Radiation Oncology Market Size, Share & Trends Analysis Report By Type (External Beam Radiation Therapy, Internal Beam Radiation Therapy), By Application, By Technology, By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

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:

• The External Beam Radiation Therapy (EBRT) segment dominated the market for radiation oncology and accounted for the largest revenue share of 82.3% in 2022
• The IMRT technology segment dominated the market for radiation oncology and accounted for the largest revenue share of 29.0% in 2022. 
• The EBRT segment dominated the radiation oncology market and accounted for the largest revenue share of 82.0% in 2022.
• In 2022, North America dominated the market for radiation oncology and accounted for the largest revenue share of more than 49.0%.
• In Asia Pacific, the market for radiation oncology is projected to witness the highest growth rate over the forecast period.

Radiation oncology Market Report Scope

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:

• 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
• Viewray Technologies, Inc.

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 

• External Beam Radiation Therapy
• Linear Accelerators (Linac)
• Compact Advanced Radiotherapy Systems
• Cyberknife
• Gamma Knife
• Tomotherapy
• Proton Therapy
• Cyclotron
• Synchrotron
• Internal Beam Radiation Therapy
• Brachytherapy
• Seeds
• Applicators and Afterloaders
• Electronic Brachytherapy
• Systemic Beam Radiation Therapy
• Others

By Technology 

• External Beam Radiation Therapy
• Image-Guided Radiotherapy (IGRT)
• Intensity Modulated Radiotherapy (IMRT)
• Stereotactic Technology
• Proton Beam Therapy
• 3D Conformal Radiotherapy (3D CRT)
• Volumetric Modulated Arc Therapy (VMAT)
• Brachytherapy
• Low-Dose Rate Brachytherapy
• High-Dose Rate Brachytherapy

By Application 

• External Beam Radiation Therapy
• Prostate Cancer
• Breast Cancer
• Lung Cancer
• Head and Neck Cancer
• Colorectal Cancer
• Others
• Internal Beam Radiation Therapy
• Prostate Cancer
• Gynecological Cancer
• Breast Cancer
• Cervical Cancer
• Penile Cancer
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)