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The global radiation oncology market size is projected to reach USD 11.7 billion by 2028 and reveal a CAGR of 7.0%. Radiation oncology of radiotherapy is one of the most significant modalities of cancer treatment. The growing occurrence of cancer and technological advancements to cater to the treatment needs in patients, especially in radiation therapy equipment is a major driving factor for the market growth.
The radiation oncology market is widely driven by several significant factors such as expansion in the usage of radiotherapy for the treatment of cancer. Advancements in radiation oncology treatments include real-time imaging and motion tracking which helps improve radiation targeting, reducing and limiting the exposure to remaining healthy tissues in the surroundings. The combination of radiotherapy and 4D imaging, known as 4D radiotherapy allows the tracking of a tumor in real-time, providing data and information about the tumor’s size, area, shape, and volume with accuracy. It allows physicians to compensate for the movements of the patient, organ, or tumor and deliver a conformal dose.
However, the shortage of skilled radiotherapy professionals and oncologists, and inadequate healthcare infrastructure majorly in developing countries are two of the prime restraining factor for the overall radiation oncology market growth. In addition, the sudden arrival of the COVID-19 pandemic also had a negative impact on market growth owing to the capital equipment purchase being withheld and redirected toward the treatment for COVID-19.
Nonetheless, the radiation oncology market has been witnessing continuous technological advancements and innovations that make techniques more specific and the devices deliver results with better accuracy. Moreover, accelerating public-private funding and investments to enhance cancer research in order to bring advancements and developments in its diagnosis and treatment is expected to positively impact the market growth globally. The market players are majorly focusing on innovative strategies like partnerships, acquisitions, and advanced product launches. An article published in 2017 by Seminars in Radiation Oncology stated that over 12,000 additional machines for treatment will be required solely in low- and middle-income countries by 2035.
Research Support Specialist, USA