According to the WHO, the number of new patients of cancer is expected to grow by 70% in the next two decades. The growing number of cancer patients around the world is the chief driving force behind the global radiation oncology market’s growth.
Radiation oncology or radiation therapy stops cancer cells from multiplying. It uses ionizing radiation to control or kill malignant cancer cells. The global radiation oncology market is segmented on the basis of radiation therapy and geography. The three main types of radiation therapies in the global radiation oncology market are external beam radiation therapy, radioisotope therapy, and brachytherapy.
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The report on the global radiation oncology market delivers a detailed segmentation of the industry. It provides market forecasts and other valuable projections for the overall radiation oncology markets and its segments. The research study also covers the competitive landscape of the market and the latest developments shaping the radiation oncology industry.
Apart from the accelerating number of cancer cases, the global radiation oncology market has good growth opportunities due to the rapidly improving technologies in the field of radiation oncology and increasing disposable incomes in developing nations.
Out of the three types of radiation therapies in the global radiation oncology market, the brachytherapy segment employs radiation sources that are placed directly at the site of the cancer tumor. Brachytherapy is also an effective treatment for skin, cervical, prostatic, and breast cancer. External beam radiation therapy is further segmented into conventional external beam radiation therapy, modulated radiation therapy, stereotactic radiation, and 3D conformal radiation therapy.
The radioisotope therapy in the global radiation oncology market is primarily used to treat bone metastasis due to cancer. Radioisotopes tend to selectively spare undamaged bones and act only on damaged bones.
On the basis of geography, the global radiation oncology market is divided into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is one of the leading regional markets for radiation oncology. The North American radiation oncology market is driven by the high prevalence of cancer, increasing adoption of advanced technologies, and growing geriatric population.
Nevertheless, the unfavorable reforms in the U.S. healthcare industry will suppress the growth of the radiation oncology market in this region. Factors such as the accelerating patient population and modernization of healthcare infrastructure are expected to drive the emerging radiation oncology market in Asia Pacific.
Though the global radiation oncology market is expected to show good growth in the coming years, it will be restricted by the growth of alternative cancer therapies. This threat from substitutes to radiation oncology will suppress the market.
The global radiation oncology market is highly competitive and marked by the presence of several global and local players. Agreements and partnerships, strategic acquisitions, and technological development are the major strategies adopted by the companies in this market. The key market players in the global radiation oncology market are Accuray Inc., Electa AB, Varian Medical Systems, and Siemens Healthcare.
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