U.S. Radiation Oncology Market size in 2019 is estimated to be $2 billion, growing at a CAGR of 5% during the forecast period 2020-2025. Radiation oncology is also known as radiation therapy it is radiation treatment of cancer. It uses high energy radiation to damage cancer cells’ DNA and destroy their ability to divide and grow. Radiation oncology is completely non-invasive treatment. Increasing prevalence of cancer coupled with rising adoption of radiotherapy are the major factors driving the growth of the market. Moreover, increasing expenditure on healthcare and technological advancement further enhance the overall market demand for U.S. Radiation Oncology during the forecast period 2020-2025.
U.S. Radiation Oncology Market Segment Analysis - By Type
Based on the Product Type, U.S. Radiation Oncology Market is segmented into External Beam Radiation Therapy, Internal Beam Radiation Therapy. The External Beam Radiation Therapy segment is forecast to grow at a CAGR of 4.6% during the forecast period 2020-2025. This is mainly owing to rise in adoption of electron Linear Accelerators (LINAC) to produce megavoltage photon and electron beams for radiation therapy.
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U.S. Radiation Oncology Market Segment Analysis - By Technology
Based on the Technology, U.S. Radiation Oncology Market is segmented into Intensity Modulated Radiotherapy (IMRT), Image-Guided Radiotherapy (IGRT), Proton Beam Therapy, 3D Conformal Radiotherapy, Brachytherapy. In 2019, Intensity Modulated Radiotherapy (IMRT), held the largest share in the U.S. Radiation Oncology market. This is mainly owing to it deliver high doses of radiation to cancer sites. Moreover, IMRT contains multiple beams of radiation that target multiple sites with different doses so that beams can be on and off during the treatment is adding advantage to this therapy is also contributing to the growth of this segment.
U.S. Radiation Oncology Market Segment Analysis - By Application
Based on the Applications, U.S. Radiation Oncology Market is segmented into Skin & Lip Cancer, Head & Neck Cancer, Breast Cancer, Prostate Cancer, Cervical Cancer, Lung Cancer, Others. In 2019, Prostate Cancer held the largest share in the U.S. Radiation Oncology market. This is mainly owing to promising applications of brachytherapy in the treatment of prostate cancer and significant advancements in HDR and LDR techniques.
U.S. Radiation Oncology Market Drivers
Increasing Prevalence of Cancer
Increasing number of cancer patients in this area is driving the growth of U.S. Radiation Oncology market. Moreover, increasing expenditure on health care is also set to increase the market growth. According to, National Cancer Institute, In 2020, around 1.8 million people will be diagnosed with cancer in the United States.
Technological Advancement
Growing advancement in technology coupled with rising awareness about benefits of radio therapy are some factors driving the growth of the market. Moreover advancement in technology have helped to make more effective, and easy-to-use radiotherapy products further contributing to the growth of Radiation Oncology market.
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U.S. Radiation Oncology Market Challenges
High cost of treatment is challenging the growth of the market. Also, lack of skilled personnel to perform radiotherapy are further restraining the market growth during the forecast period 2020-2025.
U.S. Radiation Oncology Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the U.S. Radiation Oncology Market. U.S. Radiation Oncology top 10 companies are Elekta AB, Accuray Incorporated, Mevion Medical Systems, Inc., Varian Medical Systems, C.R. Bard, Inc., Ion Beam Applications SA, Provision Healthcare, ViewRay, Inc., Reflexion Medical, Radixact Accuray.
Acquisitions/Product Launches:
In May 2020, Reflexion Medical, a therapeutic oncology company collaborated with Merck, American multinational pharmaceutical company to evaluate the safety and efficacy of KEYTRUDA and Merck’s anti-PD-1 therapy, in combination with BgRT in multiple late-stage cancers.
In October 2019, Varian has launched new single-room proton therapy system, ProBeam 360° to treat cancer.
Key Takeaways.
Increasing government investments in R&D of cancer treatment is driving the market growth of U.S. Radiation Oncology.
Detailed analysis of the Strength, Weaknesses, and opportunities of the prominent players operating in the market will be provided in the U.S. Radiation Oncology Market report.
Lack of skilled personnel to perform radiotherapy are challenging the growth of the market.
Related Reports :
A. Oncology Market
https://www.industryarc.com/Report/18335/oncology-market.html
B. Radiotherapy Device Market
https://www.industryarc.com/Research/Radiotherapy-Device-Market-Research-504273
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