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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:
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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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