The global radiation oncology market size is expected to reach USD 11.7 billion by 2028, registering a CAGR of 7.0% over the forecast period, according to a new report by Grand View Research, Inc. The rising incidence of cancer and technological advancement in radiation therapy equipment are some of the major factors driving the growth of the market.
There
have been various technological advancements in radiotherapy equipment
over the last decade, which has been a major factor for growth. Advancement
from 2D to 3D conformal radiotherapy, motion tracking, and real-time imaging
has helped improve radiation targeting and thereby reduce exposure to the
surrounding healthy tissues. For instance, Accuray Incorporated introduced its
motion monitoring and correction tools, Synchrony, for the Radixact device in
April 2019. In contrast to traditional radiotherapy devices, this technology
increases dosage accuracy and treatment times and is comparatively more
effective.
Strategies
such as partnerships, innovative product launches, and acquisitions are the
priority of major players in the industry. For instance, in February 2020,
Varian received FDA 510K clearance for its Ethos Therapy. It is an AI-driven
solution designed to deliver an entire adaptive treatment plan in 15 minutes,
including patient set-up to treatment delivery. In December 2019, Elekta signed
a non-binding MoU with ViewRay, Inc. for the advancement of the knowledge and
application of MR-LINACs.
According
to an article published in Seminars in Radiation Oncology in 2017, it is
expected that in low- and middle-income countries alone, more than 12,000
additional treatment machines will be needed by 2035. Besides, by 2035, it is
projected that China, India, and Brazil will need over 3,800, 1,200, and 400
additional equipment, respectively. Companies are taking several initiatives to
meet this demand. For instance, in 2019, Tata Trust signed a 3-year agreement
with Varian Medical Systems Inc. for the installation of new advanced
radiotherapy equipment in India, to improve patient access to treatment.
However,
the lack of skilled radiotherapy professionals is expected to be a major
restraining factor for the growth of the market, particularly in developing
countries. The recommended number of radiation oncologists in the developed
world is around 4 per million population. There are around 0.8 radiation
oncologists per million population in India. Similar is the situation in other
countries in the Indian sub-continent.
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Radiation Oncology
Market Report Highlights
- Due to the
high availability of External Beam Radiation Therapy (EBRT) equipment and
penetration of innovative diagnostic instruments and understanding of
available treatment options, EBRT dominated the market in 2020
- In IBRT
application, the prostate cancer segment dominated the market in 2020,
majorly due to the promising applications for brachytherapy in
the treatment of prostate cancer
- In 2020, North
America dominated the market and accounted for a revenue share of more
than 44.0%. Favorable reimbursement policies, quality of healthcare
infrastructure, and the presence of key players in the region are some of
the factors driving the market in the region
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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