Global Radiation Oncology Market By Type (External Beam Radiation Therapy and Internal Radiation Beam Therapy), By Indication (Lung Cancer, Breast Cancer, Prostate Cancer, and Colorectal Cancer, Others), By End-User (Hospitals, Cancer Research Institutes, and Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

Global Radiation Oncology Market size is expected to be worth around USD 19.2 Billion by 2032 from USD 8.9 Billion in 2023, growing at a CAGR of 9.1% during the forecast period from 2023 to 2032.

Radiation oncology is the medical specialization troubled with suggesting radiation. Radiation oncology is usually applied to the cancerous tumor because of its ability to control cell growth. Radiation is used in medical imaging and identification.

Radiation might be recommended by a radiation oncologist in order for the treatment of adjuvant therapy. This process is used to treat cancer by radiating the tumor cells and destructing its growth and division procedure. Radiation oncology is also called radiation therapy.  Radiation therapy might be beneficial in a numeral of types of cancer if they are controlled to one area of the body.

Key Takeaways

• Market Size: Radiation Oncology Market size is expected to be worth around USD 19.2 Billion by 2032 from USD 8.9 Billion in 2023.
• Market Growth: growing at a CAGR of 9.1% during the forecast period from 2023 to 2032.
• Type Analysis: The external beam therapy segment accounted for the highest market revenue share of 63.4% in 2022.
• Indication Analysis: The breast cancer segment dominated the maximum market revenue share of 34% in 2022.
• End-Use Analysis: Hospital’s segment dominated the highest market revenue share in 2022.
• Regional Analysis: North America accounted for a significant radiation oncology market revenue share of 43.5% in 2022.
• Technological Advancements: Innovations such as intensity-modulated radiation therapy (IMRT), stereotactic body radiotherapy (SBRT), and proton therapy are significantly enhancing the precision and effectiveness of cancer treatments.
• Adoption of Advanced Therapies: The increasing adoption of advanced radiation therapies, such as image-guided radiation therapy (IGRT) and adaptive radiation therapy (ART), is improving treatment outcomes and patient quality of life.
• Challenges: High costs associated with radiation therapy equipment and treatments, along with a shortage of skilled radiation oncologists, pose significant challenges to market growth.

By Type Analysis

External Beam Radiation Therapy Segment to Witness Significant Growth

The global radiation oncology market is classified into external beam radiation therapy and internal beam radiation therapy. The external beam therapy segment accounted for the highest market revenue share of 63.4% in 2022, due to the high approval proportion of external beam radiation therapy by healthcare specialists, due to its more precision in aiming abnormal cells and decreasing pain in progressive cancers.

External beam radiation therapy has enhanced the accuracy of aiming the tumor to eradicate the abnormal cells and lessen pain. Hence, approval of external beam radiation therapy is rising every day via the oncologist. Moreover, external beam radiation therapy has a high capability to kill tumors in the primary phases as compared to conventional therapies with fewer adverse effects. External beam radiation therapy relies on innovative technology that designs radiation treatments to kill cancer cells while decreasing damage to nearby healthy tissue.

The internal beam therapy segment dominated during the historical period and is estimated to hold the second-largest market share due to its benefits to tissues and reduced adverse effects.

By Indication Analysis

The Breast Cancer Segment Dominates the Market Growth of the Radiation Oncology Market

Based on indication, the global radiation oncology market is segmented into lung cancer, breast cancer, colorectal cancer, prostate cancer, and others. The breast cancer segment dominated the maximum market revenue share of 34% in 2022.

Due to the rising prevalence of breast cancer, especially in developed regions, as a result of obesity, aging, and radiation exposure is projected to propel segmental growth. The probability that women will die from breast cancer is the second important cause of cancer death in women. The rise in the number of cases of breast cancer is increasing the demand for the radiation oncology market.

The lung cancer segment is anticipated to witness the fastest growth rate during the forecast period. Due to the increasing use of tobacco and cigarette smoking.

By End-User Analysis

The Hospitals Segment Holds the Highest Market Revenue Share During the Forecast Period

Based on end-user, the global radiation oncology market is classified into hospitals, cancer research institutes, and others. Among these, the hospital’s segment dominated the highest market revenue share in 2022. Hospitals are providing widespread cancer treatment using radiation therapy. The cancer research institutes segment is anticipated to grow at a CAGR of 5.3%.

Key Market Segments

By Type

• External Beam Radiation Therapy
• Internal Beam Radiation Therapy

By Indication

• Lung Cancer
• Breast Cancer
• Colorectal Cancer
• Prostate Cancer
• Other Indications

By End-User

• Hospitals
• Cancer Research Institutes
• Other End-Users

Driving Factors

The primary driver of the radiation oncology market is the increasing prevalence of cancer globally. According to the World Health Organization (WHO), cancer is a leading cause of death worldwide, with an estimated 19.3 million new cases and 10 million cancer deaths in 2020 alone. This alarming rise in cancer incidence necessitates effective treatment modalities, making radiation therapy a critical component of cancer care.

Additionally, advancements in radiation technology, such as intensity-modulated radiation therapy (IMRT) and proton therapy, are enhancing treatment precision and outcomes, further driving market growth.

Trending Factors

A significant trend in the radiation oncology market is the integration of artificial intelligence (AI) and machine learning in radiation therapy planning and delivery. AI algorithms are being developed to optimize treatment plans, predict patient outcomes, and enhance the accuracy of radiation delivery.

For example, AI can analyze large datasets to identify patterns and tailor radiation doses to individual patient needs, improving treatment efficacy and reducing side effects. This trend towards AI-driven precision medicine is revolutionizing the field of radiation oncology, offering personalized and more effective cancer treatments.

Restraint

One of the primary restraints of the radiation oncology market is the high cost associated with radiation therapy equipment and treatment. Advanced technologies like proton therapy and IMRT require substantial investments in equipment and infrastructure, which can be a significant financial burden for healthcare providers, especially in developing regions. Moreover, the high cost of these treatments can limit patient access, particularly in low-income populations.

Additionally, a shortage of skilled radiation oncologists and technicians further exacerbates the challenge, hindering the widespread adoption of advanced radiation therapies.

Opportunity

The expanding scope of telemedicine and remote treatment planning presents a significant opportunity for the radiation oncology market. The increasing penetration of the internet and advancements in telecommunication technologies enable healthcare providers to offer remote consultations and treatment planning. This approach can help bridge the gap in regions with limited access to specialized cancer care.

For instance, radiation oncologists can collaborate with local healthcare providers through telemedicine platforms to design and supervise treatment plans, ensuring patients receive high-quality care regardless of their geographical location. Leveraging these digital platforms can drive market growth by improving access to radiation therapy and enhancing patient outcomes.

Regional Analysis

North America Dominates the Global Radiation Oncology Market During the Forecast Period

North America accounted for a significant radiation oncology market revenue share of 43.5% due to the favorable government initiatives and accessibility of technologically advanced radiotherapy devices.

Further, the active participation of the market players to raise their market share in the region is propelling the market growth. The presence of the most sophisticated and developed healthcare infrastructure in the U.S. is propelling cancer patients in these locations to adopt radiation oncology processes.

The Asia-Pacific market is anticipated to hold the maximum revenue share during the forecast period. Owing to the improvements in healthcare infrastructure, rise in patient awareness levels, and high unmet patient demand. Additionally, increasing the cancer burden and funding support to market players in the region.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America

• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

The radiation oncology market players are investing in R & D activities, new market initiatives, production capacities, and new product launching. Various products are approaching the market, and companies have raised incomes and entered into partnerships to raise their global presence. The industries are involved in the development and manufacturing of radiation oncology solutions. Some of the prominent key players in the radiation oncology market include Varain Medical Systems, Inc., Elekta AB, Isoray Inc., Mevion Medical Systems, View Ray Technologies, Inc., Novartis AG, Accuracy Incorporated, Provision Healthcare, and other key players.

Top Key Players

• Varian Medical Systems, Inc.
• Elekta AB
• Isoray Inc.
• Mevion Medical Systems
• View Ray Technologies, Inc.
• Novartis AG
• Accuracy Incorporated
• Provision Healthcare
• Other Key Players

Recent Development

• March 2024: Varian Medical Systems, Inc. acquired Cancer Treatment Services International (CTSI) to expand its presence in India. This acquisition aims to enhance Varian’s cancer treatment portfolio and provide advanced radiation therapy technologies to a broader patient base.
• April 2024: Elekta AB launched the Elekta Harmony, a new linear accelerator designed to deliver precise radiation therapy with increased speed and efficiency. This innovative product aims to improve patient outcomes and streamline clinical workflows.
• February 2024: Isoray Inc. introduced Blu Build CE, a new generation of Cesium-131 brachytherapy seeds for prostate cancer treatment. The Blu Build CE offers improved precision in seed placement, reducing treatment time and enhancing patient comfort.
• January 2024: Mevion Medical Systems merged with ProTom International, combining their expertise in proton therapy. This strategic merger aims to advance the development and delivery of cost-effective and accessible proton therapy solutions for cancer patients.
• May 2024: ViewRay Technologies, Inc. launched the MRIdian A3i, an advanced MRI-guided radiation therapy system. The MRIdian A3i offers real-time imaging and adaptive therapy capabilities, enhancing the precision and effectiveness of radiation therapy.

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