Radiation Oncology Market Analysis

Radiation Oncology Market Overview

The Radiation Oncology Market was valued at USD 8.23 billion in 2023. The industry is projected to grow from USD 8.90 billion in 2024 to USD 16.51 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.0% during the forecast period (2024 - 2032). The increasing incidences of cancer across the globe and rising adoption of combination therapies involving radiation oncology alongside surgery and chemotherapy are driving market growth.

The rising prevalence of cancer on a global scale, propelled by aging populations, alterations in lifestyle, and environmental influences, is the principal driver of the radiation oncology market. Market expansion has been propelled by technological developments in radiation therapy, including but not limited to intensity-modulated radiation therapy (IMRT), stereotactic radiosurgery (SRS), and proton therapy, which have substantially enhanced treatment accuracy and patient results. Moreover, the increasing prevalence of combination therapies that incorporate radiation oncology in conjunction with chemotherapy and surgery contributes to the expansion of the market by providing patients with more comprehensive and productive treatment alternatives.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Radiation Oncology Market Trends

• Increasing incidences of cancer across the globe

The increasing incidence of cancer has emerged as a substantial catalyst for the rapid expansion of radiation oncology. The radiation oncology market is experiencing growth due to the increased global demand for effective treatment options in response to the escalating incidence of cancer. The increase in the prevalence of cancer can be ascribed to a multitude of factors, encompassing modifications in lifestyle, the aging of populations, environmental influences, and progress in diagnostic technologies that enable timely identification. As a result of cancer's emergence as one of the primary causes of death on a global scale, the demand for innovative and individualized treatment approaches has increased proportionally. Radiation oncology, a field that employs high-energy radiation to eliminate malignant cells while minimizing harm to healthy tissues selectively, has become an integral component of comprehensive cancer management. The substantial increase in its adoption can be attributed to its effectiveness in treating a wide range of cancer types, including lung, breast, prostate, and brain malignancies. For instance, as per the World Health Organization, it was estimated that about 20 million new cancer cases were diagnosed in 2022. Furthermore, according to the Global Cancer Observatory, it was estimated that about 49.2% of cancer cases were diagnosed in Asia, 22.4% in Europe, 13.4% in Latin America, 7.8% in Caribbean and others (7.2%) in 2022.

Moreover, the growing recognition among healthcare providers and patients of the advantageous effects of radiation therapy in the treatment of cancer has significantly increased its application. Patients are increasingly seeking out treatment options that prioritize quality of life both during and after the process, in addition to achieving high success rates. These patient-centric preferences are consistent with radiation oncology's capabilities to administer localized treatment that is minimally invasive, has shorter treatment durations, and causes fewer systemic adverse effects.

Furthermore, the increasing focus on personalized medicine has spurred endeavors in the field of radiation oncology research and development. It has become customary to customize treatment strategies according to distinct patient attributes, including tumor type, location, size, and genetic composition. By adopting a personalized approach, treatment efficacy is not only increased, but treatment-related complications are reduced, leading to enhanced patient satisfaction and outcomes. 

Radiation Oncology Market Segment Insights

Radiation Oncology type insights

Based on the product type, the Radiation Oncology Market has been bifurcated into External Beam Radiation Therapy and internal Beam Radiation Therapy. External Beam Radiation Therapy is bifurcated into Linear Accelerators (Linac), Cobalt-60 Systems, Particle Therapy Systems, and Proton Beam Therapy Systems. Internal Beam Radiation Therapy is bifurcated into Seeds, Afterloaders, and Intraoperative Radiotherapy Systems.

The external beam radiation segment dominated the market. The external beam radiation segment had the largest market share in 2023. It is because of the increasing demand from the healthcare sector and an ever-increasing number of patients diagnosed with cancer, as well as the introduction of new, cutting-edge technologies because of constant R&D efforts by the industry's leading businesses have all contributed to the expansion of the radiation treatment market.

Figure 2 RADIATION ONCOLOGY MARKET SIZE, BY TYPE, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Radiation Oncology Application Insights

Based on price range, the Radiation Oncology Market has been bifurcated into Prostate Cancer, Breast Cancer, Lung Cancer, Head and neck Cancer, and Others. Among these segments, the others segment dominated the market in 2023 and held the largest market share while Breast Cancer segment is the fastest growing segment in the forecasted year (2024-2032).

