Report : South & Central America Radiation Oncology Market Forecast to 2031 - Regional Analysis - by Types (External Beam Radiation Therapy and Internal Beam Radiation Therapy) and Application (Breast Cancer, Prostate Cancer, Lung Cancer, Head & Neck Cancer, Cervical Cancer, and Others)
At 13.3% CAGR, South & Central America Radiation Oncology Market is Projected to be Worth US$ 765.31 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the South & Central America radiation oncology market was valued at US$ 282.01 million in 2023 and is expected to reach US$ 765.31 million by 2031, registering a CAGR of 13.3% from 2023 to 2031. Technological advancement in radiation oncology and strategic initiatives in radiation oncology are among the critical factors attributed to drive the South & Central America radiation oncology market growth.
Radiotherapy focuses on destroying the cancerous cells maximum sparing of healthy cells which was achieved over the period of time owing to the advancement in imaging technology such as magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET) and others. These imaging technologies helps in identifying the tumors cells along with its exact position and size which led to the development of 3D conformal radiotherapy. Over the period of time, there is constant development in radiotherapy technologies as mentioned below
Flash Therapy: It is being discussed among healthcare professionals, rather than days or weeks the entire dose of massive radiation is delivered at once very quickly. The healthy cells recover well over the period of time and killing only cancer cells. It is under study and if it proves to be safe and effective it can be revolutionary radiation therapy in coming years.
Image-guided radiation therapy (IGRT): This technology allows for real-time imaging of the tumor and surrounding healthy tissue before each treatment session, ensuring that the radiation beams are accurately targeted at the tumor and minimizing damage to nearby organs.
Intensity-modulated radiation therapy (IMRT): IMRT allows for the delivery of varying intensities of radiation to different parts of the tumor, allowing for better dose distribution and sparing of healthy tissue.
Stereotactic body radiation therapy (SBRT): This technology delivers high doses of radiation to small, well-defined tumors in a limited number of treatment sessions, leading to better local control of the tumor.
Proton therapy: Proton therapy uses protons instead of traditional X-rays to deliver radiation to the tumor, allowing for more precise targeting of the tumor and sparing of healthy tissue.
Adaptive radiation therapy: This technology allows for adjustments to the treatment plan based on changes in the tumor size or position during the course of treatment, ensuring that the radiation dose is always optimized for maximum effectiveness.
Moreover, increasing integration of artificial intelligence (AI) in cancer treatment for treatment planning, labelling anatomy patient CT scan images, and others. AI will help to cater to the patient's requirements instantly by offering required solutions during the course of treatment. Additionally, various radiation therapy equipment is integrated with AI which will benefit the patient and healthcare professional both. For Instance, In May 2024, Elekta launched its latest linear accelerator (linac), Evo, a CT-Linac with new high-definition AI enhanced imaging, capable of delivering offline and online adaptive radiation therapy as well as improved standard image-guided radiation therapy treatments. Therefore, development in radiotherapy technologies and increasing integration of artificial intelligence is expected to expedite the radiation oncology market growth in coming years.
On the contrary, high cost of radiotherapy equipment hampers the growth of South & Central America radiation oncology market.
Based on types, the South & Central America radiation oncology market is bifurcated into external beam radiation therapy and internal beam radiation therapy. The external beam radiation therapy segment held 59.3% market share in 2023, amassing US$ 167.29 million. It is projected to garner US$ 441.20 million by 2031 to register 12.9% CAGR during 2023-2031.
By application, the South & Central America radiation oncology market is segmented into breast cancer, prostate cancer, lung cancer, head and neck cancer, cervical cancer, and others. The breast cancer segment held 41.4% share of South & Central America radiation oncology market in 2023, amassing US$ 116.67 million. It is estimated to garner US$ 332.59 million by 2031 to expand at 14.0% CAGR during 2023-2031.
Based on country, the South & Central America radiation oncology market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Rest of South & Central America captured 50.8% share of South & Central America radiation oncology market in 2023. It was assessed at US$ 143.26 million in 2023 and is likely to hit US$ 382.65 million by 2031, registering a CAGR of 13.1% during 2023-2031.
Key players operating in the South & Central America radiation oncology market are Varian Medical Systems Inc, Elekta AB, IBA Worldwide (Ion Beam Applications SA), Becton Dickinson and Co, Mallinckrodt Plc, and Curium, among others.
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