A few of the important reasons estimated to drive the global Radiation Oncology market comprise the technical improvements in radiotherapy equipment, increasing incidences of cancer, and the expanding acceptance of radiation in cancer treatment. The market is further likely to be driven by technological breakthroughs that increase treatment efficacy and safety. 4D radiotherapy makes a combination of radiotherapy and 4D imaging technologies to offer accurate information about a tumor’s volume, area, shape, and size in real time. This setup allows doctors to correct patient movement, tumour, or organ while still delivering a conformal dosage.
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In order to develop radiotherapy, notable players are forming strategic alliances. Elekta AB, for example, teamed with ViewRay, Inc. in December 2019 to enhance MR-guided treatment in cancer. The goal of this cooperation was to enhance MR-Linac technology so that physicians and patients alike may have more alternative treatment options. However, one of the key challenges likely to limit the development of the global Radiation Oncology market is a scarcity of qualified radiotherapy specialists.
Demand to Ride on the Back of Use of Advanced Technologies in Cancer Treatment
Cancer is the second largest cause of mortality globally, as per the World Health Organization (WHO), contributed towards 9.6 Mn deaths in 2018. Advanced technology and evidence-based preventative strategies can save around 30 to 40% of cancer deaths in this population. In the next few years, this aspect is likely to boost the radiation oncology market. By reducing the development of cancer cells within the body of human beings, radiation oncology treatments can be utilized to treat prostate, lung, breast, and other types of cancers. In addition to that, continuous developments in treatment techniques and technologies are likely to fuel market expansion.
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The global radiation oncology market is anticipated to develop slowly in the years to come due to a lack of appropriate healthcare set up, particularly in low-income nations. Besides, the complicated form of radiation oncology treatments, as a consequence of the difficulties in pinpointing cancer cells, is projected to stifle market growth in the years to come.