New York, May 24, 2023 (GLOBE NEWSWIRE) -- It is anticipated that the Radiation oncology industry may increase from US$ 8.2 billion in 2023 to US$ 19.2 billion by 2032. Between 2022 and 2032, the global Radiation Oncology Market is anticipated to expand at a 9.1 CAGR.
Radiation oncology is usually applied to the cancerous tumor because of its ability to control cell growth. This process is used to treat cancer by radiating the tumor cells and destructing its growth and division procedure. Radiation therapy might be beneficial in a numeral of types of cancer if they are controlled to one area of the body.
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Key Takeaway:
- By Type in 2022, the external beam radiation therapy segment has generated a revenue share of 63.4% in 2022.
- By Indication, the breast cancer segment held a prominent share of the global radiation oncology market revenue share from 2023 to 2032.
- By End-User, the hospital's segment has dominated the market with a revenue share, and it is growing at the highest CAGR from 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 43.5%.
- Asia-Pacific held a significant revenue share of 20.5% in 2022.
Radiation oncology is the medical specialization troubled with suggesting radiation. Radiation oncology is also called radiation therapy. Radiation is used in medical imaging and identification. Radiation might be recommended by a radiation oncologist in order for the treatment of adjuvant therapy.
Factors Affecting the Growth of the Radiation Oncology Market
There are several factors that can affect the growth of the radiation oncology market. Some of these factors include:
- Increasing Awareness of Radiotherapy: Increasing awareness of radiotherapy's therapeutic benefits and technological developments are the major factors driving the market growth.
- Rising Incidence of Cancer: Rise in the incidence of cancer and the increasing usage of cancer treatment propel the market growth. Due to this, there is rapid development in various developing regions.
- Increase Geriatric Population: Increase in the geriatric population and helpful reimbursement policies undertaken by government and private organizations fuel the market growth.
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Top Trends in Global Radiation Oncology Market
The increasing trend of development of new therapy methods and multidisciplinary therapeutic methods is anticipated to become a trend in the global market. Advanced imaging techniques such as magnetic resonance imaging and positron emission tomography are increasing accuracy is the global trend in the market. Technological development has significant advancements in recent years.
Market Growth
The rise in adoption in the treatment of several types of cancer and rapid technological advancements drive market growth. The substantial expenditure and innovative cancer treatments across the world propel market growth. Increasing R&D activities by key players in developing new product fuel the market growth.
Regional Analysis
The radiation technology market was dominated by North America, which acquired the most significant revenue share of 43.5% during the forecast period, Due to the favorable government initiatives and accessibility of technologically advanced radiotherapy devices. The presence of the most sophisticated and developed healthcare infrastructure in the U.S. is propelling cancer patients in these locations to adopt radiation oncology processes. Further, the active participation of the market players to raise their market share in the region is propelling the market growth.
The Asia-Pacific is projected to grow at the fastest CAGR during the forecast period. Owing to the increasing cancer burden and funding support to market players in the region. Additionally, to the improvements in healthcare infrastructure, a rise in patient awareness levels, and high unmet patient demand.
Competitive Landscape
Various products are approaching the market, and companies have raised incomes and entered into partnerships to raise their worldwide presence. The industries are involved in the development and manufacturing of radiation oncology solutions. The radiation oncology market players are investing in R & D activities, new market initiatives, production capacities, and new product launching. The competitive landscape of the market has also been examined in this report. Some of the major market players include
- Varian Medical Systems, Inc.
- Elekta AB
- Isoray Inc.
- Mevion Medical Systems
- View Ray Technologies, Inc.
- Novartis AG
- Accuracy Incorporated
- Provision Healthcare
- Other Key Players
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Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | USD 8.2 Billion |
| Market Size in 2032 | USD 19.2 Billion |
| CAGR (2023 to 2032) | 9.1% |
| North America Revenue Share | 43.5% |
| Asia-Pacific Revenue Share | 20.5% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
New technologies are driving the radiation oncology market. Various physicians have delivered the right amount of radiation to the cancer in a shorter time than traditional treatments. Technological developments in radiotherapy devices, rising approval of radiation oncology, and therapy in oncology treatment propel the market growth. The increasing incidence of cancer is a significant factor that fuels the market growth. Increasing demand for innovative and effective cancer treatments across the globe, a rise in the number of cancer patients, and substantial spending for them are the initial factors driving the market.
Market Restraints
Lacks of skilled workers to plan and operate the software are anticipated to restrict the market growth. The high cost of software is the major factor hampering the market growth. There is a shortage of training and education in radiation oncology among professionals in various regions. Additionally, lower approval rates in emerging countries may challenge the radiation oncology treatment planning software market over the forecast period.
Market Opportunities
The rise in cancer burden and investments support market players and offer lucrative opportunities. The use of radiotherapy is also propelling major opportunities presented by developing countries and increasing government investments in cancer treatments. Medical and research organizations are implementing radiation oncology treatment planning software to lessen colorectal tissue harm, creating significant opportunities for key players.
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Report Segmentation of the Radiation Oncology Market
Type Insight
The external beam radiation oncology segment dominated the radiation oncology market, holding the most significant revenue share of 63.4%. External beam radiation therapy has enhanced the accuracy of aiming the tumor to eradicate the abnormal cells and lessen pain. Hence, approval of external beam radiation therapy is rising every day via the oncologist. External beam radiation therapy relies on innovative technology that designs radiation treatments to kill cancer cells while decreasing harm to nearby healthy tissue.
The high approval proportion of external beam radiation therapy by healthcare specialists due to its more precision in aiming abnormal cells and decreasing pain in progressive cancers.
Indication Insight
The breast cancer segment dominated the highest market revenue share in 2022. Women's probability of dying from breast cancer is the second important cause of cancer death in women. Due to the rising prevalence of breast cancer, especially in developed regions, as a result of obesity, aging, and radiation exposure, is projected to propel segmental growth.
Route of Administration Insight
The hospital's segment holds the largest market revenue share of the global radiation oncology market. Due to the widespread cancer treatment using radiation therapy is provided by hospitals.
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Market Segmentation
By Type
- External Beam Radiation Therapy
- Internal Beam Radiation Therapy
By Indication
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Prostate Cancer
- Other Indications
By End-User
- Hospitals
- Cancer Research Institutes
- Other End-Users
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Radiation Oncology Market
- In September 2020, Elekta AB launched the Elekta Harmony lined accelerator, which is the creative Linac for treating cancer by radiation oncology.
- January 2020, GT Medical Technologies introduced Food and Drug Administration clearance of extended application for Gamma Tile Therapy.
Browse More Related Reports:
- Precision Oncology Market was valued at USD 81.37 billion in 2022. Between 2023 and 2032, this market is estimated to register a CAGR of 9.8%. In 2032, it is estimated to be valued at USD 202.5 billion.
- Interventional Oncology Ablation Market is projected to reach a USD 1,035.14 Mn by 2031 at a CAGR of 7.80%, from USD 488.44 Mn in 2021.
- Breast Cancer Treatment Market size is expected to be worth around USD 49.2 Billion by 2032 from USD 19.8 Billion in 2022, growing at a CAGR of 9.80% during the forecast period from 2023 to 2032.
- Precision Oncology Market was worth $81.37 Bn in 2022 and is expected to reach $202.5 Bn by 2032 with a CAGR of 9.8% between 2023 and 2032.
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