USD 8.31 billion
Radiation Oncology Market Size, Share, Growth Analysis, By Type (External Beam Radiation Therapy, Internal Beam Radiation Therapy), By Application (Prostate Cancer, Breast Cancer), By End User, By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2944 |
Region:
Global |
Published Date: September, 2024
Pages:
172
|Tables:
99
|Figures:
75
Radiation Oncology Market Insights
Global Radiation Oncology Market size was valued at USD 8.34 billion in 2022 and is poised to grow from USD 9.37 billion in 2023 to USD 23.70 billion by 2031, growing at a CAGR of 12.3% in the forecast period (2024-2031).
Increasing incidence of cancer worldwide, driven by aging population, lifestyle changes and environmental factors is a major driver for the radiation oncology market. Technological advancements in radiation therapy have expanded the market, including intensity-modulated radiation therapy (IMRT), stereotactic radiosurgery (SRS) and therapies, which have significantly enhanced treatment accuracy and patient outcomes.
According to the WHO, about 19.3 million people worldwide have cancer, and 10 million died in 2022. In Europe, WHO estimated that 4.6 million new cases of cancer such as prostate, breast, lungs, colorectal, and brain and about 2.1 million people died across Europe from the disease in 2020. Breast cancer is the most common cancer in the U.S., according to a 2022 report from the American Cancer Society.
In the dynamic market outlook for radiation oncology, key players are developing strategies to increase their market presence. In October 2023, Acure Incorporated received approval for its Tomo C radiation therapy system in China, opening new opportunities for growth in this region. This regulatory milestone reflects Acure’s commitment to expanding its market reach. Similarly, in June 2023, PharmLogic Holdings Corp. entered into a master services agreement to develop theranostic candidates VMT-01 and VMT-NET. Currently in research and development phase, this strategic collaboration aims to address metastatic melanoma diagnostic and therapeutic needs with neuroendocrine cancer.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Proton Therapy
Fastest Growth
Compact advanced radiotherapy systems
Growth Rate
12.3% CAGR
Global Radiation Oncology Market ($ Bn)
Country Share for North America Region (%)
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Radiation Oncology Market Segmental Analysis
Global Radiation Oncology Market is segmented on the type, application, end user, and region. By type, market is segmented into External Beam Radiation Therapy, and Internal Beam Radiation Therapy. By application, market is segmented into Prostate Cancer, Breast Cancer, Lung Cancer, Colorectal Cancer, Gynecological Cancer, Cervical Cancer, Penile Cancer, and Others. By end user, market is segmented into Hospitals, Specialty Clinics, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Application
The EBRT segment generated the largest revenue from the radiation oncology market in 2023 and is expected to maintain its dominance over the forecast period. This can be attributed to the increasing incidence of global cancer and EBRT programs by cancer institutes and hospitals have been widely accepted. For example, in September 2021, Unicancer acquired multilple Radixact Systems of Accuray, Inc.; and ClearRT which aimed to provide patients with personalized medicine in Europe. Unicancer is a French clinical network that provides treatment to 530,000 cancer patients per year.
The IBRT segment is expected to grow significantly during the forecast period owing to the increasing incidence of cancer in developing countries, and the increasing incidence of IBRT is used in breast cancer surgery. Brachytherapy for breast cysts involves placement of devices such as interstitial brachytherapy and intracavitary brachytherapy. The most common approach for breast cancer is intracavitary brachytherapy. A study published by the National Cancer Institute (NCI) found that whole breast irradiation, (WBI), and accelerated breast irradiation (APBI) reduce cancer recurrence in patients with breast cancer. IMRT has become a common treatment for locally advanced head & neck cancer due to its high compliance. Moreover, Gynecologic cancer is mostly treated with the help of brachytherapy techniques.