Within the Radiation Oncology Market, the others segment comprises a variety of uncommon malignancies that do not align with specific classifications, such as lung, breast, prostate, or head and neck cancers. Several malignancies fall under this classification, including sarcomas, liver cancer, pancreatic cancer, and esophageal cancer. Although these cancers may have lower incidence rates when considered individually in comparison to more prevalent varieties, they collectively account for a substantial proportion of cancer cases worldwide. There are multiple determinants influencing the expansion of the "Others" cancer sector in the worldwide radiation oncology industry. Developments in diagnostic technologies and cancer research have facilitated initial progress in cancer detection and diagnosis.

Breast Cancer is the most prevalent form of cancer among women worldwide, with an annual impact on millions of lives and posing a substantial public health concern. Breast cancer has the potential to present itself in a multitude of ways, spanning from non-invasive to invasive, and untreated, it may metastasize to adjacent lymph nodes and other anatomical sites. Multiple factors contribute to the expansion of the breast cancer sector in the worldwide radiation oncology industry. To begin with, demographic changes—specifically, the aging of populations and alterations in lifestyle—have a substantial impact. Based on data from the World Health Organization (WHO), breast cancer incidence rates rise with age, with the maximum incidence rates being observed in women who are 50 years of age or older. As per the International Agency for Research on Cancer 2022, in India, there were total 192,020 cases of Breast Cancer which 26.6% of total.

The Radiation Oncology Market has been bifurcated into Hospitals and clinics, Oncology Centers, and Academic and Research Institutes based on the end user. Among these segments, Hospitals & Clinics dominated the market in 2023 and had the largest market share.

The substantial expansion of the Hospitals & Clinics sector in the worldwide radiation oncology industry can be attributed to several critical factors. The escalating prevalence of cancer on a global scale has resulted in a heightened need for radiation therapy services, thereby establishing hospitals and clinics as the principal facilities where these treatments are administered. The escalating global mortality rate attributable to cancer is anticipated to generate a surge in demand for radiation oncology services in hospitals and clinics, thus driving the expansion of this industry sector.

The robust expansion of the Oncology Centers segment within the Radiation Oncology Market can be attributed to several segment-specific factors. To begin with, oncology centers are hospitals that are exclusively devoted to the treatment of cancer. They offer specialized services and knowledge in the field of radiation oncology. By specializing in this field, they can provide cancer patients with all-encompassing and individualized treatment strategies, thereby securing a substantial portion of the market. The escalating demand for radiation oncology services in oncology centers is a contributing factor to the expansion of this industry sector.

The academic and research institutes sector of the worldwide radiation oncology industry is undergoing significant expansion, driven by several unique factors that are specific to this sector. To begin with, research and academic institutes function as central nodes of advancement and novelty within the domain of radiation oncology.

Radiation Oncology Regional Insights

Based on region, the Radiation Oncology Market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest market share in 2023 and is anticipated to reach approximately USD 7.24 billion by 2032 at an 8.2% CAGR during the forecast period. However, Asia-Pacific is projected to grow at the highest CAGR of 8.4% during the forecast period.

The North America radiation oncology market is undergoing substantial expansion, propelled by a number of distinctive factors specific to the region. An important determinant is the rising prevalence of cancer cases throughout North America. Lifestyle modifications and an aging population contribute to an increase in cancer incidence, so the demand for radiation oncology services continues to rise. As healthcare facilities endeavor to accommodate patients in need of radiation therapy, this surge in demand is anticipated to catalyze regional market expansion.

The Europe radiation oncology market is positioned for substantial expansion, propelled by several distinctive factors that are specific to the region. An important determinant is the rising incidence of malignancy throughout Europe. The escalating prevalence of cancer has generated an expanding need for sophisticated therapeutic modalities, including radiation therapy. It is expected that this increase in demand will stimulate the expansion of the radiation oncology market in the area.

The radiation oncology market in the Asia Pacific region is anticipated to experience substantial expansion, propelled by a multitude of region-specific factors. An important determinant is the rising prevalence of cancer in the Asia-Pacific region. The World Health Organization (WHO) estimates that in 2020 alone, there will be 5.1 million cancer-related fatalities and 9.3 million newly diagnosed cases of cancer in the region. This represents a significant increase in the incidence of cancer. The concerning pattern highlights the urgent requirement for efficacious cancer treatment modalities, such as radiation therapy, thereby propelling the regional demand for radiation oncology services.

