In addition, the consistent technological advances in cancer research and therapeutic care are favoring growth of this market. The increasing pool of geriatrics and favorable reimbursement policies for cancer therapeutics are also aiding growth of the oncology radiation therapy market, adds the report. However, factors such as the harmful side effects of radiation and high cost of the procedures are hurdles to the market’s growth.
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Radiation therapy is a vital constituent of cancer treatment and crucial in the curative outcome of the condition. The dynamics of the radiation therapy market in oncology are examined in a report by Transparency Market Research (TMR). In a report featured by TMR, growth trends and technological advancements in the oncology radiation therapy market across North America, Europe, Asia Pacific, and Rest of the World are examined for the 2015-2023 period. The title to this report is “Oncology Radiation Therapy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
Radiation therapy involves the medical use of radioactive substances to target cancerous cells without harming healthy tissues in the vicinity. This therapy can be given either independently or in combination with other therapies, with the intent of shrinking tumor cells and alleviating pain or other cancer symptoms for palliative care.
In current times, radiation therapy is gaining acceptance due to the increasing incidence of cancer worldwide, says the report. As per data published by the World Health Organization (WHO) in February 2015, cancer is one of the leading causes of mortality and morbidity across the world, with almost 14 million new cases reported ever year. In 2012, cancer was related to almost 8.2 million deaths, according to the WHO.
Radiation therapy for cancer treatment is mainly of two types – external radiation therapy and internal radiation therapy. Internal radiation therapy involves placing a radioactive implant via a carrier at the tumor site and on the adjacent tissues. The nature of radioactive implants is either temporary or permanent and internal therapy may thus require a hospital stay. Over a period of time, the implants lose their radioactivity, however, inactive seeds remain inside the body. On the other hand, external radiation therapy involves transmitting radiation via a machine placed outside the body and incorporates stereotactic radiation therapy, 3-D conformal radiation therapy, proton beam therapy, and intensity modulated radiation therapy.
Other oncology radiation therapies are systemic radiation therapy, radioimmunotherapy, intraoperative radiation therapy, radiosensitizers, and radioprotectors.
North America and Europe are major contributors to the global market’s revenue; these regions being technologically sound and supported by a robust research infrastructure is the reason for this. Asia Pacific and LATAM will extend lucrative opportunities to the market due to the rising acceptance of radiation therapy for cancer treatment.
Some top companies in the global oncology radiation therapy market are Accuray Inc., Brainlab AG, GE Healthcare, Positron Corporation, Boston Scientific Corporation, Siemens Healthcare, and others.
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