Radiation Oncology Market

Radiation Oncology Market Size:

The global radiation oncology market size reached US$ 8.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.5 Billion by 2032, exhibiting a growth rate (CAGR) of 6.5% during 2024-2032. Technological advancements, rising cancer incidence, increasing awareness regarding oncology radiation, government initiatives, and collaborations, regulatory approvals for new therapies, and the trend towards personalized medicine are some of the factors fostering the market growth.

Radiation Oncology Market Analysis:

• Major Market Drivers: The radiation oncology market growth is fueled by the factors, including the surging prevalence of cancer across the globe. The high demand for effective and accurate treatment methods prompts the development of image-guided radiation therapy and proton therapy, which is further stimulating the market growth. Another trend is also the rise in the number of geriatric population that is statistically more prone to cancer. In addition, investments in the development of medical centers, especially in developing countries, and availability of government and private cancer screening and prevention initiatives are driving the radiation oncology market share. In line with this, research institutions and companies are actively joining forces for the development of innovative radiation therapies, which is favoring the market growth.
• Key Market Trends: One of the key radiation oncology market trends is the shift toward hypofractionated and ultra-hypofractionated therapies, in which higher doses of radiation are given over few sessions. This approach is convenient for patients and reduces medical expenditures. Moreover, the use of artificial intelligence (AI) and machine learning (ML) in treatment planning systems is growing, producing more tailored administration patterns which deliver radiation more precisely to the affected location than traditional systems while reducing damage to surrounding healthy tissue, which is accelerating the market growth. Furthermore, multimodality treatments continue to provide a boon, combining radiation therapy with other treatments like surgery, chemotherapy, and immunotherapy, which further improves therapeutic outcomes. Apart from this, the growing trend towards therapeutic scheduling that minimizes the impact of the therapy on the patient’s quality of life is driving the radiation oncology market growth.
• Geographical Trends: At present, North America is at the forefront of the world’s radiation oncology market. Several factors contribute to this region’s dominance, including the advanced healthcare infrastructure, high healthcare spending, and the presence of prominent device manufacturers. The region’s strong market position also stems from research being pursued aggressively and high rates of new technology adoption, such as proton therapy centers. Moreover, Europe’s market expansion is driven by stringent healthcare policies and large-scale public health programs that stress the importance of cancer treatment quality and accessibility. As per the radiation oncology market analysis, the Asia-Pacific is an up-and-coming region. Healthcare spending is on the rise, and cancer awareness is growing. The healthcare facilities are becoming more advanced in countries such as China and India.
• Competitive Landscape: The competitive landscape of the market is characterized by the presence of key radiation oncology companies, such as Accuray Incorporated, Becton Dickinson and Company, Canon Inc., Elekta, Hitachi Ltd., Icad Inc., Ion Beam Applications, Isoray Inc., Mevion Medical Systems Inc., Nordion (Canada) Inc. (Sotera Health), P-Cure Ltd., Varian Medical Systems Inc. (Siemens Healthineers AG), ViewRay, etc.
• Challenges and Opportunities: The radiation oncology market faces challenges such as high costs associated with advanced radiation therapy systems, which can limit market penetration in less affluent regions. Regulatory hurdles also pose significant challenges, as gaining approval for new technologies can be time-consuming and costly. Moreover, there is a shortage of skilled professionals in emerging markets, which hampers the adoption of advanced therapies. However, these challenges also present opportunities. For example, the development of cost-effective radiation therapy machines can help penetrate low-income markets. Educational initiatives and training programs for oncology care providers can alleviate the shortage of qualified professionals.

Radiation Oncology Market Trends:

Technological Advancements

One of the major factors influencing the global radiation oncology market is the continually advancing technology. Technological development, including the creation of intensity modulated radiation therapy (IMRT) and image-guided radiation therapy (IGRT), have redefined the treatment of cancer, enabling more accurate targeting of tumors with minimal damage to other healthy body cells. For example, IMRT employs varied intensities in the radiation doses it administers. This technology enables oncologists to conform the radiation beams according to the complicated shape of the tumor with minimal destruction of surrounding healthy tissues. IGRT, on the other hand, utilizes specialized imagining such as CT scans or MRIs to identify the tumor’s exact location before each treatment session. In addition to producing high quality images of the tumor, IGRT offers test position verification and treatment carrying out several mechanized radiation beams. Further, lateral therapy advancements have resulted in the invention of proton therapy. This therapy administers radiation with high-energy protons instead of traditional x-rays, allowing superior dose concentration with minimal side effects. For instance, in 2024, a powerful irradiation system called the Flash was designed by a Chinese research group mainly from nuclear weapons related scientific institutions. The system is capable of administering ultra-high energy radiation and has the potential to transform conventional radiotherapy.

