Radiation Oncology Market by Product (Hardware, Services, Software), Technology (External Beam Radiation Therapy, Internal Beam Radiation Therapy), Application, End-User - Global Forecast 2024-2030

Radiation Oncology Market by Product (Hardware, Services, Software), Technology (External Beam Radiation Therapy, Internal Beam Radiation Therapy), Application, End-User - Global Forecast 2024-2030

The Radiation Oncology Market size was estimated at USD 13.59 billion in 2023 and expected to reach USD 14.56 billion in 2024, at a CAGR 7.28% to reach USD 22.23 billion by 2030.

Radiation oncology focuses on the use of ionizing radiation in the treatment of cancer. It involves the precise delivery of radiation to target and eliminate cancer cells or inhibit their development. Radiation therapy is a critical element of cancer treatment and can be used as a standalone therapy or in combination with chemotherapy and other therapeutic modalities. Radiation oncology continually evolves with technological advancements and treatment techniques, allowing for more precise and effective cancer care. Factors contributing to the growth of the radiation oncology market include the increasing global prevalence of cancer, advancements in radiation therapy technologies, and the rising demand for non-invasive treatment modalities. However, the high costs associated with radiation therapy and related instruments and a lack of skilled professionals pose a significant challenge to the market. Rising government enterprises and investments in R&D in the treatment of cancer treatments and advances in radiation oncology treatment to improve treatment safety create a lucrative opportunity for the radiation oncology market.

Regional Insights

The radiation oncology market is growing in the Americas due to high healthcare expenditure, advanced healthcare infrastructure, and a robust pipeline of technological innovations. The rising aging population, rising cancer prevalence, and a well-established reimbursement system facilitate access to radiation therapy in the region. The European Union exhibits a strong demand for radiation oncology services with a well-distributed network of facilities and a growing interest in oncology research and development. The Middle East and Africa’s radiation oncology market is influenced by growing investment in healthcare infrastructure, an increasing adoption of advanced technologies, and the establishment of new cancer treatment facilities procuring new-generation equipment. Governmental investments in healthcare infrastructure and a rising incidence of cancer emphasis on local equipment manufacturing demonstrate significant growth of the radiation oncology market in the APAC region.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Radiation Oncology Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Prevalence of cancer and increasing adoption of radiation procedures
Rising preference for minimally invasive procedures
Government initiatives to spread awareness and accessibility to cancer treatment

Market Restraints

High costs associated with radiotherapy equipment

Market Opportunities

Technological advancements in radiation therapy equipment
Ongoing non-government investments in R&D of radiation oncology treatment

Market Challenges

Shortage of trained radiation oncology professionals coupled with stringed regulatory compliances and approvals

Market Segmentation Analysis

Product: Significant penetration of radiation oncology hardware
Technology: Utilization of external beam radiation therapy to minimize exposure to healthy tissues and improve patient outcomes
Application: Significant emphasis on radiation oncology for breast cancer treatment
End-User: Potential use of radiation oncology in hospital sectors to provide comprehensive cancer care

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Radiation Oncology Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Radiation Oncology Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Siemens Healthineers Buys Aspekt to Bolster Radiation Oncology Services

Siemens Healthineers has expanded its radiation therapy capabilities by purchasing Aspekt Solutions. This acquisition enriches Siemens' portfolio with Aspekt's radiation therapy monitoring and patient positioning proficiencies. Siemens Healthineers aims to enhance patient care by integrating Aspekt's innovative solutions with its leading-edge technology in imaging, thereby facilitating precision in radiotherapy treatments.

Fred Hutch’s New Radiation Oncology Division Takes Shape

Fred Hutchinson Cancer Research Center announced to chart a new course in the field of radiation oncology with the establishment of its groundbreaking division dedicated to this pivotal cancer treatment modality. The focus is on integrating cutting-edge research, precision medicine, and patient-centered care. This robust approach aims to optimize therapeutic outcomes, underscored by developing innovative treatment protocols and exploring novel research avenues that could refine radiation therapy's efficacy and safety.

GE HealthCare Launches New Solutions for Radiation Therapy

GE HealthCare raised the bar in radiation therapy by launching its innovative Intelligent Radiation Therapy (iRT) alongside the introduction of Auto Segmentation and the AIR Open Coil Suite, enhancing the precision and efficiency of cancer care. Furthermore, the platform extends its versatility by incorporating a suite of RT applications from both GE HealthCare and select third-party vendors, further solidifying its position as a comprehensive solution for modern radiation therapy.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Radiation Oncology Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Radiation Oncology Market, highlighting leading vendors and their innovative profiles. These include Accuray Incorporated, Becton, Dickinson and Company, Bionix LLC, BrainLab AG, Canon Inc., Carl Zeiss AG, Curium SAS, Eckert and Ziegler AG, Elekta AB, GE HealthCare Technologies Inc., Hitachi, LTD., Hologic, Inc., IntraOp Medical, Inc., Ion Beam Applications S.A., Isoray Inc., Koninklijke Philips N.V., Nordion Inc., Optivus Proton Therapy, Inc., P-Cure LTD., Panacea Medical Technologies Pvt. LTD., Provision Healthcare, LLC., Stryker Corporation, Sumitomo Heavy Industries, LTD, Theragenics Corporation, Varian Medical Systems by Siemens Healthineers, and ViewRay, Inc..

Market Segmentation & Coverage

This research report categorizes the Radiation Oncology Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
Hardware
Services
Software
Technology
External Beam Radiation Therapy
Compact advanced radiotherapy systems
Cyberknife
Gamma Knife
Tomotherapy
Linear Accelerators (Linac)
Proton Therapy
Cyclotron
Synchrotron
Internal Beam Radiation Therapy
Brachytherapy
Applicators & After loaders
Electronic Brachytherapy
Seeds
Systemic Beam Radiation Therapy
Application
Blood Cancer
Breast Cancer
Gastrointestinal Cancer
Prostate Cancer
Respiratory & Lung Cancer
Skin Cancer
End-User
Hospitals
Independent Radiotherapy Centers
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year