Radiation Oncology Market Size, Share & Trends Analysis Report by 2033

November 21, 2024 |

1 min read

According to Nova One Advisor, the global radiation oncology market size was exhibited at USD 9.75 billion in 2023 and is projected to hit around USD 31.66 billion by 2033, growing at a CAGR of 12.5% during the forecast period 2024 to 2033.

Radiation Oncology Market Key Takeaways:

• North America dominated the overall radiation oncology market in terms of revenue share of 45.52% in 2023.

• The U.S. radiation oncology market size was exhibited at USD 6.65 billion in 2023 and is projected to hit around USD 14.56 billion by 2033, growing at a CAGR of 8.15% during the forecast period 2024 to 2033.

• Asia Pacific is estimated to be the fastest-growing region over the forecast period.

• The external beam radiation therapy (EBRT) market, which includes linear accelerators (Linac), and compact advanced radiotherapy systems dominated the overall market with the largest share of 62.41% in 2023

• The IMRT segment accounted for the largest share of the radiation oncology market in 2023.

• The EBRT segment accounted for the largest revenue size of radiation oncology market by in 2023

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The market growth is attributed to the increasing adoption of radiation therapy in oncology treatment, global rise in cancer cases, and rising technological advancement in radiation therapy equipment. The notable trend in the radiation oncology market is the integration of machine learning and artificial intelligence. AI technologies are being developed to enhance the accuracy of radiation delivery, predict patient outcomes, and improve treatment plans.

The radiation oncology market deals with the use of radiation in medical imaging and diagnosis and medical specialty concerned with prescribing radiation. Radiation oncology is one of the major cancer treatment modalities. Radiation oncology offers an open-access forum for clinicians and researchers included in the treatment and management of cancer patients.

In addition, the increasing prevalence of cancer globally and increasing awareness among large populations are also driving the market growth. Furthermore, the rising advancements in radiation technology, such as proton therapy and intensity-modulated radiation therapy are further enhancing patient outcomes and treatment precision and further boosting the market growth.

• For instance, AI can analyze large datasets to tailor radiation doses and identify patterns to individual patient needs, reducing side effects and improving treatment efficacy.

• This trend towards AI-driven precision medicine is offering personalized and more effective cancer treatments and revolutionizing the field of radiation oncology.

Radiation Oncology Market Growth Factors

• The increasing scope of remote treatment planning and telemedicine creates a notable opportunity and drives market growth.

• The increasing advancements in telecommunication technologies and penetration of the internet allow healthcare providers to provide treatment planning and remote consultations further enhancing the market growth.

• The rising government spending on cancer treatment and increasing awareness of radiotherapy’s therapeutic advantages contributed to propelling the market growth during the forecast period.

• The increasing combination of radiotherapy and 4D imaging provides precision on the tumor’s volume, area, shape, and size and enables real-time tumor tracking further anticipated to drive the growth of the radiation oncology market.

Radiation Oncology Market: Trends, Statistics and Insights in 2024

• According to the World Health Organization (WHO), cancer is the second leading cause of death globally, responsible for approximately 9.6 million deaths in 2018.

• Cancer prevalence is expected to rise by approximately 70% over the next two decades, due to aging populations and lifestyle factors such as smoking, poor diet, and lack of physical activity.

• The number of proton therapy centers has grown by 20% annually over the last decade, with about 60 new centers opening globally since 2010.

• Around 50% to 60% of all cancer patients will receive some form of radiation therapy during the course of their treatment, whether as a primary treatment, adjuvant therapy, or for palliative care.

• In the U.S., approximately 600,000 cancer patients are treated with external beam radiation therapy (EBRT) annually, as reported by the Radiological Society of North America (RSNA).

• Proton therapy is now the preferred treatment for pediatric cancers like medulloblastoma and neuroblastoma in over 20% of cases, particularly in advanced treatment centers.

Radiation Oncology Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 10.97 billion
Revenue forecast in 2033	USD 31.66 billion
Growth rate	CAGR of 12.3% from 2024 to 2033
Actual data	2018 - 2023
Forecast period	2024 - 2033
Quantitative units	Revenue in USD Billion/Million and CAGR from 2024 to 2033
Report coverage	Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
Segments covered	Type, technology, application, region
Regional scope	North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country scope	U.S.; Canada; U.K.; Germany; France; Spain; Italy; Denmark; Sweden, Norway; Japan; China; India; Australia; South Korea;Thailand Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait
Key companies profiled	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; Viewray Technologies, Inc.
Customization scope	Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

Radiation Oncology Market Segment Insights

By Type Insights

The external beam radiation therapy (EBRT) market, which includes linear accelerators (Linac), and compact advanced radiotherapy systems dominated the overall market with the largest share of 62.41% in 2023 due to increased adoption in treatment of various types of cancers. The segment growth is attributed to the increasing adoption of treatment of various types of cancers. In addition, as compared to conventional therapies, EBRT products have a high ability to kill tumors in the early phases with fewer side effects. Furthermore, the rising technological advancements and investigation of these technologies on several cancer treatments are raising demand for MR-LINACs,s and LINACs, thereby, contributing to the market growth.