Rising Incidence of Cancer

The global radiation oncology market is primarily fueled by an increase in cancer occurrence across the world, mainly in developing countries. According to the most recent report on the global occurrence of the disease by the World Health Organization (WHO), there were over 14.1 lakh new cancer instances and more than 9.1 lakh cancer-related deaths in India in 2022. Breast cancer was the most frequently identified measure of global occurrence of the disease, accounting for more than one-tenth of all new illnesses. The prevalence of cancer rises as people age; moreover, a change in long-known chances and the presence of longstanding environmental are additional growth factors. The radiation oncology demand is also boosted by the growing number of cancer patients, which is predicted to be one of the most common causes of death internationally.

Increasing Awareness and Government Initiatives

Rising knowledge about the importance of early cancer diagnosis and treatment, as well as public sector proactiveness and allocation of resources to ensure that cancer patients receive high-quality care, are driving the growth of radiation oncology globally. Several public awareness programs and campaigns are being implemented by various non-governmental organizations (NGOs) and international organizations to boost patient awareness of cancer and the rising need for radiation therapy services. Government health agencies are also investing in cancer control, facilities development, and payment schemes to enhance access to radiation services and reduce the cancer burden, which is further driving the radiation oncology market outlook.

Radiation Oncology Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the type, technology, application, and end user.

Breakup by Type:

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

External beam radiation therapy (EBRT) accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes external beam radiation therapy (linear accelerators, compact advanced radiotherapy systems, proton therapy) and internal beam radiation therapy (brachytherapy, systemic beam radiation therapy, and others). According to the report, external beam radiation therapy (EBRT) represented the largest segment.

The external beam radiation therapy (EBRT) segment is driven by the increasing prevalence of cancer across the globe, necessitating effective treatment options. Technological advancements, such as linear accelerators and image-guided radiation therapy (IGRT), enhance treatment precision and efficacy, stimulating market growth. Moreover, the rising adoption of intensity-modulated radiation therapy (IMRT) and stereotactic body radiation therapy (SBRT) for various cancer types, including prostate, breast, and lung cancers, further drives the EBRT segment. Additionally, the growing geriatric population, particularly in developed regions, fuels demand for EBRT as older individuals are more prone to cancer. Furthermore, the increasing incorporation of EBRT into multidisciplinary cancer treatment regimens, alongside surgery and chemotherapy, strengthens its market position. Government initiatives aimed at improving cancer care infrastructure and accessibility to EBRT services, coupled with favorable reimbursement policies, propel market expansion. Collaborations between healthcare providers, research institutions, and technology companies drive innovation and the development of advanced EBRT systems.

Breakup by Technology:

• Image-Guided Radiotherapy (IGRT)
• Intensity Modulated Radiotherapy (IMRT)
• Stereotactic Technology
• Proton Beam Therapy
• 3D Conformal Radiotherapy (3D CRT)
• Volumetric Modulated Arc Therapy (VMAT)
• Brachytherapy
   

The report has provided a detailed breakup and analysis of the market based on the technology. This includes image-guided radiotherapy (IGRT), intensity modulated radiotherapy (IMRT), stereotactic technology, proton beam therapy, 3D conformal radiotherapy (3D CRT), volumetric modulated arc therapy (VMAT), and brachytherapy. 

The image-guided radiotherapy (IGRT) segment is driven by the increasing demand for precise tumor targeting and real-time imaging capabilities, facilitating accurate treatment delivery while minimizing damage to surrounding healthy tissues. Advancements in imaging technologies such as cone-beam computed tomography (CBCT) and magnetic resonance imaging (MRI) enhance treatment planning and monitoring, thereby improving patient outcomes.

Similarly, the intensity-modulated radiotherapy (IMRT) segment is fueled by its ability to deliver highly conformal doses of radiation, enabling oncologists to shape radiation beams to match the exact contours of tumors, reducing toxicity to adjacent organs and tissues.

Stereotactic technology, including stereotactic radiosurgery (SRS) and stereotactic body radiotherapy (SBRT), is propelled by its precision and efficacy in treating tumors with high doses of radiation in a limited number of sessions, making it particularly suitable for small, localized lesions in the brain, spine, and other anatomical sites.

Proton beam therapy, on the other hand, is driven by its unique ability to precisely target tumors while sparing healthy tissues, owing to the physical properties of protons that allow for sharp dose deposition at the tumor site with minimal exit dose.

