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).

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.