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

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).

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. '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)'

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.

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.

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.