The 3D conformal radiotherapy (3D CRT) segment benefits from its ability to shape radiation beams to match the three-dimensional shape of the tumor, offering improved dose conformity compared to traditional two-dimensional techniques.

Volumetric modulated arc therapy (VMAT) is characterized by its faster treatment delivery and improved dose distribution, achieved through dynamic modulation of radiation beams during rotation around the patient, enhancing treatment efficiency and patient comfort.

Apart from this, the brachytherapy segment is driven by its ability to deliver high doses of radiation directly to the tumor site while minimizing exposure to surrounding healthy tissues, making it an effective treatment option for various cancers, including prostate, cervical, and breast cancer.

Breakup by Application:

• Prostate Cancer
• Breast Cancer
• Lung Cancer
• Head and Neck Cancer
• Colorectal Cancer
• Gynecological Cancer
• Cervical Cancer
• Penile Cancer
• Others
   

The report has provided a detailed breakup and analysis of the market based on the application. This includes prostate cancer, breast cancer, lung cancer, head and neck cancer, colorectal cancer, gynecological cancer, cervical cancer, penile cancer, and others. 

The prostate cancer segment is driven by the increasing prevalence of prostate cancer globally, particularly in aging populations, alongside the growing adoption of prostate-specific antigen (PSA) screening and advancements in diagnostic techniques, leading to early detection and treatment initiation.

In the breast cancer segment, factors such as rising incidence rates, genetic predisposition, hormonal factors, and lifestyle changes contribute to market growth, coupled with innovations in breast cancer imaging, molecular diagnostics, and targeted therapies enhancing treatment outcomes.

The lung cancer segment is fueled by the escalating tobacco consumption, environmental pollution, and occupational hazards, leading to a high burden of lung cancer cases worldwide, while advancements in lung cancer screening, biomarker testing, and immunotherapy drive therapeutic advancements.

In the head and neck cancer segment, the increasing prevalence of risk factors such as tobacco use, alcohol consumption, human papillomavirus (HPV) infection, and poor oral hygiene drives market growth, alongside advancements in surgical techniques, radiation therapy, and targeted therapies improving patient prognosis.

The colorectal cancer segment is characterized by the rising incidence of colorectal cancer attributed to factors like sedentary lifestyles, obesity, aging populations, and dietary habits, with advancements in colorectal cancer screening, molecular diagnostics, and personalized therapies driving market expansion.

In the gynecological cancer segment, factors such as HPV infection, hormonal imbalances, genetic predisposition, and lifestyle factors contribute to rising incidence rates, while innovations in gynecological cancer screening, minimally invasive surgeries, and targeted therapies propel market growth.

The cervical cancer segment is driven by the increasing awareness about cervical cancer screening programs, HPV vaccination initiatives, and advancements in cervical cancer diagnostics and treatment modalities, leading to improved patient outcomes.

In the penile cancer segment, risk factors such as HPV infection, poor hygiene, and smoking contribute to market growth, alongside advancements in penile cancer diagnosis, surgical techniques, and adjuvant therapies improving treatment efficacy.

The others segment encompasses various fewer common cancers, driven by a combination of factors including genetic predisposition, environmental exposures, viral infections, and advancements in diagnostic and therapeutic approaches tailored to specific cancer types, underscoring the heterogeneous nature of cancer and the need for comprehensive strategies to address each segment's unique challenges and opportunities.

Breakup by End User:

• Hospitals
• Cancer Research Institutes
• Ambulatory and Radiotherapy Centers
   

The report has provided a detailed breakup and analysis of the market based on the end user. This includes hospitals, cancer research institutes, and ambulatory and radiotherapy centers.

The hospitals segment is driven by the increasing demand for comprehensive cancer care services and the growing prevalence of cancer cases requiring advanced treatment modalities. Hospitals, being primary healthcare providers, are at the forefront of cancer diagnosis, treatment, and management, necessitating investments in state-of-the-art radiation oncology technologies and infrastructure to meet patient needs. Moreover, the rising adoption of multidisciplinary approaches to cancer treatment within hospital settings, coupled with the integration of radiation oncology services with other specialty departments, further propels market growth in this segment.

The cancer research institutes segment is driven by the increasing focus on translational research, personalized medicine, and the development of innovative radiation oncology therapies. These institutes serve as hubs for cutting-edge research, clinical trials, and collaborations between academia, industry, and healthcare providers, driving advancements in radiation therapy techniques and technologies. With a growing emphasis on precision medicine and targeted therapies, cancer research institutes play a pivotal role in driving the discovery and validation of novel treatment strategies, thereby shaping the future of radiation oncology.

