Radiation Oncology Market Research Report Information by Type (External Beam Radiation Therapy and Internal Radiation Therapy), By Application (Prostate Cancer, Breast Cancer, Lung Cancer, Head & Neck, and Others), By End-User (Hospitals & Clinics, Oncology Centers and Academic & Research Institutes) And by Region (North America, Europe, Asia-Pacific, and Rest of The World) –Industry Forecast Till 2032
In 2023, the market for radiation oncology was estimated to be worth USD 8.23 billion. Over the forecast period (2024 - 2032), the sector is expected to increase at a compound annual growth rate (CAGR) of 8.0%, from USD 8.90 billion in 2024 to USD 16.51 billion by 2032. Global cancer incidence rates are rising, and combination treatments that combine radiation oncology with chemotherapy and surgery are becoming more and more common, which is propelling market expansion.
Globally increasing cancer rates due to aging populations, changing lifestyles, and environmental factors are the main factors driving the radiation oncology market. Technological advancements in radiation therapy, including as proton therapy, stereotactic radiosurgery (SRS), and intensity-modulated radiation therapy (IMRT), have significantly improved treatment accuracy and patient outcomes and have driven market expansion. Additionally, the growing popularity of combination therapies—which combine radiation oncology with chemotherapy and surgery—contributes to the market's growth by giving patients access to more thorough and effective treatment options.
One significant driver of radiation oncology's explosive growth has been the rising incidence of cancer. The market for radiation oncology is expanding because of the rising need for efficient treatment alternatives worldwide brought on by the rising prevalence of cancer.
Insights on Market SegmentsThe radiation oncology market has been divided into two segments based on the kind of product: external beam radiation therapy and internal beam radiation therapy.
The Prostate Cancer, Breast Cancer, Lung Cancer, Head and Neck Cancer, and others segments of the Radiation Oncology Market have been divided based on price range.
Based on the end user, the market has been divided into hospitals and clinics, oncology centers, and academic and research institutes.
Localized PerspectivesThe radiation oncology market is divided into four regions: North America, Europe, Asia-Pacific, and the Rest of the World. With a market share of the greatest in 2023, North America is expected to grow at an 8.2% CAGR to reach over USD 7.24 billion by 2032. Nonetheless, throughout the course of the projection period, Asia-Pacific is expected to develop at the highest CAGR of 8.4%.
The radiation oncology market in North America is experiencing significant growth due to several unique variables unique to the region. The increased cancer case prevalence in North America is a significant driver. The need for radiation oncology services is growing as a result of changes in lifestyle and an aging population, which raise the risk of cancer.
The radiation oncology market in Europe is poised for significant growth, driven by a number of unique and regionally specific characteristics. One significant factor is the increasing rate of cancer in Europe. The increasing incidence of cancer has led to a growing demand for advanced treatment approaches, such as radiation therapy.
Several country-specific variables are expected to push the radiation oncology market's significant growth in the Asia Pacific region. The increased cancer prevalence in the Asia-Pacific area is a significant driver.
Key PlayersVarian Medical Systems, Inc. (US), Elekta (Sweden), Accuracy Incorporated (US), IBA Radiopharma Solutions (Belgium), BD (US), Mevion Medical Systems (US), Nordion (Canada), NTP Radioisotopes Soc Ltd. (South Africa), Curium (France), and Reflexion (US) are important players in the radiation oncology market.