Latest News- Radiation Oncology Market: EBRT is expected to lead the Type segment during 2024-2028

The Radiation Oncology Market is being driven by Increasing incidence of cancer

The Radiation Oncology Market is expected to grow at a CAGR of 4.34% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1941.2 million. The global healthcare sector, particularly radiation oncology, is experiencing significant growth due to the rising prevalence of chronic diseases, such as cancer, and increasing disposable income in both developed and developing economies. According to the Organisation for Economic Co-operation and Development (OECD), healthcare spending as a percentage of GDP is projected to rise from 8.8% in 2018 to 10.2% by 2030. This trend has led to an increase in the number of hospitals and clinics worldwide, resulting in improved infrastructure and the adoption of advanced medical equipment in healthcare facilities. Radiation oncology, in particular, is benefiting from this growth, as it is a critical component of cancer treatment. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • EBRT
  • Brachytherapy
• Application
  • Breast cancer
  • Lung cancer
  • Penile cancer
  • Prostate cancer
  • Others
• Geography
  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
  • Asia
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing incidence of cancer
• Technological advances in radiation oncology
• Increasing adoption of radiotherapy equipment

However, the market also witnesses some limitations, which are as follows:

• Lack of access to radiotherapy
• Increasing competition
• Increasing adoption of refurbished radiation equipment

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Market Scope in Radiation Oncology Market Research Report

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Research Analysis Overview

Radiation oncology is a subspecialty of oncology that utilizes radiotherapy, or the use of ionizing radiation, to treat cancer. Technological developments in radiation oncology have led to significant therapeutic benefits for patients with various types of cancer, including neuroendocrine cancers, metastatic melanoma, and breast cancer. These advancements include the use of advanced imaging data and treatment planning software to more accurately target tumor cells, as well as innovative radiotherapy devices such as Gamma Knife and Elekta. The global radiation oncology market is expected to grow significantly due to increasing healthcare expenditure on cancer treatment and the rising number of cancer cases. Regulatory scrutiny ensures the safety and efficacy of radiotherapy devices, ensuring that patients receive the best possible care. Oncology research institutes and cancer treatment centers are at the forefront of developing new radiotherapy technologies and techniques, such as proton therapy, to improve cancer treatment outcomes. The therapeutic benefits of radiation oncology continue to make it a crucial component of comprehensive cancer care.

Market Research Overview

The global life sciences tools and services market encompasses businesses involved in the research and development (R&D) of a range of product categories, including capital equipment, instruments, accessories, and consumables. These tools are utilized in the production of pharmaceuticals, biotechnology products, and laboratory diagnosis for various diseases. Additionally, this market includes life sciences-related services such as contract research, manufacturing, and sales. According to Technavio, the healthcare market size is determined by the collective revenue generated by manufacturers of equipment, supplies, pharmaceuticals, biotechnology, and life science tools and services. Factors driving growth in the global life sciences tools and services market include the increasing global population aging, resulting in a larger demographic requiring healthcare solutions, and advancements in technology leading to improved diagnostic and therapeutic tools.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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