The ambulatory and radiotherapy centers segment is driven by the increasing demand for outpatient cancer care services, advancements in radiation therapy delivery systems, and the growing preference for convenient and cost-effective treatment options. Ambulatory and radiotherapy centers offer specialized radiation oncology services in a more accessible and patient-friendly environment, catering to the needs of individuals requiring ongoing cancer treatment or follow-up care. Moreover, technological innovations such as compact radiotherapy devices and mobile treatment units enable these centers to deliver high-quality care with greater flexibility and efficiency, driving market growth in this segment.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest radiation oncology market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

The North American radiation oncology market is driven by several key factors shaping its growth trajectory. Firstly, the region is driven by the increasing prevalence of cancer, with factors such as an aging population, lifestyle changes, and environmental factors contributing to the rising incidence rates. Moreover, advancements in cancer screening and diagnostic technologies lead to earlier detection, driving the demand for radiation oncology services as a primary or adjunctive treatment option. Additionally, the region's well-established healthcare infrastructure and high healthcare expenditure contribute to the widespread adoption of advanced radiation therapy techniques and equipment. Secondly, technological innovations play a crucial role in driving market growth in North America. The region is at the forefront of research and development in radiation oncology, with continuous advancements in treatment modalities such as IMRT, IGRT, stereotactic radiosurgery, and proton therapy. These innovations not only improve treatment outcomes but also enhance patient comfort and safety, driving the demand for radiation oncology services across the region.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the radiation oncology include Accuray Incorporated, Becton Dickinson and Company, Canon Inc., Elekta, Hitachi Ltd., Icad Inc., Ion Beam Applications, Isoray Inc., Mevion Medical Systems Inc., Nordion (Canada) Inc. (Sotera Health), P-Cure Ltd., Varian Medical Systems Inc. (Siemens Healthineers AG), ViewRay, etc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Key players in the radiation oncology market are actively engaged in various strategies to maintain their competitive edge and expand their market presence. These strategies include investments in research and development (R&D) to drive innovation and introduce advanced technologies aimed at improving treatment outcomes and patient experiences. Additionally, players are focusing on strategic partnerships and collaborations with research institutions, healthcare providers, and technology companies to leverage complementary expertise, access new markets, and expand their product portfolios. Market leaders are also prioritizing mergers and acquisitions to consolidate their market position, enhance their geographical reach, and gain access to new technologies and capabilities. Furthermore, companies are investing in marketing and promotional activities to raise awareness about the benefits of radiation oncology and drive demand for their products and services. In response to evolving healthcare trends and regulatory requirements, key players are also investing in regulatory compliance, quality assurance, and post-market surveillance to ensure product safety and efficacy. Moreover, with the growing emphasis on value-based healthcare delivery models, market players are increasingly focusing on providing comprehensive solutions that offer superior clinical outcomes, cost-effectiveness, and patient-centric care. 

Radiation Oncology Market News:

• In May 2024: Elekta and Philips have reached an agreement to transfer Philips’ patent portfolio in the radiation oncology treatment planning domain to Elekta, unlocking further innovations in radiation therapy treatment planning and workflow optimization. By integrating the technologies covered by the acquired patent portfolio, Elekta and Philips aim to offer a seamless and best-in-class transition for existing Pinnacle users to Elekta ONE Planning, including data conversion services, showcased at the upcoming ESTRO event.
• In April 2023: Accuray Incorporated introduced the CyberKnife® S7™ System, the latest addition to its CyberKnife product portfolio. The CyberKnife® S7™ System incorporates advanced robotics and real-time tumor tracking technology, allowing for highly precise and personalized radiation therapy delivery. This development reflects Accuray's ongoing commitment to innovation in radiation oncology, providing healthcare providers with state-of-the-art tools to effectively treat cancer while minimizing damage to surrounding healthy tissues.

Radiation Oncology Market Report Scope:

Key Questions Answered in This Report:

• How has the global radiation oncology market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global radiation oncology market?
• What is the impact of each driver, restraint, and opportunity on the global radiation oncology market?
• What are the key regional markets?
• Which countries represent the most attractive radiation oncology market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the radiation oncology market?
• What is the breakup of the market based on technology?
• Which is the most attractive technology in the radiation oncology market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the radiation oncology market?
• What is the breakup of the market based on the end-user?
• Which is the most attractive end-user in the radiation oncology market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global radiation oncology market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the radiation oncology market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global radiation oncology market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the radiation oncology industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.