The global radiation therapy in oncology market is projected to reach $9,206.6 million by 2031, reveals the premium market intelligence study by CRI Report. The study also highlights that the market is set to witness a CAGR of 5.0% between 2021 and 2031.
CRI Report study indicates that the global radiation therapy in oncology market has witnessed significant growth in the past ten years, owing to adoption of modern radiation therapy systems (proton and heavy-ion radiation therapy systems). Furthermore, advancement in radiation therapy systems for accurately delivering radiation dose to a particular localized treatment area, reducing radiation exposure to healthy tissue and organs, and various therapy procedures availability are some of the prominent factors expected to propel the growth of the radiation therapy in oncology market in the upcoming years.
Global Radiation Therapy in the Oncology Market: Focus on Radiation Therapy Systems, Product Regulation, Key Strategies and Developments, Market Dynamics, 15 Company Profiles, and 12 Countries Data and Cross Segmentation – Analysis and Forecast, 2021-2031
To emphasize the impact of COVID-19 on the global radiation therapy in oncology market, Abdul Wahid, AVP – CRI Report, states, “The COVID-19 pandemic transformed the treatment procedure, shifting from surgery to radiation therapy in possible cases. Also, the introduction of the modern radiation therapy systems such as proton or heavy-ion radiation therapy systems will witness accelerated growth in the radiation therapy market. The pandemic is expected to leave a long-term impact on the global radiation therapy in oncology market, along with the rising awareness of modern treatment availability and there benefits. Apart from the accelerated growth due to the COVID-19 pandemic and new radiation therapy systems, the radiation therapy in oncology market has been witnessing increasing radiotherapy treatment procedures and implementation of new innovation from new market entrants”.
Leading companies, market participants, and vendors operating in the market, include, Accuray Inc., Eckert & Ziegler AG, Elekta AB, General Electric Company, Hitachi Ltd., Ion Beam Applications SA, Koninklijke Philips N.V., Mevion Medical Systems Inc., TeamBest Group, Reflexion Medical Inc., Sensus Healthcare Inc., Varian Medical Systems Inc. (Siemens Healthineers AG), Xoft Inc. (iCAD Inc.), Xstrahl Inc., and Zap Surgical Systems Inc., among others.
Who should buy this report?
• Radiation Therapy Systems manufacturers (emerging and established) to gain a holistic view about the market potential of various systems and software and the developing economies for business expansions.
• Established healthcare companies that are integrating software, cloud platform, machine learning, AI, management software, and integrate able imaging modalities with radiation therapy systems manufacturers.
• Established technology companies to gain insights about the market potential, market entry strategies, new technologies in the market, and key competitors.
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How can market intelligence on radiation therapy in oncology market add value to your business’s decision-making process?
• Aid in product development.
• Aid in understanding the regulatory scenario of the market in different regions.
• Help in targeting a segment for launching a new product.
• Aid in understanding market potential of different technologies.
• Aid in understanding the end-user.
• Support in analyzing the market opportunities.
• Insights on the key companies in the market.
Scope of the Global Radiation Therapy in Oncology Market Report:
• Global trends
• COVID-19 impact analysis
• Available products, and end user segments and respective sub-divisions influencing the market
• Study of more than 150 products present in the market.
• Detailed competitive landscape
• Detailed market share analysis
• Study data of over 12 countries
• Future perspective of the market
• Growth factors
• Market challenges / restraints
• Detailed market segmentation
The market intelligence report on global radiation therapy in oncology market also highlights that the consumer preference for external beam radiation therapy has been increasing in the past few years, mainly due to advances and the benefits provided the external beam radiation therapy systems. Modern radiation therapy systems such as proton and heavy-ion radiation therapy systems have witnessed increased adoption in developed and emerging economies alike.
Some of the key technologies that are expected to have a strong impact on the transformation of the global radiation therapy in oncology market during 2020-2031 include proton and heavy-ion such carbon-ion radiation therapy systems.
• Radiation Systems under different radiation category: External beam radiation systems and internal beam radiation systems are the products covered under radiation therapy market on the basis of radiation type. The internal beam radiation segment is expected to grow at the highest CAGR during the forecast period 2021-2031. Revenue generated by the external beam radiation segment accounted for approximately 82.8% of the overall market revenue in 2020.
• Products available under different product category: oncology systems such as x-ray and cobalt-60 radiation therapy systems, particle therapy systems such as proton and heavy-ion systems, and others such as software, hybrid systems, among others, are the products covered under radiation therapy market on the basis of product type. The particle therapy systems segment is expected to grow at the highest CAGR during the forecast period 2021-2031. Revenue generated by the oncology systems segment accounted for approximately 81.9% of the overall market revenue in 2020.
• End users of radiation therapy systems: Hospitals, medical research institutes, and specialized radiotherapy systems (SRCs) are the end-users. The hospitals and medical research institutes segment held the maximum share in the global radiation therapy in oncology market in 2020.
• Regions covered: North America, Europe, Asia-Pacific, and Rest-of-the-World. Revenues generated by the U.S. accounted for 50.6% of the global radiation therapy in oncology market revenue in 2020, which was the largest market share in terms of revenue compared to other countries for 2020. The U.S. is expected to remain in the leading position during the forecast period 2021-2031. The U.S. was followed by Germany, France, and Canada.
Key Questions Answered:
• 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 the 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 the 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?