Radiation Oncology Market Size, Share, Growth, Trends | Report 2023-2032
The global radiation oncology market was surpassed at USD 8.67 billion in 2022 and is expected to hit around USD 27.73 billion by 2032, growing at a CAGR of 12.33% from 2023 to 2032.
Key Pointers
Report Scope of the Radiation Oncology Market
| Report Coverage | Details |
| Market Size in 2022 | USD 8.67 billion |
| Revenue Forecast by 2032 | USD 27.73 billion |
| Growth rate from 2023 to 2032 | CAGR of 12.33% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Covered | Varian Medical Systems, Inc.; Elekta AB; Accuray Incorporated; IBA Radiopharma Solutions; BD; Isoray Medical; Mevion Medical Systems, Inc.; Nordion Inc.; NTP Radioisotopes SOC Ltd.; Curium Pharma; View ray Technologies, Inc. |
Key factors driving the market include technological advancement in radiotherapy equipment, global rise in cancer cases, and increasing adoption of radiation therapy in oncology treatment. Recently in November 2021, FDA approved Vision RT Ltd.’s DoseRT, an enhanced multi-camera system to monitor both beam and patient positioning in real time during radiotherapy.
Similarly, in December 2020, FDA cleared a single camera system, Beam Site. The joint invention of Dartmouth and Norris Cotton Cancer Center captures images and real-time video of the beam and enables radiation oncologists to visualize treatment delivery in patients. Such developments have improved radiotherapy’s safety and efficacy in addition to fuel the growth of the radiation oncology market.
Furthermore, the radiation oncology market is witnessing increased demand for radiotherapy due to the rising global cancer burden. According to Globocan 2020 report, globally, around 19.3 million people were suffering from cancer, and 10.0 million died from it. 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 The American Cancer Society’s 2022 report, breast cancer is the most commonly occurring condition that accounts for around 3.0 lakh and 51,400 new cases in the U.S. of invasive and non-invasive breast tumors, respectively.
Acquisition of the companies for integrating a portfolio of imaging and support treatment of cancer in the radiotherapy segment is becoming a key strategy being adopted by the major players. For instance, in April 2021, Siemens Healthineers AG announced the acquisition of Varian Medical Systems, Inc. Through this initiative Siemens Healthineers AG would get the benefit of Varian’s robust product portfolio that includes ProBeam 360, ProBeam Multi-Room Proton therapy solution, Trilogy System, Clinac iX System, and ARIA OIS product portfolio of imaging, laboratory diagnostics, ensuring continuous revenue generation in the coming years, as well as improving patient care.
Regional Insights
North America dominated the overall radiation oncology market in terms of the revenue share of 44.65% in 2022, owing to the favorable government initiatives and availability of technologically advanced radiotherapy equipment. Furthermore, the active participation of the key players to increase their market share in the region is fueling market growth. For instance, in December 2021, MVision AI entered a partnership with Medron Medical Systems to distribute the 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 during the forecast period due to the 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. These factors are expected to offer a lucrative opportunity for segment growth. According to the Globocan report 2020, about 9.5 million new cancer cases were diagnosed, and 5.8 million died due to this disease in the region, increasing demand for radiotherapy to manage the impact of cancer in the countries.
Radiation Oncology Market Segmentations:
By Type
By Technology
By Application
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Type Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Radiation Oncology Market
5.1. COVID-19 Landscape: Radiation Oncology Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Radiation Oncology Market, By Type
8.1. Radiation Oncology Market, by Type, 2023-2032
8.1.1 External Beam Radiation Therapy
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Internal Beam Radiation Therapy
8.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Radiation Oncology Market, By Technology
9.1. Radiation Oncology Market, by Technology, 2023-2032
9.1.1. External Beam Radiation Therapy
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Brachytherapy
9.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Radiation Oncology Market, By Application
10.1. Radiation Oncology Market, by Application, 2023-2032
10.1.1. External Beam Radiation Therapy
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Internal Beam Radiation Therapy
10.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Radiation Oncology Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Type (2020-2032)
11.1.2. Market Revenue and Forecast, by Technology (2020-2032)
11.1.3. Market Revenue and Forecast, by Application (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.1.4.2. Market Revenue and Forecast, by Technology (2020-2032)
11.1.4.3. Market Revenue and Forecast, by Application (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.1.5.2. Market Revenue and Forecast, by Technology (2020-2032)
11.1.5.3. Market Revenue and Forecast, by Application (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.2. Market Revenue and Forecast, by Technology (2020-2032)
11.2.3. Market Revenue and Forecast, by Application (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.4.2. Market Revenue and Forecast, by Technology (2020-2032)
11.2.4.3. Market Revenue and Forecast, by Application (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.5.2. Market Revenue and Forecast, by Technology (2020-2032)
11.2.5.3. Market Revenue and Forecast, by Application (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.6.2. Market Revenue and Forecast, by Technology (2020-2032)
11.2.6.3. Market Revenue and Forecast, by Application (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.7.2. Market Revenue and Forecast, by Technology (2020-2032)
11.2.7.3. Market Revenue and Forecast, by Application (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.2. Market Revenue and Forecast, by Technology (2020-2032)
11.3.3. Market Revenue and Forecast, by Application (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.4.2. Market Revenue and Forecast, by Technology (2020-2032)
11.3.4.3. Market Revenue and Forecast, by Application (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.5.2. Market Revenue and Forecast, by Technology (2020-2032)
11.3.5.3. Market Revenue and Forecast, by Application (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.6.2. Market Revenue and Forecast, by Technology (2020-2032)
11.3.6.3. Market Revenue and Forecast, by Application (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.7.2. Market Revenue and Forecast, by Technology (2020-2032)
11.3.7.3. Market Revenue and Forecast, by Application (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.2. Market Revenue and Forecast, by Technology (2020-2032)
11.4.3. Market Revenue and Forecast, by Application (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.4.2. Market Revenue and Forecast, by Technology (2020-2032)
11.4.4.3. Market Revenue and Forecast, by Application (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.5.2. Market Revenue and Forecast, by Technology (2020-2032)
11.4.5.3. Market Revenue and Forecast, by Application (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.6.2. Market Revenue and Forecast, by Technology (2020-2032)
11.4.6.3. Market Revenue and Forecast, by Application (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.7.2. Market Revenue and Forecast, by Technology (2020-2032)
11.4.7.3. Market Revenue and Forecast, by Application (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.5.2. Market Revenue and Forecast, by Technology (2020-2032)
11.5.3. Market Revenue and Forecast, by Application (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.5.4.2. Market Revenue and Forecast, by Technology (2020-2032)
11.5.4.3. Market Revenue and Forecast, by Application (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.5.5.2. Market Revenue and Forecast, by Technology (2020-2032)
11.5.5.3. Market Revenue and Forecast, by Application (2020-2032)
Chapter 12. Company Profiles
12.1. Varian Medical Systems, Inc.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Elekta AB
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Accuray Incorporated
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. IBA Radiopharma Solutions
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. BD
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Isoray Medical
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Mevion Medical Systems, Inc.
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Nordion Inc.
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. NTP Radioisotopes SOC Ltd.
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Curium Pharma
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers