The Global Radiation Oncology Market is expected to reach USD 10.1 billion by 2025, according to a new report by Hexa Reports. Rising prevalence of cancer is the prime factor responsible for substantial growth of radiation oncology market over the forecast period.
Technological advancements in radiotherapy resulted in increased adoption of radiation oncology as primary treatment line of cancer. Development of compact advanced radiotherapy options such as CyberKnife, Gamma Knife, and tomotherapy complemented this growth. These advanced methods pose lesser postoperative complications and faster recovery time.
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Increasing per capita healthcare expenditure is also an important macroeconomic factor driving the market growth. In addition, with the aid of supportive government initiatives and awareness, patients are not hesitant to opt for advanced treatment options. For instance, per capita health expenditure witnessed exponential growth of more than 55.0% from 1995 to 2014, as stated by the World Bank Group.
Further key findings from the study suggest:
- External Beam Radiation Therapy (EBRT) inclusive of compact advanced radiation therapy, proton therapy, and Linear Accelerator (LINAC), held lucrative share in the product segment of radiation oncology market in 2016.
- Brachytherapy is likely to gain maximum share over the next eight years. Extensive usage of brachytherapy for the treatment of prostate and breast cancer is anticipated to govern the growth.
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- EBRT applications inclusive of prostate treatment, breast, lung, colorectal, head, and neck cancer dominated application segment.
- Image Guided Radiation Therapy (IGRT) contributed to technology with around 13.0% share in 2016. In this method, overall objective is to minimize the exposure to the healthy surrounding tissue.
- 3-D CRT technology is anticipated to grow at a lucrative growth rate over the next 8 years. In this technique, radiation beams form the shape at the specific site of cancer.
- North America held maximum share in global radiation oncology market in 2016. Developed health infrastructure, presence of many multinational players, and greater per capita health infrastructure are the key factors contributing to the dominance of this region over the forecast period.
- However, uncertain health reforms post the U.S. presidential election of 2016 coupled with shortage in supply of radiopharmaceuticals is likely to hinder the growth in this region.
- Varian Medical Systems, Elekta AB, Accuray Incorporated, Ion Beam Applications SA, C.R. Bard, Inc., IsoRay, Inc., Mevion Medical Systems, Nordion (Canada) Inc., NTP, and Mallinckrodt Public Limited Company are some of the key players operating in radiation oncology market.
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