Analysis by Type
External beam radiation therapy (EBRT) segment including linear accelerators (Linac), and compact advanced radiotherapy systems, accounted for the largest share of the total market at 62.41% in 2023 due to increase in cancer. Moreover, rapid technological advancements and demand for such technologies in cancer therapies are fueling the demand for LINACs and MR-LINACs, thus, contributing to the growth of market. For example, in December 2022, the first patient using the Elekta Unity MR-Linac was treated for an intestinal tumor with new advanced radiotherapy motion management. Linear accelerators (Linac) use microwave technology such as radar to destroy tumor cells by delivering high-energy electrons or x-rays near the tumor site and prevent damage to surrounding healthy tissue. Linear accelerators are contributing to the growth of the market. For example, in September 2020, Electa AB announced the launch of Electa Harmony linear accelerator, a productive linac for the treatment of cancer by radiotherapy. The introduction of new products can contribute to market growth by medical needs.
Internal beam radiation therapy is the fastest growing segment in the market. Internal beam radiation therapy (Brachytherapy) plays an important role in the radiation oncology market by providing a targeted and precise approach to cancer treatment. Unlike external radiation therapy, which uses percutaneous radiation, brachytherapy involves the injection of radioactive material. This delivers high doses of radiation to cancerous tissue, cleansing the surrounding healthy tissue. Brachytherapy is particularly effective in treating local cancers such as prostate, ovarian, breast and skin cancers. Its ability to deliver radiation directly to the tumor site makes it a valuable option for improving treatment efficacy and minimizing side effects. In addition, systemic radiation is often used in conjunction with other treatments, such as surgery or chemotherapy, to maximize its effectiveness.
Global Radiation Oncology Market By Application (%)
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Radiation Oncology Market Regional Insights
North America conquered the overall radiation oncology market in terms of revenue share of 45.52% in 2023 to favorable government policies, technologically advanced radiotherapy equipment and, the participation of key players in aggressively to increase their market share in the region. For example, in December 2022, MVision AI entered a partnership with Medron Medical Systems to distribute MVision’s AI radiotherapy technology in Canada. The use of AI technology increases accuracy, improving patient outcomes. North America plays a dominant role in the radiation oncology market, driven primarily by its advanced healthcare infrastructure, high cancer prevalence and strong R&D activities. Furthermore, the presence of leading radiation therapy devices with complementary healthcare plans and reimbursement plans further fuels the market growth.
Asia-Pacific is expected to be the fastest growing region during the forecast period as improved healthcare facilities, increased patient awareness, critical patient supply with cancer burden is anticipated rising demand coupled with financial support. According to the Globocan Report 2020, the disease has resulted in approximately 9.5 million new cancer diagnoses in the Asian region, increasing the demand for radiotherapy to manage the effects of cancer in countries. Countries like China, India, Japan improving policies, is seeing rapid adoption of radiation therapy technologies due to government initiatives to promote cancer care. The region also benefits from a large patient population, making it an attractive market. Moreover, a focus on expanding affordable cancer treatments could accelerate the growth of radiation oncology in this region.
Global Radiation Oncology Market By Geography
- Largest
- Fastest
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Radiation Oncology Market Dynamics
Drivers
Increasing Incidence of Cancer
- One of the major factors driving the growth of the radiation oncology market is the increasing incidence of cancer worldwide. Since cancer is one of the leading causes of death, advanced cancer treatment with radiation therapy including demand continues to rise. This has led to heavy investments in radiation and oncology technologies, leading to market expansion.
Technological Advancement
- Another important factor is the continuous improvement in radiation therapy technology. Innovations such as intensity-modulated radiation therapy (IMRT), stereotactic body radiation therapy (SBRT), and image-guided radiation therapy (IGRT) have improved treatment accuracy and outcomes. These advances have led to the uptake of radiation cancer treatment, further stimulating the market.
Restraints
High Cost of Treatment and Equipment
- A major factor restraining the radiation oncology market is the high cost associated with radiation therapy and its equipment. Advanced radiation therapy technology is often expensive, making it inaccessible to many health care providers in low-and middle-income countries. This limited cost limits the widespread use of radiation for cancer, hindering market growth.
