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.
Report Coverage | Details |
Market Size in 2024 | USD 7.19 Billion |
Market Size by 2033 | USD 14.56 Billion |
Growth Rate From 2024 to 2033 | CAGR of 8.15% |
Base Year | 2023 |
Forecast Period | 2024-2033 |
Segments Covered | Type, Technology, Application |
Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
Regional Scope | U.S. |
Key Companies Profiled | Elekta AB; Accuray Incorporated; Mevion Medical Systems, Inc.; Varian Medical Systems; C.R. Bard, Inc.; Ion Beam Applications SA |
One of the major drivers for the market for radiation oncology is the growing adoption of radiotherapy. For instance, according to the Organisation for Economic Co-operation and Development (OECD), in the U.S., the number of radiotherapy equipment increased from 11.5 in 2022 to 11.7 per 1000,000 inhabitants in 2023. Also, increasing the prevalence of cancer is anticipated to propel the market for radiation oncology. For instance, according to the National Cancer Institute, approximately 1.8 million people are expected to be diagnosed with cancer in 2022. According to the International Agency for Research on Cancer, in 2022, an estimated 2.1 million people were suffering from cancer in the U.S. In the same year, cancer accounted for an estimated 0.6 million deaths.
Growing technological advancements such as advanced engineering and computer technology are anticipated to propel the growth of the market for radiation oncology. For instance, 4D radiotherapy, a combination of 4D imaging and radiotherapy allows real-time tracking of a tumor and provides precise information regarding tumor size, shape, area, and volume. This combination can enable physicians to compensate for organ, tumor, or patient movement and deliver a conformal dose.
The presence of a favorable reimbursement scenario is expected to fuel the growth of the market for radiation oncology. For instance, Centers for Medicare and Medicaid Service (CMS) increased payment rates by an OPD fee schedule by 2.7% under the Hospital Outpatient Prospective Payment System (HOPPS). Based on this payment rate, in 2022, CMS estimated that the total payment to HOPPS providers is projected to be USD 79.0 billion i.e. an increase in USD 6.3 billion over 2023 HOPPS payments.
Furthermore, rising healthcare expenditure is one of the major factors anticipated to accelerate the growth of the market for radiation oncology. Healthcare expenditure has been increasing steadily over the past few decades. In 2023, according to the OECD, healthcare spending in the U.S. was USD 11,072 per capita or USD 3.8 trillion in total, which was USD 3.7 trillion in 2022. The U.S. healthcare expenditure had increased to 4.4% in 2022 from 2017.
External Beam Radiation Therapy (EBRT) segment accounted for the largest revenue share of 78.6% in 2023 in the market for radiation oncology. This growth is due to an increase in awareness about treatment procedures and a rise in the usage of photon beams for breast cancer, esophageal cancer, colorectal cancer, prostate cancer, and lung cancer.
Also, increasing the adoption of electron-emitting high energy Linear Accelerators (LINAC) is expected to boost segment growth. For instance, in May 2022, GenesisCare ordered Elekta’s LINACs, which included 11 Elekta Unity MR-LINAC systems. This system is a Magnetic Resonance Radiation Therapy (MR/RT) system that offers personalized precision radiation therapy during the treatment through real-time MR imaging of the tumor. Including this order, Elekta had a total of 80 Unity orders in mid-2022.
EBRT accounted for the largest revenue share of 88.2% in 2023 in the market for radiation oncology. The segment is anticipated to maintain its dominance over the forecast period owing to its wide usage of technologies such as Intensity Modulated Radiotherapy (IMRT) and proton beam therapy.
Moreover, the American Society for Radiation Oncology in 2022 published its findings from a recent study. The study demonstrates that IMRT could reduce toxicities for patients suffering from anal cancer and treated with radiation. IMRT decreases the need for additional surgery and increases the ability to complete treatment cycles.
Furthermore, an increasing number of installed bases is expected to drive the proton beam therapy technology over the forecast period. In January 2022, Sylvester Comprehensive Cancer Center agreed with Varian Medical Systems, Inc. to purchase and install the ProBeam Compact proton therapy system.
Also, brachytherapy is expected to be the fastest-growing segment in the market for radiation oncology over the forecast period. It has been further categorized into LDR brachytherapy and HDR brachytherapy. IsoRay, Inc. is one of the manufacturers of Cesium-131 brachytherapy seeds for the treatment of prostate cancer. In July 2022, IsoRay announced FDA 510k clearance for brachytherapy technology-GammaTile Therapy-that was developed in collaboration with GT Medical Technology.
EBRT held the largest revenue share of 80.0% in the market for radiation oncology in 2023 owing to its ability to treat inoperable patients and deliver conformal doses and increase awareness about the importance of early diagnosis. Furthermore, CyberKnife can be used for providing partial breast irradiation to reduce the damage to the heart, lungs, and skin. Proton therapy can be used to deliver a radiation dose at a specific point in the target tissue to help in reducing radiation exposure to the heart and lungs.
Also, brachytherapy is widely used for breast, prostate, gynecological, and other cancers. Prostate cancer dominated the market for radiation oncology in 2023 due to promising applications of brachytherapy in the treatment of prostate cancer and significant advancements in HDR and LDR techniques. However, brachytherapy for breast cancer is projected to grow at a significant rate over the forecast period due to the increasing incidence of breast cancer worldwide and the adoption of HDR brachytherapy by hospitals and oncology centers.
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 U.S. radiation oncology market.
Type
Technology
Application