Radiation Oncology Market

Global Radiation Oncology Market Size (2023 to 2028)

The size of the global radiation oncology market is expected to be worth USD 7.32 billion by 2028 from USD 5.47 billion in 2023, registering a CAGR of 5.97% from 2023 to 2028.

MARKET DRIVERS:

The growing cancer patient population worldwide is one of the major factors propelling the radiation oncology market growth. The number of people suffering from cancer is growing rapidly worldwide resulting in the increasing demand for radiation oncology services including radiation therapy and other related treatments. As per the data published by the International Agency for Research on Cancer (IARC), approximately 18.1 million new cancer cases and 9.6 million cancer deaths were recorded worldwide in 2018. The American Cancer Society says an estimated 1.9 million new cases were reported in the United States in 2022. As per the predictions of the Global Cancer Observatory (GCO), an estimated 29.5 million new cancer cases are predicted to record each year worldwide by 2040. Radiation therapy is a commonly used treatment procedure for cancer to destroy cancer cells using high-energy radiation. As the incidence of cancer grows, the demand for radiation oncology is expected to grow in the coming years.

Technological advancements have been contributing to the growth of the radiation oncology market and the trend is expected to continue in the coming years and favor the market growth. In recent years, technological advancements have played a key role in the development of advanced radiation therapies such as intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), and proton therapy. These therapies have been providing improved treatment outcomes and reduced side effects. The growing aging population worldwide is another major attribute boosting the growth rate of the radiation oncology market. People who are aged are more likely to develop cancer and the growing aging population is expected to boost the demand for radiation oncology services.

The rising demand for minimally invasive surgical procedures promotes the radiation oncology market growth. The awareness among the patient population regarding the benefits of minimally invasive surgeries such as smaller incisions, less scarring, increased accuracy, decreased risk of complications, shorter hospital stays, less pain and shorter recovery period has improved significantly in recent years. Due to this, the adoption and preference for minimally invasive surgeries have increased. Radiation therapy is a minimally invasive treatment option for cancer and has been widely adopted by the cancer patient population.

In addition, factors such as the growing awareness regarding the benefits of radiation therapy among the cancer patient population, the increasing number of initiatives by several governments for the R&D of cancer research and treatment to improve cancer care and reduce the burden of cancer and the rising number of cancer treatment facilities worldwide further boost the growth rate of the radiation oncology market. Furthermore, the growing healthcare spending, increasing number of advancements in imaging technology, rising preference for outpatient services due to convenience and flexibility to patients and growing prevalence of lifestyle diseases such as obesity and diabetes favor the growth rate of the radiation oncology market.

MARKET RESTRAINTS: 

High costs associated with the treatment costs of radiation therapy are one of the key factors hampering the market growth. Due to these high costs, accessibility and affordability are limited in developing countries. Poor reimbursement policies for radiation therapies are another significant obstacle to market growth. The scarcity of highly skilled and trained personnel including radiation oncologists, medical physicists, and radiation therapists, the side effects of radiation therapy such as fatigue, skin irritation and nausea, low awareness among patients and healthcare providers of the benefits of radiation therapy and the presence of alternative treatment modalities further hinder the market growth.

Impact of COVID-19 on the global radiation oncology market:

The COVID-19 pandemic has shown a negative impact on the global radiation oncology market during the pandemic timeline in a variety of ways. During the COVID-19 pandemic, many patients hesitated to visit the hospitals for cancer diagnosis due to fear of contracting COVID-19 and this has resulted in the reduced demand for radiation therapy and hampered the market growth. Additionally, the COVID-19 pandemic has hampered the global supply chains and resulted in a shortage of essential equipment and supplies needed for radiation therapy and affecting the market growth negatively. The usage of telemedicine has increased significantly during the COVID-19 pandemic and due to this, several patients have stopped visiting hospitals and resulting in the reduced usage of radiation therapy. Furthermore, the funding for cancer research and treatment has reduced dramatically during the COVID-19 pandemic and the financial resources by governmental and non-governmental organizations have shifted toward the development of vaccines for COVID-19. This has resulted in the lack of funding for the R&D activities of radiation oncology and hampered the market growth. Likewise, the global radiation oncology market experienced a negative impact of the COVID-19 pandemic. However, the radiation oncology market is anticipated to recover quickly and register a healthy CAGR during the forecast period.

REPORT COVERAGE:

This research report on the global radiation oncology market has been segmented and sub-segmented based on type, application, end-user, and region.

Radiation Oncology Market – By Type:

• External Beam Radiation Therapy
• Internal Radiation Therapy
• Systemic Radiation Therapy

Based on type, the external beam radiation therapy (EBRT) segment led the market in 2022 and is anticipated to account for the leading share of the global market during the forecast period. The segmental growth is majorly driven by the rising incidence of cancer globally, widespread use and large installed base of equipment and improved accuracy and precision of technologically well-advanced EBRT such as intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), and stereotactic body radiation therapy (SBRT).

