Pune, India -- (SBWIRE) -- 01/14/2020 -- Infinium Global Research has added a new report on Radiation Oncology Market (Type - Radioisotope Therapy, Brachytherapy, and External Beam Radiation Therapy; Application - Blood Cancer, Prostate Cancer, Breast Cancer, Respiratory/Lung Cancer, Gastrointestinal Cancer, Skin Cancer, and Other Application): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025 According to the report, the global radiation oncology market is projected to grow at a CAGR of 6.3% over the forecast period of 2019-2025.

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Increase in the Geriatric Population and Growing Technological Advancements also Play a Key Role in the Growth of the Industry

Rising incidences of cancer across the globe is one of the major factors for the growth of the radiation oncology market. According to the World Health Organization, cancer is the second leading cause of death across the globe and is responsible for an estimated 9.6 million deaths in 2018. Globally, approximately 1 in 6 deaths is due to cancer. Moreover, an increase in the geriatric population and growing technological advancements also play a key role in the growth of the radiation oncology market.

The rising adoption of non-invasive procedures in emerging countries drives the growth of the market. However, the lack of trained technicians in developing countries and the high cost of therapy and instrument may hamper the growth of the radiation oncology market during the forecast period. Furthermore, growing healthcare awareness among the people and increase in the patent pool creates an opportunity for the growth of the market in the next few years.

Prostate Cancer Segment Holds the Largest Market Share 

The global radiation oncology market is segmented based on type and application. By type, the radiation oncology market is further fragmented into external beam radiation therapy, radioisotope therapy, and brachytherapy. Out of these, external beam radiation therapy is further sub-segmented into photon beam radiation therapy, modulated radiation therapy, stereotactic radiation, and 3D conformal radiation therapy, and other therapies. Based on the application, the market is bifurcated into blood Cancer, prostate cancer, breast cancer, respiratory/lung cancer, gastrointestinal cancer, skin cancer, and other application. Prostate cancer holds the largest market share and is expected to be the fastest-growing segment during the forecast period.   

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North America is Dominating the Radiation Oncology Industry

Geographically, the global radiation oncology market is divided into North America, Europe, Asia Pacific and Rest of the World. Among all, North America is dominating the radiation oncology market and is expected to lead the market through the forecast period. It is attributed to the developed health infrastructure and the presence of many multinational players in the region. The high incidence of cancer, the rising adoption of advanced technologies, and the growing geriatric population are the other factors for the growth of the radiation oncology market in the North American region. The Asia Pacific is projected to grow at a rapid pace during the forecast period owing to the growing patient population and modernization of healthcare infrastructure.

Radiation Oncology Market: Competitive Analysis

The global radiation oncology market comprises with the players such as Elekta AB, Varian Medical Systems, Accuray Incorporated, C.R. Bard, Inc., IsoRay, Inc., Mevion Medical Systems, Ion Beam Applications SA, Nordion Inc., and NTP.

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