Radiation Oncology Market To Hit Value .14 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on January 10th, 2024 San Francisco, 10 January 2024: The ReportRadiation Oncology MarketSize, Share & Trends Analysis Report By Type (External Beam Radiation Therapy, Internal Beam Radiation Therapy), By Technology, By Application, By Region, And Segment Forecasts, 2023 - 2030 The global radiation oncology market is expected to reach USD 21.14 billion by 2030, registering a CAGR of 12.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the market is attributed to the global rise in cancer burden, the growing geriatric population, and supportive reimbursement programs undertaken by the government and private organizations. Furthermore, the increasing technological innovation and advancement in radiotherapy offer lucrative opportunities for market growth. The world is witnessing an increasing prevalence of cancer cases which is the key factor driving the radiation oncology market growth. For instance, according to Globocan, in 2020, more than 20.0 million people were diagnosed with cancer, and 10.0 million died of cancer. Moreover, the aging population is at high risk of cancer due to a weak immune system and comorbid conditions; thereby, the rising geriatric population further fuels market growth. For instance, in 2020, according to WHO estimates, the global geriatric population was approximately 1.0 billion and is expected to reach 2.1 billion by 2050. Extensive research activities for the development of novel radiotherapy techniques and multidisciplinary therapeutic approaches are expected to lead to an increased survival rate and a more favorable prognosis of cancer. For instance, in December 2022, Elekta Unity demonstrated MR-Linac use for pancreatic tumors, where the first-ever patient was treated with new advanced radiotherapy motion management. Similarly, in June 2020, Isoray signed a research agreement with the University of Cincinnati Physicians Company to study neck and head cancer treatment. The companies will evaluate the efficacy of Keytruda along with Cesium-131 post-surgical resection. Using such medical isotopes for cancer treatment may boost the research in developing a new target-specific radiation therapy system by understanding disease complexity & patients' need, thereby widening the opportunity in the market. Furthermore, supportive reimbursement and regulatory policies for radiation therapy are also expected to drive the radiation oncology market growth. For instance, in July 2021, the Centers for Medicare and Medicaid Services (CMS) developed a new Radiation Oncology Payment Model (RO-APM) for the diagnosis of cancer and radiotherapy services. It enhances the quality of care of the patients and reduces the annual Medicare expenditure. Request sample report of Radiation Oncology Market@https://www.grandviewresearch.com/industry-analysis/radiation-oncology-market/request/rs1 Key factors driving the market include technological advancement in radiotherapy equipment, global rise in cancer cases, and increasing adoption of radiation therapy in oncology treatment. Recently in November 2021, FDA approved Vision RT Ltd.’s DoseRT, an enhanced multi-camera system to monitor both beam and patient positioning in real time during radiotherapy. Radiation Oncology Market Report Highlights
Similarly, in December 2020, FDA cleared a single camera system, Beam Site. The joint invention of Dartmouth and Norris Cotton Cancer Center captures images and real-time video of the beam and enables radiation oncologists to visualize treatment delivery in patients. Such developments have improved radiotherapy’s safety and efficacy in addition to fuel the growth of the radiation oncology market. Furthermore, the radiation oncology market is witnessing increased demand for radiotherapy due to the rising global cancer burden. According to Globocan 2020 report, globally, around 19.3 million people were suffering from cancer, and 10.0 million died from it. Moreover, WHO in Europe estimated that there were 4.6 million new people diagnosed with various indications of cancer such as prostate, breast, lung, colorectal, and brain, and around 2.1 million people across European countries died from the disease in 2020. As per The American Cancer Society’s 2022 report, breast cancer is the most commonly occurring condition that accounts for around 3.0 lakh and 51,400 new cases in the U.S. of invasive and non-invasive breast tumors, respectively. Acquisition of the companies for integrating a portfolio of imaging and support treatment of cancer in the radiotherapy segment is becoming a key strategy being adopted by the major players. For instance, in April 2021, Siemens Healthineers AG announced the acquisition of Varian Medical Systems, Inc. Through this initiative Siemens Healthineers AG would get the benefit of Varian’s robust product portfolio that includes ProBeam 360, ProBeam Multi-Room Proton therapy solution, Trilogy System, Clinac iX System, and ARIA OIS product portfolio of imaging, laboratory diagnostics, ensuring continuous revenue generation in the coming years, as well as improving patient care. Radiation Oncology Market Report Scope
Moreover, rapid technological advancements and investigation of such technologies on various cancer treatments are increasing demand for LINACs and MR-LINACs, thereby, contributing to the growth of radiation oncology markets. For instance, in December 2022, using Elekta Unity MR-Linac, the first-ever patient got treated for a pancreatic tumor with new advanced radiotherapy motion management. Linear accelerator (Linac) uses microwave technology like radar to destroy tumor cells by delivering high-energy electrons or x-rays near the tumor region and spare the surrounding healthy tissue. Introduction of novel linear accelerators contributes to market growth. For instance, in September 2020, Elekta AB announced the launch of the Elekta Harmony linear accelerator, which is the productive Linac for the treatment of cancer by radiotherapy. The launch of new products may contribute to market growth by addressing unmet medical needs. List of Key Players of Radiation Oncology Market
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