FIGURE 3: RADIATION ONCOLOGY MARKET SIZE, BY REGION, 2023 & 2032 (USD Billion)

Global Radiation Oncology Key Market Players & Competitive Insights

The Radiation Oncology Market is projected to register a CAGR of 8.0% during the forecast period. The Radiation Oncology Market is currently undergoing significant expansion because of the increasing need for cancer treatment alternatives. Technological advancements and the rising incidence of cancer on a global scale notably stimulate this demand. Due to this, firms operating in this industry are confronted with fierce competition as they endeavor to establish a strong foothold in the market and take advantage of emerging prospects.

Prominent entities within the radiation oncology industry are proactively undertaking a range of strategic endeavors to strengthen their competitive stances. These endeavors encompass the implementation of novel product developments and the establishment of strategic alliances with additional sector participants. Companies strive to broaden their market presence and provide comprehensive solutions to healthcare providers and patients through the expansion of their product portfolios and strategic partnerships with complementary enterprises.

Furthermore, multiple factors impact the competitive environment of the radiation oncology sector, including ongoing industry developments, government regulations, and market dynamics. Organizations must adeptly manage these variables to capitalize on prospects for expansion and alleviate potential hazards. Additionally, the continuous evolution of technology and the emergence of new treatment modalities influence the competitive dynamics of the market, compelling businesses to innovate and differentiate their offerings.

Key Companies in the Radiation Oncology Market include.

• Varian Medical Systems, Inc. (US)


• Elekta (Sweden)


• Accuracy Incorporated. (US)


• IBA Radiopharma Solutions (Belgium)


• BD (US)


• Mevion Medical Systems (US)


• Nordion (Canada)


• NTP Radioisotopes Soc Ltd. (South Africa)


• Curium (France)


• Reflexion (US)

Global Radiation Oncology Industry Developments

April 2024: Varian, a Siemens Healthineers Company, has announced a collaboration with BaraSeen Medical Company to launch the first Halcyon system in Saudi Arabia, complete with its signature sustainability features, in BaraSeen's first dedicated standalone Batik-X radiation therapy center in Riyadh. This collaboration is a critical step toward increasing access to high-quality treatment while promoting sustainability and healthcare excellence.

February 2024: Varian, a Siemens Healthineers firm, stated that the US Food and Drug Administration (FDA) has granted 510(k) clearance for TrueBeam and Edge radiation systems with the HyperSight imaging technology. Varian continues to modernize imaging inside the radiotherapy treatment room by expanding the pioneering HyperSight imaging solutions optional feature to the TrueBeam and Edge systems while also adding new capabilities and processes across the full linear accelerator portfolio. HyperSight enables clinicians to precisely personalize treatments to each unique patient, with the goal of improving outcomes.

January 2024: Varian, a Siemens Healthineers company, and Nova Scotia Health have entered into a record-breaking 10-year, $175 million CAD multi-disciplinary oncology partnership (MDOP) to generate value across the Nova Scotia Health system by speeding the patient experience from screening to survivorship.

September 2022: On July 20, 2022, the Shandong Proton Center (SDPT) treated the first four volunteers in a clinical trial, a significant step toward increasing access to advanced cancer care in China, including proton therapy.

Radiation Oncology Market Segmentation

Radiation Oncology Type Outlook

• External Beam Radiation Therapy
  
  
  
  • Linear Accelerators (Linac)
    
    
    
    • Gamma Knife
    
    
    • Cyberknife
    
    
    
    
  
  
  • Cobalt-60 system
  
  
  • Particle Therapy System
  
  
  • Proton Beam Therapy System
  
  
  
  


• Internal Radiation Therapy
  
  
  
  • Seeds
  
  
  • Afterloaders
  
  
  • Intraoperative Radiotherapy Systems
  
  
  
  

Radiation Oncology Application Outlook

• Prostate Cancer


• Breast Cancer


• Lung Cancer


• Head & Neck


• Others

Radiation Oncology End Users Outlook

• Hospitals & Clinics


• Oncology Centers


• Academic & Research Institutes

Radiation Oncology Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America