The global radiation oncology market is expected to reach USD 10.1 billion by 2025. Rising prevalence of cancer is the prime factor responsible for substantial growth of radiation oncology market over the forecast period.
Technological advancements in radiotherapy resulted in increased adoption of radiation oncology as primary treatment line of cancer. Development of compact advanced radiotherapy options such as CyberKnife, Gamma Knife, and tomotherapy complemented this growth. These advanced methods pose lesser postoperative complications and faster recovery time.
Increasing per capita healthcare expenditure is also an important macroeconomic factor driving the market growth. In addition, with the aid of supportive government initiatives and awareness, patients are not hesitant to opt for advanced treatment options. For instance, per capita health expenditure witnessed exponential growth of more than 55.0% from 1995 to 2014, as stated by the World Bank Group.
North America held maximum share in global radiation oncology market in 2016. Developed health infrastructure, presence of many multinational players, and greater per capita health infrastructure are the key factors contributing to the dominance of this region over the forecast period.
However, uncertain health reforms post the U.S. presidential election of 2016 coupled with shortage in supply of radiopharmaceuticals is likely to hinder the growth in this region.