Radiation Oncology Market Size, Share & Trends Analysis Report By Type (External Beam Radiation Therapy, Internal Beam Radiation Therapy), By Technology, By Application, By Region, And Segment Forecasts, 2023 - 2030

Radiation Oncology Market Size, Share & Trends Analysis Report By Type (External Beam Radiation Therapy, Internal Beam Radiation Therapy), By Technology, By Application, By Region, And Segment Forecasts, 2023 - 2030

Radiation Oncology Market Growth & Trends

The global radiation oncology market is expected to reach USD 21.14 billion by 2030, registering a CAGR of 12.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the market is attributed to the global rise in cancer burden, the growing geriatric population, and supportive reimbursement programs undertaken by the government and private organizations. Furthermore, the increasing technological innovation and advancement in radiotherapy offer lucrative opportunities for market growth.

The world is witnessing an increasing prevalence of cancer cases which is the key factor driving the radiation oncology market growth. For instance, according to Globocan, in 2020, more than 20.0 million people were diagnosed with cancer, and 10.0 million died of cancer. Moreover, the aging population is at high risk of cancer due to a weak immune system and comorbid conditions; thereby, the rising geriatric population further fuels market growth. For instance, in 2020, according to WHO estimates, the global geriatric population was approximately 1.0 billion and is expected to reach 2.1 billion by 2050.

Extensive research activities for the development of novel radiotherapy techniques and multidisciplinary therapeutic approaches are expected to lead to an increased survival rate and a more favorable prognosis of cancer. For instance, in December 2022, Elekta Unity demonstrated MR-Linac use for pancreatic tumors, where the first-ever patient was treated with new advanced radiotherapy motion management.

Similarly, in June 2020, Isoray signed a research agreement with the University of Cincinnati Physicians Company to study neck and head cancer treatment. The companies will evaluate the efficacy of Keytruda along with Cesium-131 post-surgical resection. Using such medical isotopes for cancer treatment may boost the research in developing a new target-specific radiation therapy system by understanding disease complexity & patients' need, thereby widening the opportunity in the market.

Furthermore, supportive reimbursement and regulatory policies for radiation therapy are also expected to drive the radiation oncology market growth. For instance, in July 2021, the Centers for Medicare and Medicaid Services (CMS) developed a new Radiation Oncology Payment Model (RO-APM) for the diagnosis of cancer and radiotherapy services. It enhances the quality of care of the patients and reduces the annual Medicare expenditure.

Radiation Oncology Market Report Highlights

• By type, the external beam radiation therapy (EBRT) segment accounted for a 64.53% share of the radiation oncology market in 2022 due to the rapid technological advancement, and increased adoption in the treatment of various types of cancers
• Based on technology, in 2022 intensity-modulated radiotherapy (IMRT) segment dominated the market due to the increased availability of technologically advanced IMRT's in countries with unmet treatment needs. However, brachytherapy is estimated to be the fastest-growing segment during the forecast period
• In 2022, EBRT segment held the highest market share in the application space. Moreover, EBRT segment is also anticipated to maintain its dominance during the forecast period
• North America dominated the global market in 2022 owing to the factors such as the increase in new cancer cases, high awareness among healthcare professionals about advanced radiotherapy, and better healthcare access in the region