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

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.