Radiation Oncology Market Research, 2030
The global radiation oncology market size was valued at $7.79 billion in 2021, and is projected to reach $15.23 billion by 2030, growing at a CAGR of 7.8% from 2022 to 2030. Radiotherapy is used to treat cancer by radiating the tumour cells and destructing its growth and division procedure the rising incidence and prevalence of cancer, the growing awareness of radiotherapy's therapeutic benefits, and technological developments in the field of radiotherapy are the main factors driving this market's expansion. The use of radiotherapy is also being boosted by significant opportunities presented by emerging economies and rising government spending on cancer treatment. Radiation therapy persists as an important part of treatment with nearly 50% of cancer patients receiving it and with a contribution of 40% of the curative treatment.
Some of the key factors driving the market include the rising incidence of cancer, the rising use of radiotherapy in cancer treatment, and technological developments in radiotherapy equipment. The radiation oncology market is anticipated to be driven by technological developments to increase treatment efficacy and safety. A combination of 4D imaging and radiotherapy, known as 4D radiotherapy, enables real-time tumour tracking and provides precise data on the tumour's size, shape, area, and volume. With the help of this combination, doctors can deliver a conformal dose while compensating for organ, tumour, or patient movement. These factors are anticipated to propel the global radiation oncology market share.
But one of the main things holding back the market for radiation oncology is the scarcity of qualified radiotherapy specialists. For instance, while Bangladesh reports only 0.76 radiation oncologists per 1,000 cancer patients, developed nations typically have 2-3 radiation oncologists for every 1,000 cancer patients. The situation in India is comparable. In addition, physicians in many nations lack exposure to and education in radiation oncology.
It is anticipated that access to high-quality healthcare will improve in several emerging nations, including China, India, Brazil, and Mexico, due to their rapid economic development and rising healthcare spending. This is thought to be a promising sign for the radiation oncology market. The demand for various radiotherapy devices and techniques is increasing as a result of the rising cancer incidence in these nations. Additionally, governments in each of these nations are concentrating on expanding access to high-quality healthcare services for more of their citizens as well as expanding the scope of reimbursement. The expansion of healthcare products (including oncology devices) across these countries is being driven by the quick increase in per-capita healthcare spending and the rising public demand for affordable healthcare services. The aforementioned factors are boosting the radiation oncology market growth.
The key players in the global radiation oncology market are Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, Mevion Medical Systems, IBA Worldwide, Nordion (Canada) Inc., BD, Isoray Inc., Provision Healthcare, and Panacea Medical Technologies Pvt. Ltd.
Global Radiation Oncology Market Segmentation
The global radiation oncology market is segmented on the basis of type, application and regional analysis. On basis of type, they are further sub-segmented into external beam radiation therapy and internal beam radiation therapy. On basis of application, they are further sub-segmented into prostate cancer, breast cancer, lung cancer, head & neck cancer, colorectal cancer, cervical cancer, gynecological cancer, and others. On basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Type Segment Review
By type, the external beam radiation therapy sub-segment accounted for highest revenue share and expected to generate the highest revenue in the timeframe. High adoption rate of external beam radiation therapy by the healthcare professionals owing to its high accuracy in targeting abnormal cells and reducing pain in advanced cancers. The external beam radiation therapy has better accuracy to target the tumor to destroy the abnormal cells and alleviate pain. The therapy uses a special X-Ray machine called a linear accelerator to deliver high energy rays to tumors. Thus, adoption of the external beam radiation therapy is increasing day by day by the oncologist. This factor is predicted to fuel revenue growth of the market in the review time.
Application Segment Review
By application, the breast cancer application sub-segment accounted for the highest market size. Increasing prevalence of breast cancer especially in developed countries as a result of aging, obesity, and radiation exposure is estimated to drive the sub-segment growth in the analysis time. According to the American Cancer Society, a nationwide voluntary health organization, breast cancer is the second leading cause of cancer death in women. The chances that a woman will die from breast cancer is about 1 in 39 (about 2.6%). Breast cancer is increasing due to aging, obesity, and exposure to radiation. Increase in number of cases of breast cancer is rising the demand for radiation therapy. This factor is estimated to increase the demand for radiotherapy, which is estimated to drive the market growth in the review time.
