The global radiation oncology market to grow at a CAGR of 6.7% during the forecast period 2018–2024 to aggregate $8.7 billion by 2024
Increasing patient base for cancer, growing elderly population, advancements in technology, and increasing adoption of non-invasive procedures in emerging countries will foster the market growth during the forecast period.
BANGALORE, India – January 8, 2018
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Radiation Oncology Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024” (January 2018).
According to Infoholic Research, the radiation oncology market is growing steadily due to increasing incidences of cancer globally, increasing elderly population, technological advancements, and increasing adoption of non-invasive procedures in emerging countries. The high cost of instrument and therapy, side effects, and lack of trained technicians in developing countries are few of the factors hampering the market growth. Radiation oncology products majorly find their application in prostate cancer, cervical cancer, breast cancer, lung cancer, head & neck cancer, brain cancer, and other cancer types. The demand for these products is expected to increase in future due to rising cancer cases resulting from unhealthy diet habits and changing lifestyle. According to the estimation of National Cancer Institute, in the US, around 1.6 million new cases of cancer are diagnosed, and 595,690 people have died due to cancer in 2016. According to the study of World Health Organization, approximately 14 million new cancer cases were diagnosed and is expected to increase by about 70% over the next 2 decades.
The “Global Radiation Oncology” market is expected to grow at a CAGR of 6.7% during the forecast period 2018–2024 to touch an aggregate of $8.7 billion by 2024.
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The market is analyzed based on four segments – therapy type, applications, end-users, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). In North America, the US and Canada are set to be the leading countries. Europe is set to be the second leading region and held more than 24.2% of the market share in 2017. Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The RoW region is set to be an emerging market in the next 5–6 years.
The therapy type segment includes external beam radiation therapy (EBRT), internal beam radiation therapy (IBRT), also referred as brachytherapy, and systemic radiation therapy. EBRT occupies the largest market share and is expected to be the fastest growing segment during the forecast period due to its high usability, and it is a highly effective treatment for various cancer types such as prostate cancer (that can cure up to 95% of cases). EBRT is further segmented by technology and products. The technologies include IGRT, IMRT, VMAT, SBRT, SRS, IMPT, and others. Various products include linear accelerators and proton therapy systems among others.
“The radiation oncology market is growing steadily with an increase in investments for the development of advanced technologies and product approvals, which can enhance the position of the market players. Increasing number of cancer incidences will further increase the need for innovative products in the market.” – S. Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
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Further, the report also aims to cover the below-mentioned points:
- 1. Provides an in-depth analysis of the key business opportunities in countries and verticals.
- 2. Provides the complete details about the various types of radiation oncology products.
- 3. Provides the details of trending radiation oncology products in the market.
- 4. Provides the complete details about the analysis of top 11 players.
- 5. Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies.