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 8.2 Billion by 2022 from USD 19.2 Billion in 2032, growing at a CAGR of 9.1% during the forecast period from 2022 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.

Driving Factors

An increase in R & D Activities is the Major Factor Driving the Market Growth

Key market players are focused on R &D activities, which is the primary factor that propels the market growth.  Technological developments in radiotherapy devices, rising approval of radiation oncology, and therapy in oncology treatment drive market growth.

The increasing incidence of cancer is a significant factor that fuels the market growth. Increasing demand for innovative and effective cancer treatments across the globe, a rise in the number of cancer patients, and sizable spending for them are the initial factors driving the market.

New technologies are driving the radiation oncology market. Various physicians have delivered the right amount of radiation to the cancer in a shorter time than traditional treatments. Governments’ investments through continuous reimbursement policies applied to several applications and other factors propelling the market growth. The markets in the developing countries are estimated to enhance during the forecast period.

Restraining Factors

High-Cost of Software Hinder Market Growth

High-cost and lack of skilled workers to plan and operate software are anticipated to restrict the market growth. Additionally, lower approval rates in emerging countries may challenge the radiation oncology treatment planning software market over the forecast period. There is a shortage of training and education in radiation oncology among professionals in various regions.

COVID-19 Impact Analysis

The COVID-19 pandemic impacted many companies. It affects the development of the market adversely as patients postpone their treatment owing to a rapid increase in COVID-19 cases across the world.  Various hospitals across the globe were converted to COVID-19 hospitals to treat the affected patients.

COVID-19-infected patients were significant, and the inaccessibility of hospitals and physicians was a main factor for the radiation oncology market. The COVID-19 outbreak is anticipated to have minimal effect on the market growth. Since cancer treatments across the globe are considered particularly life-threatening, and even during the pandemic, cancer treatments were conducted in hospitals.

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

Growth Opportunity

Increase in Cancer Treatment

Medical and research organizations are implementing radiation oncology treatment planning software to lessen collateral tissue harm creating significant opportunities for key players. Rise in cancer burden and investments support market players offer lucrative opportunities in the market. The usage of radiotherapy is also propelling major opportunities presented by developing countries and increasing government investments in cancer treatments.

Latest Trends

Rising Technological Development is the Global Trend in the Market

Technological development has significant advancements in recent years. Advanced imaging techniques such as magnetic resonance imaging and positron emission tomography are increasing accuracy is the global trend in the market. The increasing trend of development of new therapy methods and multidisciplinary therapeutic methods is anticipated to become the trend in the global market.

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

• September 2020- Elekta AB introduced the launch of the Elekta Harmony lined accelerator, which is the creative Linac for the treatment of cancer by radiation oncology.
• January 2020- GT Medical Technologies introduced Food and Drug Administration clearance of extended application for Gamma Tile Therapy.

Report Scope