Radiation Therapy in the Oncology Market - Business Overview, Industry Growth and Forecast upto 2031
Radiation therapy in the oncology market is a treatment method to treat any type of cancer/ tumor with the help of radiation. Radiation therapy uses radiation beams made of photon, proton, heavy-ion, and other particles. These radiation beams of intense energy are used to destroy or shrink the cancer/ tumor cells.
The term ‘radiation therapy’ mostly refers to the external beam radiation therapy, but it also means internal beam radiation therapy too. The external beam radiation therapy is done with the help of a machine outside the patient’s body that produces high-energy radiation beam and then aims the beam to a localized precise point or area of treatment on the patient’s body. Whereas the internal beam radiation therapy is a method to place radiation (radioactive source) inside the patient’s body.
The radiation therapy systems (machines) available in the market are, namely, linear accelerator (LINAC), cyclotrons, synchrotrons, synchrocyclotrons, and conventional and electronic brachytherapy systems.
The Radiation Therapy in Oncology Market report highlights that the market was valued at $5,481.8 million in 2020 and is expected to reach $9,206.6 million by the end of 2031. The market is expected to grow at a CAGR of 5.0% during the forecast period from 2021 to 2031.
Source: BIS Research Analysis
Radiation Therapy Market Drivers
Presently, the factors driving the growth of the market as per the radiation therapy report include rising incidence and prevalence of neoplastic patients, elevating geriatric population, rising demand for reduced radiation exposure during radiotherapy, technological advancements in the field of radiotherapy.
All the radiation therapy systems, such as external beam radiation systems or internal beam radiation systems are based on using radiation beam to treat cancer/tumor. The radiation beam destroys the cell’s DNA thus, resulting in the shrinkage or destruction of the cancer/ tumor. This cancer/ tumor treatment by radiation beam has resolved treatment of complex cancer/ tumor and provides less side effects when compared to traditional radiation therapy by x-ray or cobalt-60, or chemotherapy.
Radiation Therapy Market Opportunities -
Potential opportunities that are likely to boost the growth of the market include development of low-cost cancer treatment centers, developing radiation therapy systems which are cost effective, and implementation of machine learning in radiation therapy systems.
The current radiation therapy systems have a price of more than $2 million, therefore many companies are working in developing cost-effective systems and even working towards the development of a low-cost infrastructure facility for the radiation therapy. And with time, technologically advanced products are being working, researched to get an upgraded product.
Who should buy this report?
- Radiation Therapy Systems Parts OEMs
- Accelerator Manufacturers
- Radiation Therapy Systems Manufacturers
- Software Developers
- Imaging Modalities (MRI, CT, PET, Ultrasound, among others) Manufactures
Key questions answered in the Report :
- Which are the consortiums in the radiation therapy market, and what is their role in the market?
- How is the funding scenario in the radiation therapy market?
- What are the major market drivers, challenges, and opportunities in the global radiation therapy in oncology market?
- What is the market trend within the radiation therapy systems industry?
- What was the market value of the leading segments of the global radiation therapy in oncology market in 2020?
- How will the industry evolve during the forecast period 2021-2031?
- What are the key developmental strategies implemented by the key players to sustain in the competitive market?
- What is the current market share of each of the companies in the global radiation therapy in oncology market and what will be their contribution in 2031?
- What is the growth potential of radiation therapy in oncology market in each region, including North America, Europe, Asia-Pacific, and Rest-of-the-World?
- What are the key regulatory implications in developed and developing regions for radiation therapy systems and associated procedures?