Global Radiation Oncology Market Predicted to Make a Strong Comeback After the Pandemic with a Healthy CAGR of 7.8% in the 2022-2030 Timeframe [260-Pages] | Acclaimed by Research Dive

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27 Apr, 2023, 10:59 GMT

The global radiation oncology market is expected to experience remarkable growth by 2030, due to the Increasing incidences of cancer among people across the globe. Regionally, the Asia-Pacific region is predicted to hold the largest market share

NEW YORK, April 27, 2023 /PRNewswire/ -- Global Radiation Oncology Market Forecast Analysis:

As per the report published by Research Dive, the global radiation oncology market is projected to generate a revenue of $15,231.2 million and rise at a noteworthy CAGR of 7.8% during the estimated timeframe from 2022 to 2030.

Segments of the Radiation Oncology Market

The report has divided the market into the following segments:

  • Type: external beam radiation therapy and internal beam radiation therapy
    • External Beam Radiation Therapy – Expected to generate a revenue of $11,638.2 million by 2030
      The increasing use of high-energy radiation to destroy carcinoma cells without damaging the normal tissues during the treatment is expected to foster the market sub-segment further.
  • Application: prostate cancer, breast cancer, lung cancer, head and neck cancer, colorectal cancer, cervical cancer, gynecological cancer, and others
    • Breast Cancer - Predicted to garner a revenue of $3,552.4 million by 2030
      The increasing prevalence of breast cancer among individuals due to aging, obesity, and radiation exposure is expected to augment the growth of the market sub-segment forward.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • Asia-Pacific – Projected to Rise at a CAGR of 9.4% by 2030
      The increasing incidences of cancer among individuals across the region and the growing implementation of radiation oncology are expected to drive the regional growth of the market during the estimated period.

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Dynamics of the Global Radiation Oncology Market

The increasing pervasiveness of various types of cancer among individuals globally is predicted to fortify the growth of the radiation oncology market during the analysis period. Moreover, the rising trend of radiation therapy in cancer care, especially in cases of breast cancer or prostate cancer is further expected to create wide growth opportunities for the market over the estimated timeframe. Furthermore, the growing technological innovations in radiation therapy such as image-guided and intensity-modulated radiation therapy and computer-controlled linear accelerators are expected to boost the growth of the market during the forecast period. However, the security of trained professionals in radiation oncology may hamper the growth of the market over the analysis period.

Covid-19 Impact on the Global Radiation Oncology Market

The outbreak of the Covid-19 pandemic has had a negative impact on the radiation oncology market, likewise various other industries. The spontaneous spread of the deadly virus has decreased the number of patients at cancer centers. Moreover, the implementation of additional safety features, shortage of trained professionals, and insufficient funding for academic and research institutions have further decreased the growth of the market throughout the crisis.

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Key Players of the Global Radiation Oncology Market

The major players of the radiation market include

  • Nordion (Canada) Inc.
  • IBA Worldwide
  • BD
  • Mevion Medical Systems
  • Isoray Inc.
  • Accuray Incorporated
  • Provision Healthcare
  • Elekta AB
  • Panacea Medical Technologies Pvt. Ltd.
  • Varian Medical Systems Inc.

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to acquire a leading position in the global industry.    

For instance, in April 2022, Elekta, a global Swedish company that develops and produces radiation therapy and radiosurgery-related equipment announced its collaboration with GE Healthcare, a leader in precision care, infusing innovation with patient-focused technologies. With this collaboration, the companies aimed to provide hospitals with a wider offering across imaging and treatment for cancer patients requiring radiation therapy.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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