Market Research Future (MRFR) has published a cooked research report on the “Radiation Oncology Market” that contains information from 2018 to 2032. The radiation oncology market is estimated to register a CAGR of 12.50% during the forecast period of 2023 to 2032.
The Radiation Oncology Market is expected to reach USD 24.54 billion at 12.50% CAGR during the forecast period 2023-2032
The development of novel technology is fueling the market for radiation therapy for cancer. The cancer has been targeted with the appropriate dose of radiation in a shorter amount of time than with conventional treatments, thanks to the efforts of multiple doctors. The expansion of the market is driven by the rising prevalence of cancer and the growing acceptance of radiation oncology and therapy in cancer treatment. The rising prevalence of cancer is one of the key drivers of the industry. An increase in both the number of people diagnosed with cancer and the amount of money spent on their care are the primary forces pushing the market forward. The market's expansion is expected to be hampered by a shortage of professionals capable of planning and running the software. The key issue limiting market expansion is the high price of software. Rising cancer rates and funding for cancer research will benefit market participants and create profitable prospects in the coming years.
MRFR recognizes the following companies as the key players in the Radiation Oncology market— Isoray Inc., Provision Healthcare, IBA Worldwide, Accuray Incorporated, Varian Medical Systems, Inc., Elekta AB, BD, Panacea Medical Technologies Pvt. Ltd, Nordion (Canada) Inc., and Mevion Medical Systems.
The radiation oncology market has been segmented based on type and application.
On the basis of type, the market is segmented into external beam radiation therapy and internal beam radiation therapy. The external beam radiation therapy segment was attributed to holding the biggest market share in 2022 because of increasing demand from the healthcare sector, and an ever-increasing number of patients who have cancer has contributed to the radiation treatment industry's growth, as has the introduction of new, cutting-edge technologies.
Based on application, the radiation oncology market has been segmented into prostate cancer, breast cancer, lung cancer, head and neck cancer, colorectal cancer, cervical cancer, gynecological cancer, and others. The breast cancer segment was expected to hold market dominance in 2022 because breast cancer is on the rise due to factors like the aging population, growing rates of obesity, and increased radiation exposure in industrialized countries, all of which bode well for the expansion of this market segment.
Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Radiation Oncology Market Research Report
The radiation oncology market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The European Radiation Oncology market comprises Germany, France, the UK, Italy, Spain, and the Rest of Europe. The Radiation Oncology market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia-Pacific. The Rest of the World Radiation Oncology market comprises the Middle East, Africa, and Latin America.
The North American regional sector maintained the largest market share for radiation oncology because of favorable policies implemented by the government and the availability of cutting-edge radiation equipment. The expansion of the market is also being fueled by the efforts of existing market participants to increase their market share in the region.
Moreover, the European market has been persistently growing over the forecast period. The demand for radiation oncology is driven by the availability of modern medical services, rising public consciousness, an aging population, government initiatives for research and development in the field of radiotherapy, and increasing public awareness of radiation oncology are all contributing to the market's rapid growth.
Additionally, the developments in healthcare infrastructure, rising patient awareness, and significant unsatisfied requirements. In addition, the region's big participants continue to get funds despite the increased cancer burden. These conditions are anticipated to create a promising prospect for market expansion, which are drivers driving the market in the region. Asia Pacific is expected to experience quickest growth over the forecast period.
Furthermore, the Rest of the World radiation oncology market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the rise in cancer rates, the launch of new products, an increase in mergers and acquisitions, and a boost in healthcare spending, which bode well for the radiation treatment industry in the region in the next years.
Key Findings of the Study