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(Health-NewsWire.Net, January 29, 2022 ) U.S. Radiation Oncology Market size is estimated to reach $3.6 billion by 2026, growing at a CAGR of 5.1% during the forecast period 2021-2026. Radiation oncology is an oncology treatment that uses high doses of radiation to kill cancer cells and tumors. Radiation oncology is increasingly being adopted in the country owing to the rise in advancements in radiation oncology treatment and the growing awareness about the benefits of radiation oncology treatments for treating various cancers. The rise in the adoption of Brachytherapy for treating breast cancer, increase in the applications of external beam therapy for treating cancers in the country, rise in the demand for intensity-modulated radiotherapy for breast cancer, and the growing investment by the key players to develop advanced internal beam radiation therapy are the factors that are set to drive the growth of the U.S. Radiation Oncology Market for the period 2021-2026.
U.S. Radiation Oncology Market Segment Analysis-By Type
The U.S. Radiation Oncology Market based on the Type can be further segmented into External Beam Radiation Therapy, Internal Beam Radiation Therapy, Systemic Beam Radiation Therapy, and Others. The External Beam Radiation Therapy segment held the largest share owing to the factors such as the rise in the adoption of external beam therapy in the country and the presence of key players in the county. The growing applications of external beam therapy for treating various cancers in the country are driving the growth of the U.S. Radiation Oncology Market. The Internal Beam Radiation Therapy segment is estimated to be the fastest-growing segment with a CAGR of 5.4% over the period 2021-2026. This growth is owing to the factors such as the growing investment by the key players to develop advanced internal beam radiation therapy and the increase in the adoption of Brachytherapy for treating breast cancer.
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U.S. Radiation Oncology Market Segment Analysis-By Application
The U.S. Radiation Oncology Market based on the Application can be further segmented into Breast Cancer, Prostate Cancer, Lung Cancer, Head and Neck Cancer, Colorectal Cancer, and Others. The Lung Cancer segment held the largest share in 2020 owing to the factors such as the growing demand for external beam therapy for non-small cell lung cancer and the rise in the prevalence of lung cancer in the country. The rise in the adoption of advanced therapies for treating lung cancer is driving the growth of the U.S. Radiation Oncology Market. The Breast Cancer segment is estimated to be the fastest-growing segment with a CAGR of 5.7% over the period 2021-2026. This growth is owing to the factors such as the rise in the adoption of Brachytherapy for treating breast cancer and the growing demand for intensity modulated radiotherapy for breast cancer treatment.
U.S. Radiation Oncology Market Drivers
Increase in the Adoption of Intensity Modulated Radiotherapy for Breast Cancer.
Intensity modulated radiation therapy kills cancer cells and allows the care team to match radiation beamlets to the shape of the tumor. Intensity modulated radiation therapy also allows the doctor to shape the radiation to the contours of the tumor and spares normal tissues near the tumor, which is one of the major factors driving the growth of the U.S. Radiation Oncology Market.
Rise in the Demand for Brachytherapy.
Brachytherapy delivers a high dose of radiation with minimal doses to the surrounding structures in the body. Moreover, Brachytherapy is increasingly becoming popular as an effective treatment for cancer as the radiation treatment is delivered with high accuracy, which is further propelling the growth of the U.S. Radiation Oncology Market.
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U.S. Radiation Oncology Market Challenges
High Cost of Radiation Oncology Treatment.
The key players in the market are increasing their investment to carry out various research and development activities for developing advanced brachytherapy and intensity modulated radiotherapy. However, the high cost of radiation oncology treatment in the country is one of the major factors that is estimated to reduce the growth of the U.S. Radiation Oncology Market.
U.S. Radiation Oncology Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the U.S. Radiation Oncology Market. Key companies of this market are Ion Beam Applications S.A., Accuray, Elekta, Mevion Medical Systems, Curium, Varian Medical Systems, C. R. Bard, Inc., Nordion Inc, Provision Healthcare, and RefleXion Medical among others.
Acquisitions/Product Launches:
In June 2021, Ion Beam Applications S.A. has launched a high-energy cyclotron, the Cyclone® IKON that offers the energy spectrum for SPECT isotopes. Cyclone® IKON has the capacity to enable the large-scale production of emerging SPECT isotopes.
In September 2020, Elekta has launched Elekta Harmony* linear accelerator, a new radiotherapy solution that is developed to meet healthcare centers for a precise and versatile radiotherapy treatment system.
In June 2020, Accuray has launched the CyberKnife® S7™ System, a real-time artificial intelligence-driven motion synchronization and tracking treatment delivery for stereotactic radiosurgery for treating cancer tumors throughout the body.
Key Takeaways
The growing applications of external beam therapy for treating various cancers in the country are driving the External Beam Radiation Therapy segment. However, the high cost of radiation oncology treatment in the country is one of the major factors that is said to reduce the growth of the U.S. Radiation Oncology Market.
The rise in investments by the key players in the country to develop advanced internal beam radiation therapy and the increasing demand for intensity modulated radiotherapy for breast cancer treatment in the country are the major factors driving the growth of the U.S. Radiation Oncology Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the U.S. Radiation Oncology Market report.
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https://www.industryarc.com/Report/16214/radiation-oncology-market.html
B. Oncology Market
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