Radiation Oncology Market – By Application:

• Skin & Lip Cancer
• Head & Neck Cancer
• Breast Cancer
• Prostate Cancer
• Cervical Cancer
• Lung Cancer
• Spine Cancer

Based on application, the breast cancer segment had the leading share of the worldwide market in 2022 and is anticipated to grow promisingly during the forecast period. The segmental growth is primarily driven by factors such as the growing prevalence of breast cancer, rising awareness of breast cancer and the availability of screening programs that have led to earlier detection and diagnosis of the disease, technological developments and the growing female geriatric population. According to World Health Organization (WHO), an estimated 2.3 million new cancer cases worldwide were recorded in 2020.

The lung cancer segment occupied a considerable share of the worldwide market in 2022. The lung cancer segment is predicted to hold a notable share of the global market during the forecast period owing to factors such as the growing incidence of lung cancer, rising demand for non-invasive treatment options for lung cancer and the increasing aging population worldwide.

The prostate cancer segment is anticipated to register a healthy CAGR during the forecast period.

Radiation Oncology Market – By End-User:

• Hospitals
• Cancer Research Institutes
• Ambulatory and Radiotherapy Centers

Based on end-users, the hospital segment had the major share of the worldwide market in 2022 and is expected to grow at a noteworthy CAGR during the forecast period. The segmental growth is majorly driven by the growing cancer patient population visiting hospitals for radiation oncology services, the availability of advanced technologies and advanced radiation therapy equipment in hospitals. In addition, the presence of skilled healthcare professionals including radiation oncologists, radiation therapists, and medical physicists in the hospitals further contributes to the segmental growth.

The cancer research institutes accounted for a notable share of the global market during the forecast period owing to factors such as increased R&D efforts by the cancer research institutes for the development of new radiation therapy techniques and the testing of new drugs in combination with radiation therapy and an increasing number of collaborations with the key market participants for the development of new radiation therapy technologies and to conduct clinical trials of new radiation therapy techniques.

The ambulatory and radiotherapy centers segment is estimated to register the fastest CAGR during the forecast period. Factors such as the rising demand for outpatient services, the availability of advanced technologies in ambulatory centers and the expansion of healthcare infrastructure in emerging economies drive segmental growth.

Radiation Oncology Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America accounted for the largest share of the global market in 2022. The domination of the North American market is anticipated to continue during the forecast period due to factors such as the presence of key market participants in North America, increasing healthcare expenditure and the growing number of initiatives from the North American governments to promote the adoption of radiation therapies. The growing aging population across North America, the rising prevalence of cancer and the increasing demand for advanced radiation therapy equipment fuel the growth rate of the North American market. The U.S. led the North American market in 2022 and the same trend is expected to repeat during the forecast period.

Europe occupied the second biggest share of the worldwide market in 2022 and is expected to hold a promising occupancy in the global market during the forecast period. Factors such as the rising awareness about radiation therapy among the European population, increasing emphasis on personalized cancer treatments, and growing investments to conduct the R&D of radiation therapies majorly drive the European market growth. Favorable government policies for cancer care in Europe and rising demand for non-invasive cancer treatments further propel the European market growth. The UK market had the leading share of the European market in 2022.

APAC is anticipated to witness the fastest CAGR among all regions in the worldwide market during the forecast period. The growth of the APAC radiation oncology market is primarily attributed to factors such as the growing medical tourism industry, increasing disposable income in developing countries and the rising number of government initiatives to improve cancer care. Furthermore, the rising demand for advanced radiation therapy equipment and the growing prevalence of cancer in the Asia-Pacific region fuel the growth rate of the APAC market. China held close to 40% of the APAC market share in 2022 and is estimated to be the leading regional market for radiation oncology in the Asia-Pacific region.

Latin America captured a considerable share of the worldwide market in 2022 and is expected to register a healthy CAGR during the forecast period. Factors such as the rising prevalence of cancer, growing adoption of advanced radiation therapy equipment, increasing investments by non-governmental organizations for the development of radiation therapies and growing awareness about the benefits of radiation therapy propel the radiation oncology market growth in Latin America.

MEA accounted for a moderate share of the worldwide market in 2022. However, the MEA market is anticipated to showcase a steady CAGR during the forecast period.

KEY MARKET PARTICIPANTS:

Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, Ion Beam Applications (IBA), C.R. BARD, INC. (BD), Isoray Medical, Mevion Medical Systems, Inc., Nordion Inc., NTP Radioisotopes SOC Ltd., Curium Pharma, and Viewray Technologies, Inc. are a few of the noteworthy companies operating in the global radiation oncology market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• Accuray Incorporated, a US-based radiation oncology firm, launched the CyberKnife S7 System in June 2020, a stereotactic body radiation therapy equipment that combines superior precision, real-time artificial intelligence, speed motion tracking, and synchronization treatment delivery.
• Varian gained FDA 510K clearance for its Ethos Therapy in February 2020.
• Elekta and ViewRay, Inc. signed a non-binding Memorandum of Understanding (MOU) in December 2019 to enhance the knowledge and implementation of MR-LINACs.