The U.S. radiation oncology market size is expected to reach USD 3.9 billion by 2027, expanding at a CAGR of 5.0%, according to a new report by Grand View Research, Inc. Increasing the prevalence of cancer and technological advancements in radiation oncology are some of the key factors responsible for market growth.
Advancements in technologies are anticipated to reduce the adverse effects of radiotherapy and improve its overall quality. In addition, newer therapies tend to be more efficient than their traditional counterparts. For instance, SBRT was found to be efficient in treating laryngeal cancer with only five treatment fractions, as per a clinical trial that is expected to be completed by 2021.
Advancements in radiation oncology can enable the delivery of a high dose to a target area without any damage to adjacent healthy tissues. This has increased the chances of localized tumor control and improved cure rates, leading to an increase in demand for the therapy. Therefore, hospitals and ambulatory healthcare providers are installing more equipment, which, in turn, is boosting the market growth.
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The rapid adoption of autosamplers attached to analytical systems has led to an increase in lab productivity. The analytical chemists can now produce high-quality data without being present in the lab, continuously. The device provides better reproducibility, high accuracy, and also minimizes error in sampling. It also has the capacity to house the multiple numbers of sample vials in each sequence and hence making it convenient to run various samples that require similar analysis conditions.
Also, to speed up the R&D in areas such as pharmacokinetics, it has become increasingly necessary to analyze a large number of samples at high speed and high precision. Hence, Shimadzu Corporation developed Nexera MP Ultra High Performance Liquid Chromatograph utilizing the SIL-30ACMP Multiplate Autosampler. It achieves an ultrafast injection performance enabling a maximum of 2304 samples to be analyzed continuously.
In Asia Pacific, the market is anticipated to account for the highest CAGR over the forecast period. This is attributed to the growth of the pharmaceutical and biotechnology industry in the region, which, in turn, is driving demand for advanced medical devices in the region. For instance, according to OECD, in the U.S., the number of radiotherapy equipment, which included linear accelerators, Caesium-137 therapy units, Cobalt-60 units, HDR and LDR brachytherapy units, and conventional brachytherapy units, was 11.7 per 1000,000 inhabitants in 2019.
In addition, increasing radiotherapy centers in the U.S. is anticipated to boost the market growth. In January 2020, the University of Alabama at Birmingham inaugurated its proton therapy center of Proton International. The center was formed through a partnership between Proton International and the UAB. Out of 36 proton cancer centers in the U.S., Proton International at UAB was the first facility opened in Alabama.
The high adoption of cyclotrons is anticipated to drive the market. For instance, in March 2019, the University of Alabama at Birmingham installed a 90-ton cyclotron in its proton therapy center. Installation of a cyclotron will drive R&D activities in the country and help meet the demand for isotopes.
Key players tend to undertake strategic initiatives such as collaborations, licensing, and partnerships to adopt new systems that can reduce cost and space; such initiatives are expected to drive the market. For instance, in June 2020, Accuray Incorporated launched the CyberKnife S7 System, which offers advanced technologies including real-time AI-driven motion tracking and synchronized treatment delivery. It can provide all SBRT treatments and Stereotactic Radio Surgeries (SRS) within 15 minutes.
Key suggestions from the report:
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Grand View Research has segmented the U.S. radiation oncology market on the basis of type, technology, and application:
The U.S. Radiation Oncology Type Outlook (Volume, Units; Revenue, USD Million, 2016 – 2027)
The U.S. Radiation Oncology Technology Outlook (Volume, Units; Revenue, USD Million, 2016 – 2027)
The U.S. Radiation Oncology Application Outlook (Volume, Number of Procedures; Revenue, USD Million, 2016 – 2027)
List of Key Players in the U.S. Radiation Oncology Market
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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