Oncology Radiation Therapy Market Estimated to Flourish by 2031
• Radiation therapy or radiotherapy has emerged as a cost-effective cancer treatment modality and gained significance in reducing morbidity and mortality due to cancer. Rise in demand for technology-driven treatment modality drives the global radiation oncology market. Advent of state-of-the-art techniques has helped in accurate tumor localization during the treatment. Usage of multimodality imaging has made radiation oncology more effective. Advances in tumor targeting through radiation oncology have paved the way for personalized treatment strategies.
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Key Drivers, Restrains, and Opportunities of Global Oncology Radiation Therapy Market
• Rise in prevalence of cancer is a major factor driving the global oncology radiation therapy market. Cancer is a leading cause of death across the world. A majority of cancer cases are caused due to lifestyle-related factors. According to the World Health Organization, in 2018, an estimated 18.1 million new cases of cancer and 9.6 million deaths were reported across the globe. Moreover, the American Institute of Cancer Research estimates that around 25 million cancer cases will be diagnosed each year by 2030. Therefore, rise in prevalence of cancer is anticipated to boost the growth of the global oncology radiation therapy market.
• The global radiation oncology market is expected to be driven by technological advancements that enhance patient safety and efficacy. These advancements have aided in the development of more effective, low-cost, and easy-to-use radiotherapy products with enhanced and precise radiation dose delivery, resulting in increased tumor targeting efficiency. For instance, 4D radiotherapy is a hybrid of 4D imaging and radiation that enables real-time tumor tracking and precise information on tumor size, shape, area, and volume.
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• However, shortage of trained radiotherapy professionals is a major factor hampering the growth of the global radiation oncology market. In developed countries, for example, there are two to three radiation oncologists per 1,000 cancer patients, whereas Bangladesh has only 0.76 radiation oncologists per 1,000 cancer patients. The scenario is similar in India. Furthermore, in many countries, physicians lack training and education in radiation oncology. This is likely to restrain the global market.
• The COVID-19 epidemic has negatively affected the global oncology radiation therapy market. Focus of the healthcare community has shifted from chronic diseases to preventing the spread of COVID-19. Consequently, a number of cancer-specialty hospitals have been closed or converted to COVID care centers. Hospitals have postponed capital equipment purchases in order to focus their resources on COVID-19 therapy.
Furthermore, there have been delays in the installation of previously sanctioned equipment due to the pandemic.
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North America to Capture Major Share of Global Oncology Radiation Therapy Market
• North America is projected to account for major share of the global oncology radiation therapy market during the forecast period owing to advanced health care infrastructure and high health care expenditure. Moreover, presence of key players is anticipated to fuel the growth of the market in the region during the forecast period.
• The oncology radiation therapy market in Asia Pacific is expected to grow at a rapid pace during the forecast period. This is attributed to increase in population and urbanization in countries such as India and China. Surge in government initiatives to improve awareness about treatment alternatives and rise in demand for advanced therapies are likely to drive the market in the region in the next few years.
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Key Players Operating in Global Oncology Radiation Therapy Market
The global oncology radiation therapy market is highly consolidated due to the presence of small number of established and new players.
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