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.
Key Pointers:
Radiation oncology Market Report Scope
Report Coverage |
Details |
Market Size in 2023 |
USD 8.48 Billion |
Market Size by 2032 |
USD 15.72 Billion |
Growth Rate from 2023 to 2032 |
CAGR of 7.1% |
Base Year |
2022 |
Forecast Period |
2023 to 2032 |
Segments Covered |
Type, technology, application, region |
The increasing prevalence of cancer, rising adoption of radiotherapy in cancer treatment, and technological advancements in radiotherapy equipment are some of the major factors driving the market. Technological advancements to improve treatment safety and efficacy are expected to drive the market for radiation oncology. 4D radiotherapy is a combination of 4D imaging and radiotherapy, which allows real-time tracking of a tumor and provides precise information regarding the tumor size, shape, area, and volume. This combination enables physicians to compensate for organ, tumor, or patient movement and deliver a conformal dose.
The key players are also entering strategic collaborations for the advancement of radiotherapy. For instance, in December 2019, Elekta AB collaborated with ViewRay, Inc. for the advancement of MR-guided therapy in oncology. This collaboration aimed to improve MR-Linac technology to benefit clinicians and patients with wider treatment options.
However, the lack of skilled radiotherapy professionals is one of the major factors restraining the growth of the market for radiation oncology. For instance, in developed countries, there are around 2-3 radiation oncologists per 1,000 cancer patients, whereas, Bangladesh report only 0.76 radiation oncologists per 1,000 cancer patients. Similar is the situation in India. Besides, there is a lack of training and education in radiation oncology among physicians in many countries.
The market for radiation oncology has also been negatively impacted due to the COVID-19 pandemic. Hospitals have delayed the purchase of capital equipment and redirected the resources towards the treatment of COVID-19. Additionally, there have also been delays in the installation of the already sanctioned equipment due to the pandemic.
Some of the prominent players in the Radiation oncology Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global radiation oncology market.
By Type
By Technology
By Application
By Region