The global radiation oncology market is expected to witness notable growth during the forecast period 2020-2027. By type, the external beam radiation therapy sub-segment is expected to be the most lucrative. By application, the breast cancer sub-segment is expected to be the most profitable. North America is expected to dominate the market.
New York, USA, October 25, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the global radiation oncology market should generate a turnover of $ 10,679.7 million by 2027, To 7.4% CAGRfrom $ 6,820.6 million in 2019.
The inclusive report provides a brief overview of the current market scenario including significant market aspects such as growth drivers, challenges, restraints, and various opportunities over the forecast period. The report also provides all the market figures which makes it easier and easier for new entrants to understand the market.
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Conductors: Radiation oncology techniques are increasingly in demand in the health sector because they are able to slow the growth of cancer cells inside the human body. This process is used to treat breast, lung, prostate, and other types of cancer. Moreover, the implementation of effective oncology technology such as Stereotaxic Radiation Therapy (SRT), which is applied to treat abnormal lesions only and protect normal tissue using cross-shot techniques, is expected to enhance the market growth. during the forecast period.
Detention: The complexity and high cost of radiation oncology procedures are expected to hamper the growth of the radiation oncology market.
Opportunity: The continued advancements in radiation oncology procedures are expected to create many opportunities for the market in the years to come.
Strategies chosen by key players, during the COVID-19 epidemic, to promote the development of the global radiation oncology market
Key market segments
The report has divided the market into different segments based on type, application, and regional analysis.
Type: External beam radiation therapy sub-segment expected to be the most lucrative
The External Radiation Therapy sub-segment is expected to generate the highest revenue with a CAGR of 7.1% during the forecast period. External beam radiation therapy has many advantages, such as high precision in removing abnormal cells and reducing pain in advanced cancers. This factor is expected to improve the growth of the market segment during the forecast period.
Application: Breast Cancer Sub-Segment Expected to Be Most Profitable
The Breast Cancer Applications sub-segment is expected to generate the highest revenue of $ 2,577.7 million by the end of 2027. The increase in breast cancer frequency due to the pollution and genetic factors are expected to fuel the growth of the market segment during the forecast period.
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Regional outlook: North America is expected to lead the market
The North American regional market is expected to dominate the market with significant revenue during the forecast period. The presence of advanced health care infrastructure in North American countries has increased the demand for radiation oncology techniques in recent years. It is the main growth driver of the regional market during the forecast period.
Key market players and strategies
The Most Important Players in Global Radiation Oncology Market Include –
IBA in the world
Mevion Medical Systems
Varian Medical Systems, Inc.
Nordion (Canada) Inc.
Provision of health care
Panacea Medical Technologies Pvt. Ltd.
These players work on developing strategies such as product development, mergers and acquisitions, partnerships and collaborations to support market growth. Educate yourself and get quick access to the summary report of the best business development strategies
In July 2021, Accuray Incorporated, the medical device maker, announced that the medical care team at Hong Kong Sanatorium & Hospital (HKSH) in Hong Kong treated the first cancer patient in Asia using RadixactÂ® System, the next-generation TomoTherapyÂ® platform, with ClearRT â¢ helical fan beam kVCT imaging. The installation of ClearRT has increased the capacity of cancer care centers.
Analysis of the impact of COVID-19 on the industry
The coronavirus pandemic has affected the global radiation oncology market in a remarkable way. During the pandemic, most countries around the world invested in research and development of health infrastructure to provide effective treatment for patients. Another factor driving this market growth during the pandemic is the strategic developments of some of the major market players.
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