growth in the number of large and mid-sized hospitals and other healthcare facilities in these countries is also contributing to the demand for products needed to treat cancer. With the expected increase in the number of hospitals in the coming years to cater to the growing demand for advanced cancer treatment, the demand for radiation oncology products is expected to rise globally. These factors are expected to drive the growth of the global radiation oncology market during the forecast period.
Product recalls can have a detrimental impact on a company's brand /image and revenue, presenting a significant challenge to the market. Given the lengthy development and government approval cycles of many products, recalls can hinder companies' growth prospects. In response to an issue related to radiotherapy treatment, Elekta issued an Urgent Important Field Safety Notification in May 2020, alerting engineers to the problem and its clinical impact. The company also issued an Urgent Field Safety Notification to clients, urging them to review the TPS system to ensure all wedges were defined with the necessary IDs, and to verify that the exported RT Plan information contained the required Wedge IDs. Elekta assured customers that the issue would be resolved in MOSAIQ Release 2.80 Beta 01, with updates provided through Service Packs to MOSAIQ and Multi-ACCESS. The company pledged to notify customers of the Service Packs' availability via Product Bulletin. Such recalls have the potential to impede market growth during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Radiation Oncology Market Customer Landscape
The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
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Radiation Oncology Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.69% |
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Market growth 2023-2027 |
USD 2,032.03 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
3.98 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 40% |
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Key countries |
US, Canada, UK, Germany, and China |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Accuray Inc., Becton Dickinson and Co., Canon Inc., Carl Zeiss AG, Elekta AB, Hitachi Ltd., iCAD Inc., Ion Beam Applications SA, IsoRay Inc., Mallinckrodt Plc, Mevion Medical Systems Inc., Nordion Canada Inc., Optivus Proton Therapy Inc., Panacea Medical Technologies Pvt. Ltd., RefleXion Medical Inc., Sensus Healthcare Inc., Sumitomo Heavy Industries Ltd., Theragenics Corp., Varian Medical Systems Inc., and ViewRay Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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