Limited Availability in Resource-limited Settings
- Another important challenge is the lack of access to radiation therapy for oncology in resource-limited settings especially in developing countries adequate health care facilities and skilled personnel to provide effective radiation therapy in the multi-site setting. This gap in access to quality care acts as a constraint to the overall expansion of the market.
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Radiation Oncology Market Competitive Landscape
The radiation oncology market is characterized by a dynamic competitive environment, characterized by many unique factors that determine its structure and growth. Companies are developing hybrid technologies that combine radiation therapy with imaging and surgery. For example, systems that integrate MRI or PET imaging with radiation therapy protocols allow for precise tumor targeting, improving treatment efficacy and minimizing damage to healthy tissue. AI and machine learning are increasingly being integrated into radiation therapy systems to improve treatment planning, optimize dosing, and predict patient outcomes. This combination of technologies is a key differentiator in market, as it enables individualized and efficient treatment approaches.
Top Player’s Company Profiles
- Varian Medical Systems, Inc. (Siemens Healthineers AG) (US)
- Elekta AB (Sweden)
- Accuray Incorporated (US)
- IBA Radiopharma Solutions (Belgium)
- BD (Becton, Dickinson and Company) (US)
- Isoray Inc. (US)
- Mevion Medical Systems (US)
- Nordion, Inc. (Sotera Health) (Canada)
- NTP Radioisotopes SOC Ltd. (South Africa)
- Curium (France)
- ViewRay Technologies, Inc. (US)
- IBA Worldwide (Belgium)
- Provision Healthcare (US)
- Canon Inc. (Japan)
- Hitachi Ltd. (Japan)
- Icad Inc. (US)
- Ion Beam Applications (Belgium)
- Panacea Medical Technologies Pvt. Ltd. (India)
- P-Cure Ltd. (Israel)
Recent Developments
- In June 2023, Pharmalogic Holdings Corp., a leading player in the radiation oncology market, took an important step with the signing of an operating agreement. These radiopharmaceuticals are currently under research and development and focus company with the aim of advancing research and treatment solutions within the profession.
- February 2023- The FDA cleared the P-Cure Adaptive Proton Therapy Solution for sale in the United States. Israeli high-tech medical company P-Cure has developed a cost-effective proton therapy technology for targeted cancer treatment with significantly reduced side effects.
- June 2023- RedFormation, an innovative industry leader in radiation oncology automation solutions, announced the launch of St. Louis. St. George’s Cancer Care Center in Christchurch. New Zealand is the world’s first Electa Unity MR-linac facility to use ClearCalc, Redformation’s independent secondary dose calculation software.
Radiation Oncology Key Market Trends
- Increasing Adoption of Proton Therapy: A key trend within the radiation oncology marketplace is growing adoption of proton therapy. Proton remedy provides extra precision in targeting cancer cells and decreases damage to surrounding healthy tissue, making it an appealing option for sure forms of cancer. Its reputation is predicted to grow demand and could force future growth and innovation within the market.
- Integration of Artificial Intelligence in Radiation Oncology: Another trend is the developing integration of artificial intelligence (AI) in radiation oncology. AI is being used to optimize the remedy planning, for photo evaluation and improve the ventilation accuracy. This trend ought to rework the radiation oncology landscape, enhancing remedy effects and performance in clinical practice.
Radiation Oncology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the radiation oncology market is driven by the growing incidence of cancer and continuous technological advancements in the radiation therapy. Innovations such as intensity-modulated radiation therapy (IMRT) and stereotactic body radiation therapy (SBRT) are improving treatment accuracy, increasing acceptance of these therapies but not achieving high treatment and the equipment costs. Key trends shaping the market include increasing use of proton therapy for precision cancer treatment and integration of artificial intelligence (AI) to enhance treatment planning and radiation precision.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.34 billion |
| Market size value in 2031 | USD 23.70 billion |
| Growth Rate | 12.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Radiation Oncology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Radiation Oncology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Radiation Oncology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Radiation Oncology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Radiation Oncology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Radiation Oncology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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