The Radiation Oncology Market Size was valued at USD 8.5 Billion in 2022 and is projected to grow from USD 9.56 Billion in 2023 to USD 24.54 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.50% during the forecast period (2023 - 2032). Increasing support for radiation therapy and increasing cancer rates are the key market drivers boosting market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Growing the prevalence of cancer is driving market growth
Market CAGR for radiation oncology is being driven by the increase in recent innovations in Radiation Oncology technology, including because of increases in cancer rates, radiotherapy's popularity in treating cancer, and advancements in radiotherapy technology. Growth in the radiation oncology market is expected to be fueled by innovations that improve the quality and security of patient care. Together, 4D imaging and radiotherapy form 4D radiotherapy, which allows for real-time tumor tracking and yields accurate measurements of the tumor's volume, area, and shape. A conformal dose can be given while taking into account any movement of the organ, tumor, or patient with the help of this combination. These reasons are expected to boost the radiation oncology industry all over the world.
Additionally, the main drivers driving the growth of this market are the increasing prevalence of cancer and technological advancements in the field of radiotherapy. Opportunities afforded by developing economies and increasing government spending on cancer treatment are also having a positive impact on radiotherapy's popularity. The rising demand for radiation oncology is a direct result of their popularity among surgical professionals and the increasing demand for radiation cancer treatment.
However, the shortage of qualified oncologists and radiologists, as well as the poor healthcare infrastructure, especially in developing countries, are impediments to the development of this industry. Factors projected to slow this market's expansion over the forecast period include the expensive nature of radiation equipment and the complexity of radiotherapy treatment. Numerous initiatives, including conferences and symposia, have been conducted in recent years due to the success of radiation methods. Several radiotherapy-related activities are planned to educate oncologists and radiographers about the field and provide them with hands-on training in radiotherapy techniques. The demand and uptake of radiation equipment are predicted to increase as a result of events like these, which help spread the word about the various radiotherapy methods and their benefits.
For instance, Elekta and GE Healthcare improved patient access to high-quality radiation therapy. This would allow the two firms to supply hospitals with a full suite of imaging and therapy options for cancer patients. As a result, it is expected that throughout the projection period, demand for radiation oncology is due to the increasing awareness of radiotherapy. Thus driving the radiation oncology market revenue.
The Radiation Oncology Market segmentation, based on type, includes external beam radiation therapy and internal beam radiation therapy. The external beam radiation segment dominated the market because of 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 1: Radiation Oncology Market, by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Radiation Oncology Market segmentation, based on application, includes prostate cancer, breast cancer, lung cancer, head and neck cancer, colorectal cancer, cervical cancer, gynecological cancer, and others. In 2022, the breast cancer segment sector held the highest market share globally because the category is expected to grow because of the rising incidence of breast cancer, which is being fueled by causes like rising obesity rates, aging populations, and radiation exposure in developed nations.
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American radiation oncology market area will dominate this market, owing to the rising incidence of cancer and government funding for industry leaders in the area. Moreover, there is a large unmet patient demand, a growth in patient awareness, and better healthcare infrastructure.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: RADIATION ONCOLOGY MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s radiation oncology market accounts for the second-largest market share because of helpful policy measures and easy access to cutting-edge radiation equipment. Further, the German radiation oncology market held the largest market share, and the UK radiation oncology market was the fastest-growing market in the European region.
The Asia-Pacific radiation oncology Market is predicted to grow at the highest CAGR from 2023 to 2032. This is due to the expanding awareness of radiation oncology and the rising prevalence of various tumors, the aging population, government initiatives for radiotherapy-related research and development, and the expanding awareness of radiotherapy are all factors that are propelling the expansion of this market. In addition, market growth is expected to be fueled by factors such as the increasing number of players and rapid economic growth. Moreover, China’s radiation oncology market held the largest market share, and the Indian radiation oncology market was the fastest-growing market in the Asia-Pacific region.
Radiation Oncology Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the radiation oncology market grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the radiation oncology industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global radiation oncology industry to benefit clients and increase the market sector. In recent years, the radiation oncology industry has provided some of the most significant advantages to medicine. Major players in the radiation oncology market, including 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.
Perspective Therapeutics, Inc. is an innovative medical technology and radiopharmaceutical firm developing novel approaches to treating cancer. The Company's patented technology employs the isotope Lead-212 to deliver potent alpha radiation selectively to cancer cells using specialized targeting peptides, and the Company produces the only Cesium-131 brachytherapy seeds on the market. The Company is also working on complementary imaging tests that use the same targeting peptides, opening up the possibility of tailoring care to each patient. This "theranostic" method could potentially improve efficacy and lessen toxicity associated with many other forms of cancer treatments by allowing doctors to view the individual tumor and treat it. In June 2023, A Master Services Agreement for the development and production of the theranostic candidates VMT-01 and VMT--NET was signed by PharmaLogic Holdings Corp., a contract development and manufacturing organization and radiopharmaceutical manufacturer. For the purpose of diagnosing and treating metastatic melanoma and neuroendocrine cancers, respectively, the radiopharmaceuticals are now in the research and development phase.
Panacea Medical Technologies Pvt. Ltd. is a technology-focused business that produces high-quality medical equipment for modern radiology and radiation facilities. Panacea has an all-star staff of engineers working around the clock to create and develop products that meet worldwide standards, all with an eye on fulfilling the Company's mission to deliver comprehensive solutions for cancer care. Panacea has a state-of-the-art manufacturing plant where all of its equipment is made and produced to the highest international standards. In June 2022, Panacea Medical Technologies is ecstatic to share the announcement that the FDA has granted 510(k) approval for our ground-breaking robotic Radiotherapy Field Analyzer.
Key Companies in the Radiation Oncology market include
Radiation Oncology Industry Developments
March 2022: Siemens Healthineers subsidiary Varian recently announced that the first patient in their RADIATE-VTTM clinical trial (NCT 05765175) had been successfully treated at Washington University School of Medicine in St. Louis, Missouri. RADIATE-VT is the first multinational, multi-center, randomized controlled trial to compare cardiac radio ablation to catheter ablation in the treatment of patients with high-risk, refractory ventricular tachycardia. Treatments for cardiac radio ablation will be scheduled and administered using Varian's CRA system.
January 2022: Perspective Therapeutics, Inc. has announced that the initiating patient in their Phase 1/2a dose escalation trial of 212Pb-VMT01 in patients with MC1R+ metastatic melanoma has been dosed at the University of Wisconsin. Patients with histologically confirmed melanoma and a positive MC1R imaging scan will participate in a non-randomized, multi-center, open-label dose escalation, dose expansion study of 212Pb-VMT01.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 8.5 Billion |
| Market Size 2023 | USD 9.56 Billion |
| Market Size 2032 | USD 24.54 Billion |
| Compound Annual Growth Rate (CAGR) | 12.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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 |
| Key Market Opportunities | ·        Emergence of cutting-edge technology |
| Key Market Dynamics | ·        Increasing public knowledge of health services ·        Increase in the elderly population |
Radiation Oncology Market Highlights:
Frequently Asked Questions (FAQ) :
The Radiation Oncology Market size was valued at USD 8.5 Billion in 2022.
The global market is projected to grow at a CAGR of 12.50% during the forecast period, 2023-2032.
North America had the largest share of the global market.
The key players in the market include 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 external beam radiation category dominated the market in 2022.
Breast cancer had the largest share of the global market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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