Radiation Oncology Market Size

The global radiation oncology market size was valued at $9.75 billion in 2024 and is projected to reach $16.80 billion by 2030, growing at a CAGR of 9.5% during the forecast period.

Radiation Oncology Market Overview

Radiation oncology is a specialized field of medicine that uses ionizing radiation to treat cancer. It aims to target and destroy cancer cells while minimizing damage to surrounding healthy tissues. This approach can be employed as a primary treatment, often in conjunction with surgery or chemotherapy, or as palliative care to alleviate symptoms in advanced cancer cases. Advances in technology, such as Intensity-Modulated Radiation Therapy (IMRT) and Stereotactic Radiosurgery (SRS), have significantly improved the precision and effectiveness of radiation therapy, leading to better patient outcomes and reduced side effects.

Companies can partner with Radiation Oncology Benefit Management (ROBMs) to align treatment protocols with clinical guidelines, ensuring appropriate use of radiation therapy. This collaboration helps manage costs and improve patient care, making the services more attractive to health insurers. Engaging with organizations like the American Society for Radiation Oncology (ASTRO) offers companies visibility and networking opportunities within the radiation oncology community. Corporate members can access resources, advocacy efforts, and potential collaborations that can enhance their business prospects 

Radiation Oncology Market Dynamics

The radiation oncology market is expected to witness significant growth in the future due to advancements in radiation therapy technology, growing geriatric population, and the rising adoption of minimally invasive treatment options. However, the high cost of radiation therapy equipment and limited availability of skilled professionals are restraining the growth of the market.

Furthermore, expanding healthcare infrastructure in emerging economies, growing demand for personalized medicine, integration of AI and machine learning in radiation oncology, and the increasing investments in cancer research and development are the key trends propelling the radiation oncology market.

Increasing Investments in Cancer Research and Development is Driving the Radiation Oncology Market

The increasing investments in cancer research and development is significantly impacting the radiation oncology market by driving innovation and the development of new, advanced radiation therapy technologies. Several companies, government initiatives, and product launches have contributed to this trend.

• For instance, the U.S. Oncology Network, leveraging the resources and experience of McKesson, a healthcare stalwart, supports physicians in enhancing cancer diagnosis and treatment capabilities. The Network encompasses over 600 care facilities, 2,500 affiliated providers, and 70% of physicians participating in the Enhancing Oncology Model.

• Similarly, in May 2022, Elekta (Sweden) launched Elekta Espirit, a next-generation Gamma Knife to enable more personalized radiosurgery. In addition in May 2022, MagnetTx Oncology Solutions Ltd. (Canada) received clearance from the FDA for its Aurora-RT, a LINAC-MR technology.

These initiatives lead to improved treatment options, enhanced precision, and better patient outcomes. Additionally, increased funding supports clinical trials and the introduction of cutting-edge equipment, and expanding the market there by making advanced treatments more accessible to a broader patient population.

• In Europe, the European Society of Radiotherapy and Oncology (ESTRO) and the European Union for Medical Specialties (UEMS) have collaborated to establish a European Common Curriculum for Radiation Oncology/Clinical Oncology (RO/CO) leadership. This harmonization of training aims to ensure standardized qualifications across the EU, enhancing the quality of cancer care delivery.

These initiatives and product launches demonstrate the growing focus on advancing radiation oncology through increased investments in research and development.

By Type, the External Beam Radiation Therapy Segment is anticipated to Exhibit Significant Growth Rate in the Radiation Oncology Market

The external beam radiation therapy segment is expected to grow at a high growth rate in the radiation oncology market during the forecast period owing to advances in technology, such as intensity-modulated radiation therapy (IMRT) and stereotactic body radiotherapy (SBRT). 

• For instance, Elekta launched the Elekta Unity MR-Linac, a state-of-the-art MRI-guided linear accelerator that combines high-field MRI imaging with precision radiation delivery. This technology allows for real-time tracking and adaptation of radiation beams to the tumor's position, further enhancing the precision of EBRT.

• Similarly, Accuray Incorporated has developed the CyberKnife System, a robotic SBRT (Stereotactic Body Radiation Therapy) system that delivers precise, high-dose radiation to tumors while minimizing exposure to surrounding healthy tissue. The CyberKnife System received FDA clearance in 2001 and has been widely adopted for the treatment of various cancers.

EBRT is a non-invasive treatment option that allows for precise targeting of tumors, minimizing damage to surrounding healthy tissue and reducing side effects. Additionally, the rising incidence of cancer globally has led to an increased need for effective and efficient treatment options, further boosting the demand for EBRT. Moreover, government initiatives and funding for cancer treatment, along with the development of sophisticated healthcare infrastructure, particularly in developed regions, have facilitated the widespread adoption of EBRT. 

• The Centers for Medicare & Medicaid Services (CMS) has implemented the Radiation Oncology (RO) Model, a mandatory payment model that aims to test whether prospective episode-based payments to physician group practices and hospital outpatient departments for radiotherapy episodes of care can reduce Medicare expenditures while preserving or enhancing the quality of care. This initiative is expected to drive the adoption of EBRT technologies.

These factors, combined with continuous research and development efforts to enhance radiation therapy techniques, contribute to the growing demand for EBRT in the radiation oncology market.

By Geography, North America Constitutes Immense Share with the Radiation Oncology Market

North America holds a prominent share of the radiation oncology market during the forecast period due to favorable government initiatives and the availability of advanced radiotherapy equipment. Additionally, the active participation of key players aiming to increase their market share in the region is driving market growth.

