Global Radiation Oncology Market to Observe Extensive Growth with Growing Improvements in Radiation Oncology Treatments

The world is witnessing a bulging rise in the number of cancer patients worldwide. The treatment of cancer is associated with a huge set of novel challenges. The medical industry is curing cancer patients by using radiation therapies. Radiation therapy is the usage of high-energy radiation to destroy the DNA of cancer cells and abolish their capability to divide and proliferate. These therapies can be used to treat cancer, get rid of cancer related pain or ease other symptoms.

These days, the technology as well as treatments used in radiation oncology are continuously evolving. Latest improvements in the field of radiation oncology have helped numerous cancer patients, thus resulting in greater cure rates, reduced side effects, quicker treatment periods, and decreased number of treatments. Constant research and development activities and investments in radiation therapy techniques, rise in clinical and laboratory researches, and increased availability of well-trained radiation oncology experts are boosting the growth of the global radiation oncology market.

Newest Insights in the Radiation Oncology Market

As per a report by Research Dive, the global radiation oncology market is expected to grow with a striking CAGR in the 2022–2030 timeframe. The Asia-Pacific radiation oncology market is expected to perceive foremost and rapid growth in the years to come. This is because, the region has a gigantic demand for radiation oncology owing to the growing cases of cancer in the region. As Asia holds 49.3% of overall cases of cancer across the globe, the region is expected to perceive massive growth in the years to come.

How are Market Players Responding to the Rising Demand for Radiation oncology?

Market players are greatly capitalizing in pioneering researches and inventions to cater the rising demand for radiation oncology services. Some of the foremost players of the radiation oncology market are Elekta AB, Accuray Incorporated, IBA Worldwide, Novartis, Nordion (Canada) Inc., BD, Isoray Inc., Provision Healthcare, Varian Medical Systems, Inc., Panacea Medical Technologies Pvt. Ltd, Mevion Medical Systems, and others. These players are focused on planning and devising tactics such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a notable position in the global market.

For instance,

• In August 2019, Royal Philips, a worldwide frontrunner in health technology, launched IntelliSpace Radiation Oncology [1], an smart patient management solution to deal with complications, increase efficiency, and empower operational superiority in radiotherapy sectors.
• In October 2020, Mayo Clinic, a nonprofit American academic medical center focused on integrated health care, education, and research, and Google Health, a branch of Google focused on helping the world to be healthier through products and services that connect and add meaning to health information, collaborated and took an initiative to perform research for implementing artificial intelligence (AI) to radiation therapy planning, a vital part of cancer treatment.
• In June 2022, St. Luke’s Radiation Oncology Network (SLRON), one of the leading radiation oncology service provider, announced its novel 5 year plan that aims on offering the best cancer team and a pledge to research and carry out technological innovations to deliver the finest possible care for cancer patients.

COVID-19 Impact on the Global Radiation oncology Market

The unexpected rise of the coronavirus pandemic in 2020 has adversely impacted the global radiation oncology market. During the pandemic period, dearth of skilled professionals and inadequate capital for academic & research institutions affected the cost of offering care during the course of the cancer continuum, particularly in radiation oncology. Cancer patients as well as hospitals delayed or cancelled surgeries or hospital visits to avoid the spread of the virus, which resulted in a drastic downfall in the global market growth in the pandemic period. However, with the relaxation of the pandemic since the end of 2021, many healthcare centres offering radiation oncology treatments got back on track and began offering enhanced services, which is projected to thrust the growth of the radiation oncology market in the forthcoming years.