The global radiation oncology market size was valued at USD 9.37 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 12.3% from 2024 to 2030. Key factors driving the market include technological advancement in radiation therapy equipment, global rise in cancer cases, and increasing adoption of radiation therapy in oncology treatment.
Furthermore, the radiation oncology market is witnessing increased demand for radiotherapy due to the rising global cancer burden. According to WHO, globally, around 19.3 million people were suffering from cancer, and 10 million died from it in 2022. Moreover, WHO in Europe estimated that there were 4.6 million new people diagnosed with various indications of cancer such as prostate, breast, lung, colorectal, and brain and around 2.1 million people across European countries died from the disease in 2020. As per American Cancer Society’s 2022 report, breast cancer is most common occurring condition which accounts for around 3 lakh and 51,400 new cases in U.S. of invasive and non-invasive breast tumor, respectively.
In the dynamic market outlook of the radiation therapy space, key players are making strategic moves to enhance their market presence. In October 2023, Accuray Incorporated gained approval for its Tomo C radiation therapy system in China, opening new avenues for growth in the region. This regulatory milestone reflects Accuray's commitment to expanding its market reach. Similarly, in June 2023, PharmaLogic Holdings Corp. entered into a Master Services Agreement for the development and production of theranostic candidates VMT-01 and VMT-NET. These radiopharmaceuticals, currently in the research and development phase, aim to address the diagnostic and treatment needs of metastatic melanoma and neuroendocrine cancers. This strategic collaboration underscores PharmaLogic's dedication to advancing innovative solutions in the oncology space.
Get a preview of the latest developments in the Global Radiation Oncology Market! Download your FREE sample PDF today and explore key data and trends
Regional Insights
North America dominated the overall radiation oncology market in terms of revenue share of 45.52% in 2023, owing to the favorable government initiatives and availability of technologically advanced radiotherapy equipment. Furthermore, active participation of key players to increase their market share in region is fueling the market growth. For instance, in December 2022, MVision AI entered partnership with Medron Medical Systems to distribute AI radiotherapy technology of MVision in Canada. The use of AI technology provides high accuracy, leading to improved patient outcomes.
Asia Pacific is estimated to be the fastest-growing region over the forecast period due to improvements in healthcare infrastructure, increase in patient awareness levels, and high unmet patient needs. In addition, rising cancer burden and funding support to major players in the region are expected to offer lucrative opportunity for segment growth. According to Globocan report 2020, about 9.5 million new cancer cases were diagnosed, and 5.8 million died due to this disease in the Asia region, increasing demand for radiotherapy to manage the impact of cancer in the countries.
Key Companies & Market Share Insights
Some of the key players operating in the industry are Accuray, Inc., Varian Medical Systems, Inc., Ion Beam Application (IBA), Elekta AB,Becton Dickinson and Company, and Isoray Medical. The leading players in radiation oncology industry are focusing on growth strategies, such as innovations with radiotherapy, product launches, and R&D investments. Elekta Ab is geographically expanding in markets outside China and an increasing number of installed units are expected to reach the end of the life cycle, further requiring replacements, service, and support.
RaySearch, VisionRT, Sensus Healthcare are some of the emerging market participants in the radiation oncology space. Emerging companies are employing various strategies such as mergers & acquisitions to expand their footprint and grow at a fast pace.
Key Radiation Oncology Companies:
- Varian Medical Systems, Inc.
- Elekta AB
- Accuray Incorporated
- IBA Radiopharma Solutions
- BD (Becton, Dickinson and Company)
- Isoray Inc.
- Mevion Medical Systems
- Nordion, Inc.
- NTP Radioisotopes SOC Ltd.
- Curium
- ViewRay Technologies, Inc.
Gather more insights about the market drivers, restrains and growth of the Radiation Oncology Market
The global Radiation Oncology Market is estimated to touch US$ 10.1 Billion by the completion of the year 2025.
The market was appreciated at US$ 5.7 Billion in the year 2016.
Technical progressions in radiotherapy caused in augmented acceptance of radiation oncology by way of main treatment track of cancer.
Progress with respect to compact innovative radiotherapy preferences; for example Tomotherapy, Gama Knife, and Cyber Knife, add to this development.
Furthermore, by way of the help of sympathetic government creativities and alertness, patients are not shy to choose for progressive treatment opportunities.
For example, as per the information of World Bank Group per head expenses on health observed substantial development of over 55.0% between the years of 1995 to 2014.Download Free Sample Report @ https://www.millioninsights.com/industry-reports/radiation-oncology-market/request-sampleThe Radiation Oncology industry on the source of Type of Technology could span Systemic Beam Radiation Therapy, Brachytherapy [High-Dose Rate Brachytherapy, Low-Dose Rate Brachytherapy], External Beam Radiation Therapy [Volumetric Modulated Arc Therapy (VMAT), Proton Beam Therapy, Intensity Modulated Radiotherapy (IMRT), 3D Conformal Radiotherapy (3D CRT), Stereotactic Technology, Image-Guided Radiotherapy (IGRT)], and Others.The Radiation Oncology market on the source of Type of Application could span Internal Beam Radiation Therapy [Penile Cancer, Breast Cancer, Prostate Cancer, Cervical Cancer, Gynecological Cancer, and Others], External Beam Radiation Therapy [Colorectal Cancer, Lung Cancer, Prostate Cancer, Head and Neck Cancer, Breast Cancer, and Others].The Radiation Oncology industry on the source of Type of Product could span Systemic Beam Radiation Therapy, Brachytherapy [Electronic Brachytherapy, See, Applicators and after loaders], External Beam Radiation Therapy [Proton Therapy {Synchrotron, Cyclotron}, Compact Advanced Radiotherapy Systems {Tomotherapy, Cyber Knife, Gamma Knife}, Electron-Emitting High-Energy Linear Accelerators {Linac}].The Radiation Oncology market on the source of Area with respect to Trades in terms of intake, Profits, Market stake and Development percentage could span North America [U.S.A, Canada], Europe [Germany, U.K.], Asia Pacific [Japan, China], Latin America [Brazil, Mexico], Middle East & Africa [South Africa].By the source of geography, North America is the most important area in Radiation Oncology industry.
1 April 2020: Global Radiation Oncology Market Research Report includes In-depth Analysis of industry by recent technologies, trends, opportunities, challenges, key players and business strategies considering types, segment, and future analysis.
The Radiation Oncology Market Report Provides Growth History, Sales Channel, Manufacturers Profiled in Radiation Oncology Business, Market Share of Product, Application and Regional Scope of Radiation Oncology which makes the research report a helpful resource for marketing people, forecasters, industry executives & consultants, sales, product managers, Strategy Advisor, potential investors to understand the present as well as future market size, situations in terms of growth rate and revenue.
The key players profiled in the Radiation Oncology market report are Mallinckrodt Public Limited, Nor Dion (Canada) Inc., Mevion Medical Systems, Inc., C.R.
Get a Free Sample Copy of Report @ https://www.millioninsights.com/industry-reports/radiation-oncology-market/request-sample The global Radiation Oncology Market is estimated to touch US$ 10.1 Billion by the completion of the year 2025.
Technical progressions in radiotherapy caused in augmented acceptance of radiation oncology by way of main treatment track of cancer.
Progress with respect to compact innovative radiotherapy preferences; for example Tomotherapy, Gama Knife, and Cyber Knife, add to this development.