• For instance, in December 2022, the first-ever patient was treated for a pancreatic tumor with new advanced radiotherapy motion management, using Elekta Unity MR-Linac.

By Technology Insights

The IMRT segment accounted for the largest market share in 2023. The segment growth is attributed to the increased availability of technologically advanced intensity-modulated radiotherapy (IMRT) and the rising substantial demand for treatment in countries with unmet treatment demands.

However, the brachytherapy segment is expected to grow fastest during the forecast period. The segment growth is attributed to the advantages associated with minimal risk of side effects and a high adoption rate. The advancements in brachytherapy offer targeted and precise personalized treatment options and dose delivery to patients. This technology is widely used in the treatment of prostate cancer. Its reduced setup time and improved efficacy as compared to conventional treatment techniques are expected to drive the segment growth globally. In addition, increasing supportive refund policies for products associated with brachytherapy minimized the treatment cost, thereby motivating patients to help with treatment.

By Application Types

The EBRT segment accounted for the largest market share in 2023. The segment growth is attributed to the increasing adoption of EBRT systems by cancer hospitals and centers and the increasing prevalence of cancer. The proven success rate of treatment by external beam radiation therapy has been a strong factor to sustain the segment’s role in the market.

The IBRT segment is expected to grow fastest during the forecast period. The segment growth is attributed to the increased product penetration and rising prevalence of cancer in emerging countries. The IBRT segment has been widely utilized in conjunction with breast cancer surgery. Brachytherapy for breast tumors includes various techniques for placing devices such as intracavitary brachytherapy and interstitial brachytherapy. Due to its high conformality, IMRT has become the standard treatment for locally advanced neck & head cancer.

How Tech-advancements Promote the Market’s Expansion in North America?

North America dominated the overall radiation oncology market in terms of revenue share of 45.52% in 2023. The market growth in the region is attributed to the increasing availability of technologically advanced radiotherapy equipment and increasing favorable government initiatives. In addition, the active participation of major market players to expand market growth in the region is driving the market growth.

• For instance, in December 2022, MVision AI distributed AI radiotherapy technology of MVision in Canada in partnership with Medron Medical Systems. The use of artificial intelligence (AI) technology provides high accuracy, owing to enhanced patient outcomes.

Consumer Requirements & Booming Infrastructure: Asian Countries to Grow at a Rapid Pace

Asia Pacific is expected to grow fastest during the forecast period. The market growth in the region is driven by increasing high unmet patient needs, increase in patient awareness levels, and improvements in healthcare infrastructure. Furthermore, rising funding support to major players and the cancer burden in the region are anticipated to offer major opportunities in the market.

• For instance, MGM Cancer Institute launched the Radiation Oncology Department at their institute. This advanced radiation oncology department is armed with cutting-edge technology such as Brachytherapy units and Linear Accelerators (Linac). Their focus is on effectiveness and precision in cancer treatment.

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Radiation Oncology Market Top 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.

Radiation Oncology Market Recent Developments

· In October 2024, one of the largest integrated healthcare companies in India, Aster DM Healthcare launched groundbreaking intra-operative electron radiation therapy for cancer care. Aster company sets a new benchmark in cancer treatment.

· In November 2024, Australia in partnership with the International Atomic Energy Agency launched a new international development project to advance ‘Rays of Hope’ in the Asia Pacific region. By Training Radiation Oncology Health Professionals in Consistent and Accurate Data Collection through Oncology Information Systems, the project Strengthening Cancer Care

Related Report

U.S. Oncology Information Systems Market- The U.S. oncology information systems market size was exhibited at USD 840.25 million in 2023 and is projected to hit around USD 1,684.06 million by 2033, growing at a CAGR of 7.2% during the forecast period 2024 to 2033.

U.S. Radiation Oncology Market- The U.S. radiation oncology market size was exhibited at USD 6.65 billion in 2023 and is projected to hit around USD 14.56 billion by 2033, growing at a CAGR of 8.15% during the forecast period 2024 to 2033.

Radiation Oncology Market- The global radiation oncology market size was exhibited at USD 7.91 billion in 2022 and is projected to hit around USD 15.72 billion by 2032, growing at a CAGR of 7.1% during the forecast period 2023 to 2032.

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global radiation oncology market

By Type

• External Beam Radiation Therapy

• Internal Beam Radiation Therapy

By Technology

• External Beam Radiation Therapy

o Image-Guided Radiotherapy (IGRT)

o Intensity Modulated Radiotherapy (IMRT)

o Stereotactic Technology

o Proton Beam Therapy

o 3D Conformal Radiotherapy (3D CRT)

o Volumetric Modulated Arc Therapy (VMAT)

• Brachytherapy