Radiation Oncology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Radiation Oncology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global radiation oncology market size reached US$ 7.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.7 Billion by 2028, exhibiting a growth rate (CAGR) of 7.39% during 2023-2028.

Radiation oncology, also known as radiotherapy, is a cancer treatment that relies on high doses of radiation to kill cancer cells and shrink tumors. It is considered a localized treatment as it affects only the part of the body being treated and damages cancer cells without harming healthy cells. It can be delivered via machines called linear accelerators or through radioactive sources placed inside the patient on a temporary or permanent basis.

Radiation Oncology Market Trends:
The increasing risk of developing cancer on account of tobacco and alcohol consumption, unhealthy diet and physical inactivity among individuals represents one of the key factors bolstering the growth of the market. Besides this, there is a rise in the adoption of radio oncology, which includes external beam radiation therapy, to treat breast, colorectal, esophageal, head, neck, lung, and prostate cancer. It also comprises radioactive iodine therapy (I-131), which can cure a few thyroid cancers, and targeted radionuclide therapy that helps treat advanced prostate cancer or gastroenteropancreatic neuroendocrine tumors (GEP-NETs). Moreover, palliative radiation aids in relieving difficulties like pain, trouble swallowing or breathing, or bowel blockages caused by advanced cancer. This, coupled with the rapid expansion of cancer research centers around the world, is positively influencing the market. Furthermore, key players are focusing on motion tracking, real-time imaging and advancements from 2D to 3D conformal radiotherapy. They are also integrating artificial intelligence (AI) to improve the accuracy, precision, efficiency, and overall effectiveness of radiation oncology. This, in confluence with the increasing investments in research and development (R&D) activities by governments of numerous countries, is projected to fuel the growth of the market in the coming years.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global radiation oncology market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, technology, application and end user.

Breakup by Type:

External Beam Radiation Therapy
Linear Accelerators
Compact Advanced Radiotherapy Systems
Proton Therapy
Internal Beam Radiation Therapy
Brachytherapy
Systemic Beam Radiation Therapy
Others

Breakup by Technology:

Image-Guided Radiotherapy (IGRT)
Intensity Modulated Radiotherapy (IMRT)
Stereotactic Technology
Proton Beam Therapy
3D Conformal Radiotherapy (3D CRT)
Volumetric Modulated Arc Therapy (VMAT)
Brachytherapy

Breakup by Application:

Prostate Cancer
Breast Cancer
Lung Cancer
Head and Neck Cancer
Colorectal Cancer
Gynecological Cancer
Cervical Cancer
Penile Cancer
Others

Breakup by End User:

Hospitals
Cancer Research Institutes
Ambulatory and Radiotherapy Centers

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Accuray Incorporated, Becton Dickinson and Company, Canon Inc., Elekta, Hitachi Ltd., Icad Inc., Ion Beam Applications, Isoray Inc., Mevion Medical Systems Inc., Nordion (Canada) Inc. (Sotera Health), P-Cure Ltd., Varian Medical Systems Inc. (Siemens Healthineers AG) and ViewRay.

Key Questions Answered in This Report:
How has the global radiation oncology market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global radiation oncology market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global radiation oncology market and who are the key players?
What is the degree of competition in the industry?