The Radiation Oncology Market was $2.1 Bn in 2021, and it is expected to reach $5.6 Bn by 2031. It is eventually growing at a commendable high compound annual growth rate CAGR of 6.8% between 2021-2031. Radiation oncology is the rising adoption of the radiotherapy. According to the reports, the number of adopting radiation oncology is increasing every year due to increasing cancer. The growing adoption of the oncology market drives market growth. Now, moving forward, the huge demand for the U.S. Radiation Oncology Market in the radiotherapy department is further estimated to create new necessities for the market of growth over the forecast period of 2021-2031.
The Radiation Oncology Market Is Estimated to Witness Remarkable Growth
Source: SAI Research
According to the National cancer institute, 1,806,590 new cases are expected in 2021, and out of which, the mortality rate is around 30%. According to the World Cancer Research Fund, in 2018, about 352.2 people per 100,000 population were diagnosed with cancer in the US with the rank of 5. This data shows the severity of cancer patients in the US. When compared to young people, the increasing aging population is leading to the growth of cancer patients. Radiation oncology is a life-saving therapy that has helped more than 50% of cancer affected population to survive for more than two years. Due to no effective treatment of cancer by oral medicine, this is one of the best alternatives for the patients who are suffering from cancer. According to one of the US experts, cancer growth is expected to be nearly around 3 to 4% per year. Due to the factors mentioned above, the growth radiation oncology market in the US is expected to grow at more than 6% through the forecast period.
The global Radiation Oncology Market is segmented into type, technology, and application. By Type, the Radiation Oncology Market is bifurcated as External Beam Radiation Therapy, Electron-Emitting High-Energy Linear Accelerators, Compact Advanced Radiotherapy Systems, Cyberknife, Gamma Knife, Tomotherapy, Proton Therapy, Cyclotron, Synchrotron, Internal Beam Radiation Therapy, Brachytherapy, Systemic Beam Radiation Therapy, and Others. By Technology, the Radiation Oncology Market is divided into External Beam Radiation Therapy, Image-Guided Radiotherapy (IGRT), Intensity Modulated Radiotherapy, Stereotactic Technology, Proton Beam Therapy, 3D Conformal Radiotherapy (3D CRT), Volumetric Modulated Arc Therapy, Brachytherapy, Low-Dose Rate Brachytherapy, and High-Dose Rate Brachytherapy. By Application, the Radiation Oncology Market is segmented as External Beam Radiation Therapy, Prostate Cancer, Breast Cancer, Lung Cancer, Head and Neck Cancer, Colorectal Cancer, Others, Internal Beam Radiation Therapy, Prostate Cancer, Gynecological Cancer, Breast Cancer Cervical Cancer, Penile Cancer, and Others.
North America holds the largest market share by region
The North America Radiation Oncology market has been moreover segmented by country wise, which includes the U.S., Canada, and Mexico. The increasing demand for radiotherapy is driving the Radiation Oncology market growth. Apart from this, the latest technology, advanced instrument, huge investment in the cancer research center, favorable government rules, and regulation are driving the Radiation Oncology Market growth in the forecast period of 2021-2031.
Major Players in the Radiation Oncology Market
Some of the key players in the Radiation Oncology Market include RaySearch Laboratories, Accuray Inc., C.R. Bard, Inc., Mevion Medical Systems, Ion Beam Applications (IBA)., Curium, Nordion Inc., IsoRay Medical Inc., Elekta Ab, Accuracy Incorporated, Varian Medical Systems, Inc., and Mitsuubishi electric Corporation among others.
The Radiation Oncology Market Has Been Segmented into:
The Radiation Oncology Market: By Type
Radiation Oncology Market: By Technology
Radiation Oncology Market: By Application
Radiation Oncology Market: By Region