• For instance, in December 2022, MVision AI partnered with Medron Medical Systems to distribute MVision's AI radiotherapy technology in Canada. This AI technology offers high accuracy, resulting in improved patient outcomes.

The presence of the most sophisticated and advanced healthcare infrastructure, particularly in the U.S., drives the adoption of radiation oncology procedures among cancer patients. The rising prevalence of breast cancer in developed countries within the region, attributed to aging, obesity, and radiation exposure, is expected to further propel market growth during the forecast period. 

• The U.S. Oncology Network, part of McKesson, is a significant initiative that supports over 600 care facilities and 2,500 affiliated providers, enhancing the delivery of cancer care in the U.S. This network focuses on improving treatment protocols and patient outcomes.

Additionally, the U.S. Department of Health and Human Services has recently launched nine federal programs to promote cancer prevention and early detection, providing additional funding for improved cancer treatment methods. This initiative is expected to drive market revenue growth in the near future.

Key Target Audience:

• Healthcare Providers

• Cancer Research Institutes

• Medical Device Manufacturers

• Government Health Agencies

• Pharmaceutical Companies

• Patients and Patient Advocacy Groups

• Academic and Research Institutions

• Medical Equipment Distributors

List of the Key Players Profiled in the Report Includes: 

• Accuray Incorporated

• BD (Becton, Dickinson and Company)

• Curium

• Elekta AB

• IBA Radiopharma Solutions

• Isoray Inc.

• Mevion Medical Systems

• Nordion, Inc.

• NTP Radioisotopes SOC Ltd.

• Provision Healthcare

• Varian Medical Systems, Inc.

• ViewRay Technologies, Inc.

Recent Developments:

• In May 2024, ViewRay Technologies, Inc. launched the MRIdian A3i, an advanced MRI-guided radiation therapy system. The MRIdian A3i offers real-time imaging and adaptive therapy capabilities, enhancing the precision and effectiveness of radiation therapy.

• In April 2024, Elekta AB launched the Elekta Harmony, a new linear accelerator designed to deliver precise radiation therapy with increased speed and efficiency. This innovative product aims to improve patient outcomes and streamline clinical workflows.

• In March 2024, Varian Medical Systems, Inc. acquired Cancer Treatment Services International (CTSI) to expand its presence in India. This acquisition aims to enhance Varian's cancer treatment portfolio and provide advanced radiation therapy technologies to a broader patient base.

• In February 2024, Isoray Inc. introduced Blu Build CE, a new generation of Cesium-131 brachytherapy seeds for prostate cancer treatment. The Blu Build CE offers improved precision in seed placement, reducing treatment time and enhancing patient comfort.

• In January 2024, Mevion Medical Systems merged with ProTom International, combining their expertise in proton therapy. This strategic merger aims to advance the development and delivery of cost-effective and accessible proton therapy solutions for cancer patients.

• In October 2023, Accuray Incorporated reached a significant milestone when their Tomo C radiation therapy system received approval from the Chinese National Medical Products Administration (NMPA). This strategic achievement underscores the company's commitment to expanding its market presence and meeting the increasing demand for advanced radiation oncology solutions in China.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Type: 

• Internal Beam Radiation Therapy

• External Beam Radiation Therapy

Market by, Application:

• Prostate Cancer

• Breast Cancer

• Lung Cancer

• Head and Neck Cancer

• Colorectal Cancer

• Cervical Cancer

• Gynecological Cancer

• Other Applications

Market by, End User: 

• Hospitals

• Cancer Research Institutes

• Other End Users

Market by, Geography:

The radiation oncology market report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis

• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis

• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis

• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis

• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

Scope of the Report:

The report oGlobal Radiation Oncology Market: Industry Analysis, Opportunities and Forecast up to 2030o by Diligence Insights provides a detailed analysis of the present market and future outlook with market estimates and forecasts for all specified segments, encompassing both global and regional perspectives as outlined within the research framework. The study includes historical market data for the years 2022, 2023 and offers revenue estimations for 2024, and project forecasts spanning from 2025 to 2030. It places significant emphasis on the examination of market trends, key industry participants, supply chain developments, technological advancements, pivotal milestones, and prospective strategies. Comprehensive market assessments are carried out across major geographic regions, including North America, Europe, Asia Pacific, South America, and Middle East & Africa. As such, this report constitutes a valuable resource for current industry stakeholders, newcomers to the field, and potential investors.

The study offers an in-depth market analysis, drawing insights from industry experts across the value chain. A special focus has been made on 25 countries, including the United States, Canada, Mexico, the United Kingdom, Germany, Spain, France, Italy, China, Brazil, Saudi Arabia, and South Africa, among others. The market data has been meticulously collected through extensive primary interviews and comprehensive secondary research. Market size determination is rooted in the revenue generated from sales across all the specified segments and sub-segments as defined within the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures.

The report offers insights into the following aspects:

• Analysis of major market trends, factors driving, restraining, threatening, and providing opportunities for the market.

• Analysis of the market structure by identifying various segments and sub-segments of the market.

• Understand the revenue forecast of the market for North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

• Analysis of opportunities by identification of high-growth segments/revenue pockets in the market.

• Understand major player profiles in the market and analyze their business strategies.

• Understand competitive developments such as joint ventures, alliances, mergers and acquisitions, and new product launches in the market.