Global Radiation Oncology Market Report and Forecast 2024-2032

Global Radiation Oncology Market Outlook

The global radiation oncology market value was USD 8.25 billion in 2023, driven by the increasing prevalence of cancer across the globe. The market size is anticipated to grow at a CAGR of 7.1% during the forecast period of 2024-2032 to achieve a value of USD 15.29 billion by 2032.

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Rising Cases of Cancer Patients Across the Globe Boosting the Radiation Oncology Industry

The radiation oncology industry is being driven by the rising number of cancer patients throughout the world. Cancer, a chronic disease caused by abnormal cell division, is the result of an increasing number of physical, chemical, and biological carcinogens, such as arsenic, parasites, and UV rays, among others. Moreover, it is the leading cause of death worldwide, accounting for nearly 10 million deaths in 2020 solely. As radiation oncology kills or reduced the cancer cells while protecting other organs and tissues of the body, it is increasingly used to cure or reduce cancer, which is propelling the growth of the radiation oncology industry. Moreover, the reduced risk of exposure to external beam radiation therapy is aiding the market growth.

North America Holds a Significant Share of the Market for Radiation Oncology

North America holds the largest share in the market for radiation oncology owing to the high prevalence of cancer and the technological advancements leading to the development of new therapies. The region has the highest disposable income. Hence the healthcare facilities are both accessible and affordable for the population in the region. The increasing quality assurance, the prevalence of non-surgical treatment, and the wide use of radiotherapy in cancer treatment are driving the market growth. The Asia Pacific region, especially countries such as Japan, India, and China, is also expected to witness robust growth due to the increasing healthcare infrastructure, rising use of technology, and surging prevalence of cancer. Europe constitutes one-quarter of the total cancer population in the world due to the surging geriatric population and the high prevalence of carcinogens; these factors augment the overall growth of the radiation oncology industry.

Radiation Oncology: Market Segmentation

Radiation oncology, variously known as radiation therapy or radiotherapy, is the use of high-energy radiation in the treatment of cancer patients. It uses X-rays to destroy the cancer cells, and the rays may be delivered using linear accelerators. It is also used to relieve the pain or alleviate other symptoms.

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Based on oncology type, the market is segmented into:

• External Beam Radiation Therapy
  • Linear Accelerators
  • Compact Advanced Radiotherapy Systems
  • Proton Therapy
  • Others
• Internal Beam Radiotherapy
  • Brachytherapy
  • Systemic Beam Radiation Therapy
  • Others

The major oncology technology types of radiation oncology are:

• External Beam Radiation Therapy
  • Image-Guided Radiotherapy (IGRT)
  • Intensity Modulated Radiotherapy (IMRT)
  • Stereotactic Technology
  • Proton Beam Therapy 
  • 3D Conformal Radiotherapy (3D CRT)
  • Others
• Internal Beam Radiotherapy
  • Low-Dose Rate Brachytherapy
  • High-Dose Rate Brachytherapy
  • Others

The market can be broadly categorised on the basis of its application into:

• External Beam Radiation Therapy
  • Prostate Cancer
  • Breast Cancer
  • Lung Cancer
  • Head and Neck Cancer
  • Colorectal Cancer
  • Others
• Internal Beam Radiation Therapy
  • Prostate Cancer
  • Gynaecological Cancer
  • Breast Cancer
  • Cervical Cancer
  • Penile Cancer
  • Others

The EMR report looks into the regional markets of radiation oncology like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Technological Advancements to Bolster the Growth of the Radiation Oncology Industry

Radiation oncology is one of the most cost-effective and efficient treatments of cancer. Moreover, it can prevent cancer from returning and slow down its growth, consequently contributing to the market growth. Increasing research and development (R&D) to create more effective treatments of cancer is also boosting the market growth. Improvement in technology and treatment techniques are increasing curation rates and reducing side effects. Moreover, technological advancements like respiratory gating, trilogy radiosurgery, prostate seed implant, and RapidArc technology are catalysing the market growth.

The development of image-guided radiotherapy (IGRT) and intensity-modulated radiotherapy (IMRT) that can increase the efficiency and improve the accuracy of the treatment are expected to fuel the industry growth. Moreover, the use of radiotherapy in all kinds of cancer like breast cancer, lung, and prostate cancer, is aiding the growth of the market. The upgradation of health infrastructure and the rising per-capita income in developing countries is also propelling the market growth for radiation oncology. Though the growth of the industry is hindered by the low number of skilled radiotherapists, the rising prospects of a career in radiotherapy and the considerable number of professional therapists are anticipated to lubricate the market growth.

Key Industry Players in the Global Radiation Oncology Market

The report presents a detailed analysis of the following key players in the global radiation oncology market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Accuray Incorporated
• Elekta AB
• Isoray Medical
• Mevion Medical Systems
• Varian Medical Systems, Inc.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report