Regional Segment Review
By region, the North America region has a major share in the radiation oncology market, accounting for over 43.7%, and is expected to maintain its dominance in the coming years. The presence of the most sophisticated and advanced healthcare infrastructure in North America, particularly in the U.S., is driving cancer patients in these locations to adopt radiation oncology procedures. Rising prevalence of breast cancer, particularly in developed countries in the region, as a result of aging, obesity, and radiation exposure, is expected to drive market growth during the forecast period. Furthermore, the U.S. Department of Health and Human Services has recently introduced nine federal programs to encourage cancer prevention and early detection by giving additional funding for better cancer treatment methods, which is expected to drive the market revenue growth in the near future.
Impact of COVID-19 on the Global Radiation Oncology Industry
- The Covid-19 pandemic outbreak impacted many industries. Even though healthcare industries were favoured by the pandemic, not every part was positively impacted. Many clinics all across the world were converted to Covid-19 clinics to treat the affected patients.
- Covid infected patients were on priority and unavailability of hospitals and surgeons was a major restrain for the radiation oncology market. Patients avoided hospitals in fear of infection.
- When compared to the same months in 2019, typical weekly radiotherapy courses dropped by 19.9% in April, 6.2% in May, and 11.6% in June in 2020. However, there has been a rise in the patients taking radiotherapy treatments as the restrictions have been removed and markets have started opening to masses. Patients now no longer hesitate to visit the hospitals and very soon a recovery can be visible in the global radiotherapy market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the radiation oncology market analysis from 2021 to 2030 to identify the prevailing radiation oncology market opportunities.
- The market research is offered along with information related to key drivers, restraints, and radiation oncology market opportunity over the coming years.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the radiation oncology market forecast, segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global radiation oncology market trends, key players, market segments, application areas, and market growth strategies.
Radiation Oncology Market Report Highlights
| Aspects | Details |
 By Type |
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 By Application |
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 By Region |
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 Key Market Players | Varian Medical Systems, Inc., Nordion (Canada) Inc., Elekta AB, Mevion Medical Systems, IBA Worldwide, BD, Isoray Inc., Panacea Medical Technologies Pvt. Ltd, Provision Healthcare, Accuray Incorporated |
Analyst Review
Increase in prevalence of cancer due to unhealthy lifestyle and rising intake of carcinogenic food worldwide is the key factor that is projected to drive the growth of global radiation oncology market during the forecast period. In addition, technological advancements in radiation oncology like image-guided and intensity-modulated radiation therapy, digital imaging, and computer-controlled linear accelerators are expected to fuel the growth of the market in forecasted period. However, high costs of treatment and rise of new technological errors are expected to hamper the growth of the market growth during the forecasted period. On the contrary, rising mortality rate due to cancer and the need for effective treatment are anticipated to provide opportunities to key players to maintain pace of radiation oncology market in the upcoming years.
Among the analyzed regions, North America is expected to account for the highest revenue in the market in the forecasted years, followed by Europe, Asia-Pacific, LAMEA. North America has the most developed and advanced healthcare infrastructure which is influencing the adoption of radiation oncology techniques by cancer patients.
Increasing prevalence and mortality rate of cancer patients, changes in lifestyle & increase in consumption of highly processed foods along with technological advancements in technology like image guided and intensity modulated radiation therapy, digital imaging, and computer controlled linear accelerators are considered to be the drivers of the global radiation oncology market.
Breast Cancer sub-segment of the application wise industry acquired the maximum share of the global radiation oncology Market in 2021.
The key players of the market like Panacea Medical Technologies have started taking certifications on the latest technologies which are making them reliable.
North America will provide more business opportunities for the Global Radiation Oncology Market in future.
The key players in the global radiation oncology market are Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, Mevion Medical Systems, IBA Worldwide, Nordion (Canada) Inc., BD, Isoray Inc., Provision Healthcare, and Panacea Medical Technologies Pvt. Ltd Radiation Oncology Market.
The major growth strategies adopted by global radiation oncology market players are expansion of businesses in developing countries and certification for advanced technologies.
Super specialty hospitals and radiotherapists are the major customers in the global radiation oncology market.
The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global radiation oncology market from 2021 to 2030 to determine the prevailing opportunities.
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