Press Release

Global Radiation Oncology Market to Grow at a CAGR of 7.1% During 2021-2026, Aided by the Surging Cancer Cases

Global Radiation Oncology Market

According to a new report by EMR titled, ‘Global Radiation Oncology Market Report and Forecast 2021-2026’, the market attained a value of about USD 6.7 billion in 2020. The industry is further expected to grow at a CAGR of 7.1% in the forecast period of 2021-2026.

The radiation oncology industry is being driven by the rising disposable income and the prevalence of healthcare facilities throughout the world. The surging cases of COVID-19 throughout the world boosted the radiation oncology industry due to the stringent lockdowns and vulnerable healthcare industry. According to the American Society for Radiation Oncology (ASTRO), this led to a more advanced stage of cancer, which is expected to further propel the market for radiation oncology. The development of more facility centres due to rapid urbanisation is also expected to aid the market growth. Moreover, the surge in the number of chronic diseases, such as cancer, is boosting the radiation oncology industry. The increasing demand for advanced imaging in countries such as India, South Korea, and China is further lubricating the market growth. Additionally, the rising geriatric population, particularly in Europe, is anticipated to catalyse the industry growth in the forecast period.

Innovations, technological advancements, and the development of new products by the leading companies are aiding the market growth for radiation oncology. Accuray Incorporated (NASDAQ: ARAY), one of the key players in the industry, launched Cyberknife S7 in June 2020. The product uses stereotactic radio surgery and a stereotactic body radiation therapy system to ensure personalised treatments for patients. Moreover, it is a robotic radiosurgery system that can deliver non-surgical treatments with submillimetre accuracy in any part of the body. Also, it is motion-synchronised and artificial intelligence (AI) driven, which enables precise and highly effective treatment without compromising the person’s comfort. Such developments are expected to boost the market growth in the forecast period.

Market Analysis by Oncology Type, Oncology Technology Type, Application, and Region:

  • The market, on the basis of oncology type, can be divided into external beam radiation therapy and internal beam radiation therapy. 
  • Based on oncology technology types, the industry can be divided into external beam radiation therapy and internal beam radiotherapy. 
  • The applications of radiation oncology are external beam radiation therapy and internal beam radiation therapy. 
  • The regional markets for radiation oncology include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The market is being aided by the rise of cancer patients owing to the rising geriatric population and the surging carcinogens. 
  • The rising prevalence of the treatment by non-surgical methods and the use of X-ray radiation is also propelling the industry growth.
  • Technological advancements and innovations in the precision medicine are boosting the market for radiation oncology.
  • Improving healthcare infrastructure and the rising use of technology in developing countries are aiding the radiation oncology industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global radiation oncology market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the oncology types, oncology technology types, applications, and regions of radiation oncology.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for radiation oncology are Accuray Incorporated, Elekta AB, Isoray Medical, Mevion Medical Systems, and Varian Medical Systems, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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