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Radiation therapy or radiotherapy is the method of disrupting the growth of the cancer cells by delivering strong ionizing radiations at the sites of cancer. Rising prevalence of various cancers globally and growing demand for non-invasive treatment options for various cancers are expected to accelerate the radiation therapy market growth during the forecast period.
According to the National Cancer Institute (NCI), in 2018, an estimated 1,735,350 new cases of cancer were diagnosed in the United States, which in turn is likely to drive the radiation therapy market share. Additionally, growing new product launches by many key players supported by advanced technology is likely to fuel the market growth during the forecast period.
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For instance, in 2019, DOSIsoft SA received FDA approval to commercialize PLANET a Onco Dose software which provides personalized 3D dosimetry solution for 90Yttrium-based Selective Internal Radiation Therapy (SIRT), which will further augment the radiation therapy market.
Rising incidence of cancer and growing technological advancements in radiotherapy are the major factors likely to drive the market growth during the forecast period. Additionally, the growing adoption of radiotherapy procedures for cancer treatment and rising awareness about the growing application of radiations in the treatments of cancers are likely to fuel the radiation therapy market size during the forecast period.
However, side effects associated with radiations during cancer treatment and the high cost of the treatment making it unaffordable for the population in low-middle income countries are likely to hinder the radiation therapy market growth during the forecast period.
Some of the major companies that are present in the radiation therapy market report include Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, IBA, VIEWRAY TECHNOLOGIES, INC Isoray Inc., Panacea Medical Technologies Pvt. Ltd., Provision Healthcare, Mevion Medical Systems, DOSIsoft SA among others
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In terms of different types of radiation therapy segmentation, external beam radiation therapy segment is anticipated to hold the largest share of radiation therapy market during the forecast period as it emits low radiations which aids in reducing the risk of side effects and generates accurate results by targeting the exact site of cancer.
Geographically, the radiation therapy market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is likely to dominate the global radiation therapy treatment market during the projected period owing to the growing prevalence of cancer and an increase in the adoption of radiation therapy as the treatment procedure. In Europe, growing investments by government organizations in research and development activities and growing collaborations among many key players to develop cost-effective radiotherapy for the treatment of cancer are likely to propel the radiation therapy market share during the forecast period. Asia Pacific is anticipated to register significant CAGR in market owing to the growing patient population and growing economic development in the region. In the Middle East & Africa, growing demand for cost-effective options for the treatment of various cancers is likely to fuel the market growth during the forecast period.
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