Radiation Oncology Market Was Valued at USD 7,548.9 Million in 2021

According to Precision Business Insights (PBI), the latest report the global radiation oncology market is expected to be worth USD 7,548.9 million in 2021 and projected to grow at a 7.6% CAGR from 2022 to 2028. The primary factors driving the growth of this market are technological improvements in radiation and the growing prevalence of cancer. Other factors driving the growth of this market include increased awareness of the benefits of radiation and the increased usage of particle therapy for cancer treatment. However, limited healthcare infrastructure, particularly in developing nations, and a dearth of experienced oncologists and radiologists impede the market's expansion. Furthermore, the high cost of radiation devices and the high complexity involved with radiotherapy treatment are projected to hinder the market growth during the forecast period.

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The External Beam Radiation Therapy Additives Segment is Dominating the Radiation Oncology Market:
The external beam radiation therapy segment is expected to account for a larger revenue share and the market is expected to grow at a double-digit growth rate over the forecast years owing to the increase Cancer is a severe health issue that affects a large population all over the world. Cancer diagnosis and treatment are difficult for health care workers because it affects the immune system. According to the WHO, 18 million new cancer cases were recorded worldwide in 2018, and cancer kills over 8.2 million people yearly. Furthermore, the number of cancer cases is expected to climb by 70% globally, with Africa, Asia, and Latin America accounting for 60% of all instances.

North America Leads Radiation Oncology Market
North America is expected to hold a significant market share in the global Radiation oncology Market and is projected to grow at a prominent growth rate over the forecast years. High healthcare spending, modern healthcare infrastructure, and large R&D expenditures are some of the primary reasons influencing this region's market supremacy. Furthermore, prominent companies such as Varian Medical Systems, Accuracy Incorporated, and Nordion Inc. are projected to drive the growth of the radiation oncology market. Moreover. In the Asia Pacific, the market for radiation oncology is projected to witness the highest growth rate over the forecast period. Increasing government initiatives to improve knowledge about treatment alternatives, increasing demand for complex therapies, and the rising prevalence of cancer are some of the important drivers driving the growth of the radiation oncology market. Companies are investing in various strategic activities to increase their market share in this region, such as alliances, distribution agreements, and new product launches.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Radiation oncology market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In August 2020, Siemens Healthcare GmbH launched its plans to acquire Varian Medical Systems, Inc. for USD 16.4 billion. The deal is expected to be completed by H1 2020.

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The radiation oncology market is segmented based on by type, end use and geography.
By Type
o External Beam Radiation Therapy
o Internal Radiation Therapy
o Systemic Radiation Therapy

By End User
o Hospitals and Clinics
o Others

Based on Geography
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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Key player's profiles in the Radiation Oncology Market report are Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, Ion Beam Applications (IBA), C.R. BARD, INC. (BD), Isoray Medical, Mevion Medical Systems, Inc., Nordion Inc., NTP Radioisotopes SOC Ltd.

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