Radiation therapy or radiotherapy has emerged the cost-effective cancer treatment modalities, and hence gaining significance in reducing the morbidity and mortality of cancer. The drive for technology-driven treatment modality is a key aspect spurring the evolution of the radiation oncology market. Advent of state-of-the-art techniques has helped in accurate tumor localization during the treatment. The use of multimodality imaging has made radiation oncology more effective. Advances in biology of tumor targeting through radiation oncology have paved way to personalized treatment strategies. Increasing radiobiological understanding of radiation oncologists is boosting the market.
Some of the key product types in the radiation oncology market are Electron-Emitting High-Energy Linear Accelerators (Linac), Compact Advanced Radiotherapy Systems, Brachytherapy, Systemic Beam Radiation Therapy, and Proton Therapy.
The growing role of radiotherapy in the care of cancer in almost half of the patient population is a key factor boosting the demand in the radiation therapy market. Adoption of multidisciplinary approaches to cancer are opening new avenues in the market. radiotherapy has gathered strong traction in palliative and curative settings.
Rise in use of radiation therapy in breast and prostate cancer is bolstering the prospects in the radiation oncology market.
Strides in in engineering and computing technologies are boosting the market. The advent of high-precision extremely hypo-fractionated radiotherapy has improved the effectiveness of radiation therapy. Advances in image-guided techniques help in improving the precision of RT, thereby fueling the uptake in cancer patients.
Continuous technological advances have expanded the horizon for players in the radiation oncology market. Intensity-modulated radiotherapy is expected to be the new avenue for prominent players. Advances treatment techniques integrate advanced treatment planning optimization algorithms. A case in point is IMRT/IMAT techniques. Numerous medical companies are coming out with advanced proton technologies to meet the needs of pediatric patients. To this end, they are integrating delivery technique.
The increasing incidence of cancer and the escalating demand for cost-effective cancer treatment are major aspects anticipated to propel the global radiation oncology market. Cancer is the biggest cause of mortality in the world. As per the World Health Organization, cancer impacted 10 million people in 2020. Sedentary lifestyle choices, poor diet, and a lack of physical activity all contribute to a major proportion of cancer cases, predisposing people to the disease.
Moreover, the global radiation oncology market is likely to be propelled by technological improvements that enhance treatment efficacy and safety. 4D radiotherapy is a mix of radiotherapy and 4D imaging that enables real-time tumor monitoring and exact information about tumor shape, size, volume, and area. This pairing allows physicians to correct for tumor, organ, or patient movement while still giving a conformal dose.
North America is projected to dominate the global radiation oncology market. High healthcare spending, modern healthcare facilities, and large R&D investments are some of the primary reasons bolstering the radiation oncology market growth in North America. Furthermore, the presence of prominent companies such as Nordion Inc., Accuray Incorporated, and Varian Medical Systems, is projected to drive the growth of the radiation oncology market.
Moreover, the radiation oncology market in Asia Pacific is expected to develop at the fastest rate during the forecast period. A rise in government efforts to enhance awareness regarding treatment alternatives, an uptick in demand for advanced treatments, and the growing incidence of cancer are some of the important aspects pushing the growth of the radiation oncology market in Asia Pacific. Furthermore, emerging nations such as China and India are likely to provide revenue-generation opportunities in radiation oncology market in Asia Pacific.
Leading players in the radiation oncology market are focusing on strategies such as innovative product releases, collaborations, and acquisitions. Elekta Korea, for example, debuted Elekta Unity in February 2021. The system integrates MR-LINAC and magnetic resonance imaging. The system can generate high-quality anatomical images of patients in real-time. Accuray Inc's ClearRT Helical kVCT imaging gained US regulatory certification in January 2021.
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Radiation Oncology Market
