Global Radiation Oncology Market to Grow 5.29% CAGR to 2021 – Analysis of Accuray, C. R. Bard, Elekta, IBA Worldwide, and Varian Medical Systems

MarketResearchNest.com adds “Global Radiation Oncology Market 2017-2021” new reports to its research database. The report spread across 97 pages with tables and figures in it.

The research analysts forecast the global radiation oncology market to grow at a CAGR of 5.29% during the period 2017-2021.

Radiation treatment, which is also called radiotherapy, irradiation, or X-ray therapy, is one of the most common treatments for cancer. It uses high-energy particles or waves such as X-rays, gamma rays, electron beams, or protons to destroy or damage cancer cells. More than half of all people with cancer are treated with radiation therapy. Radiation therapy can be administered through EBRT or brachytherapy. EBRT delivers high-energy rays or beams from outside the body into the tumor. The beams are generated outside the patient, generally by a linear accelerator (LINAC), and targeted at the tumor site.

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Technavio recognizes the following companies as the key players in the global radiation oncology market: Accuray, C. R. Bard, Elekta, IBA Worldwide, and Varian Medical Systems.

Other Prominent Vendors in the market are: Carl Zeiss Meditec, iCAD, IsoRay, Mevion Medical Systems, Nordion, NTP Radioisotopes, and Toshiba Medical Systems.

One trend in the market is strategic collaborations and M&A. Strategic M&A and collaborations are becoming common in the global radiation oncology market. Key vendors are pursuing M&A to strengthen their market positions and expand their product portfolios. Many vendors are also collaborating with other vendors to expand their market presence.

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According to the report, one driver in the market is increasing incidence of cancer. The incidence of cancers such as lung, breast, prostate, colorectal, and stomach is increasing. In 2012, the global incidence of cancer was approximately two million for billion people. In 2015, the global mortality from cancer was approximately 1,200 for million people. Lung cancer is the most common cancer across the world. In 2012, the global incidence of lung cancer was approximately 250,000 for billion people. Breast cancer is the second most common cancer across the world. In 2012, the global incidence of breast cancer was approximately 240,000 for billion people.

Further, the report states that one challenge in the market is lack of access to radiotherapy. There is a lack of access to radiotherapy due to shortage in investments. Low healthcare expenditure, shortage of equipment, and shortage of trained staff and facilities have resulted in the low adoption of radiation equipment. There is a global shortage of radiotherapy services, with more than 90% of all cancer patients in low-income countries lacking access to radiotherapy. Most installed LINACs are in high-income countries. The global standard for cancer care requires that one radiation megavoltage machine for an average of 150,000 people living in the region. However, many countries in Africa have no radiotherapy equipment.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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