The Radiation Oncology market is set for a rapid growth over the forecast period. In terms of revenue, the global Radiation Oncology market was valued at USD 6.6 billion in 2019 and is expected to register a CAGR of 7.3% from 2020 to 2026.
The Radiation Oncology market is set for a rapid growth over the forecast period. In terms of revenue, the global Radiation Oncology market was valued at USD 6.6 billion in 2019 and is expected to register a CAGR of 7.3% from 2020 to 2026.
Global Radiation Oncology Market: Overview
Radiation Therapy is used in the treatment of cancer. The therapy uses waves of energy such as light and heat to shrink tumors and destroy the genetic material that controls how cells grow and divide. The radiation therapy is also referred as external beam radiation therapy. The treatment helps in curing the deadly disease but it also has side effects such as nausea and vomiting, intestinal discomfort, infertility, etc.
Global Radiation Oncology Market: Growth Factors
The radiation oncology market is expected to flourish due to factors such as rising demand of radiotherapy, technological advancements in radiotherapy, and increase awareness of the cancer treatment. The Covid-19 impacted all the market due to safety measures taken by the government such as lockdown, social distancing but the planned model by the government and hospitals resulted in continuity of radiotherapy treatment as well maintaining a safer environment for the patients. This has also resulted in the smooth functioning of the radiation oncology market. Driving factors such as increased investment by the government and improved reimbursement scenario will also contribute towards the growth of the radiation oncology market. Rise in Cancer cases is also driving the market of radiation oncology.
Global Radiation Oncology Market: Segmentation
The Global Radiation Oncology Market is segmented into Type, Application and End Users. On the basis of type, the global radiation oncology market is segmented into External Beam Radiation Therapy, Internal Beam Radiation Therapy and Systemic Radiotherapy. By Application, the global radiation oncology market is fragmented into External Beam Radio Therapy and Brachytherapy. Based on End Users, the global radiation oncology market is divided into Hospitals and Independent Radiotherapy Centers.
Global Radiation Oncology Market: Regional Analysis
Based on regions, the global Radiation Oncology market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the global market for radiation oncology due to advanced healthcare infrastructure, high healthcare expenditure, and significant R&D carried out in radiation oncology. The Asia Pacific is expected to witness the highest growth over the forecast period due to launch of new radiation oncology therapy systems in medical centers and hospitals, strategic initiatives undertaken by key players to strengthen their presence in the region is expected to boost the market growth.
Global Radiation Oncology Market: Competitive Players
Some of the key players operating in the market include Varian Medical Systems, Inc. , Elekta (Sweden), Accuray Incorporated , Ion Beam Applications SA (Belgium), ViewRay, Inc. , IsoRay Medical, Inc. , Hitachi Ltd. (Japan), Panacea Medical Technologies Pvt. Ltd. (India), Provision Healthcare , and Mevion Medical Systems, Inc. among others. The key players are focusing on taking various initiatives such as product expansion, mergers and acquisitions, licensing, etc. to gain competitive edge in the market.
The global Radiation Oncology market is segmented as follows:
By Type
By Application
By End Users
By Region
North America dominated the global market for radiation oncology due to advanced healthcare infrastructure, high healthcare expenditure, and significant R&D carried out in radiation oncology. The Asia Pacific is expected to witness the highest growth over the forecast period due to launch of new radiation oncology therapy systems in medical centers and hospitals, strategic initiatives undertaken by key players to strengthen their presence in the region is expected to boost the market growth.
Some of the major companies operating in the Global Radiation Oncology Market are Varian Medical Systems, Inc. , Elekta (Sweden), Accuray Incorporated , Ion Beam Applications SA (Belgium), ViewRay, Inc. , IsoRay Medical, Inc. , Hitachi Ltd. (Japan), Panacea Medical Technologies Pvt. Ltd. (India), Provision Healthcare , and Mevion Medical Systems, Inc. .
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