Global Radiation Oncology Market to Reach USD 7.8 Billion by 2032, Driven by Rising Incidence of Cancer and Technological Developments

The global Radiation Oncology Market was valued at USD 5.2 billion in 2022 and is predicted to increase to USD 7.8 billion by 2032 with a revenue CAGR of 4.2% during the forecast period. Factors driving market growth include the increasing demand for non-invasive cancer therapies, rising incidence of cancer, and advancements in radiation therapy technology. The use of high-energy radiation in radiation oncology helps to eliminate cancer cells and reduce tumor size. The growth of the market is attributed to the expansion of cancer treatment facilities and the increasing use of radiation therapy, particularly among the elderly population. Moreover, the market is being driven by technological advancements in radiation therapy, including the development of Intensity-Modulated Radiation Treatment (IMRT) and Image-Guided Radiation Therapy (IGRT).

Radiation therapy is becoming more precise and less invasive, making it a more effective and comfortable treatment option for cancer patients. The market is also being driven by the rising demand for individualized treatment, where radiation therapy can be customized to the unique genetics of each patient's tumor. Radiation therapy is a popular choice for cancer patients who are ineligible for surgery or prefer non-invasive procedures, as it can be administered outside of the hospital, responding to the growing need for outpatient cancer treatments.

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Key players in the Radiation Oncology Market -

• Varian Medical Systems, Inc.
• Elekta AB
• Accuray Incorporated
• C. R. Bard, Inc.
• IBA Worldwide
• Brainlab AG
• ViewRay Technologies, Inc.
• Mevion Medical Systems, Inc.
• Hitachi, Ltd.
• RaySearch Laboratories AB

However, the market growth is expected to be constrained by the high cost of radiation therapy, limited access to cancer treatment facilities in underdeveloped regions, and adverse effects. Some patients may find it difficult to tolerate the side effects of radiation therapy, such as fatigue, skin irritation, and nausea. The high cost of radiation therapy, particularly for advanced procedures like IMRT and IGRT, can also pose a barrier to care for some patients. Despite these challenges, the global radiation oncology market is projected to grow due to the increasing demand for cancer treatment facilities and the development of new radiation therapy procedures.

Segments Covered in the Report

The global cancer treatment market is segmented by treatment type, application, and end-use. In terms of treatment type, the market can be divided into external beam radiation therapy, internal radiation therapy, and systemic radiation therapy. External beam radiation therapy is a common type of radiation therapy that uses high-energy beams to destroy cancer cells from outside the body. Internal radiation therapy, on the other hand, involves placing radioactive material directly into or near the tumor. Systemic radiation therapy uses a radioactive substance, such as a radioactive pill or injection, that travels throughout the body to destroy cancer cells.

In terms of application, the market can be segmented into prostate cancer, breast cancer, lung cancer, brain cancer, and other cancers. Prostate cancer is a type of cancer that develops in the prostate, a gland in the male reproductive system. Breast cancer is a type of cancer that develops in the breast tissue, while lung cancer is a type of cancer that starts in the lungs. Brain cancer is a type of cancer that starts in the brain and can spread to other parts of the body. Other cancers include various types of cancers, such as colorectal cancer, pancreatic cancer, and ovarian cancer.

Finally, the market can be segmented by end-use into hospitals, ambulatory surgical centers, and others. Hospitals are expected to hold a significant share of the market due to the increasing number of cancer cases being treated in hospitals. Ambulatory surgical centers are also expected to witness significant growth during the forecast period, as they provide outpatient care and are becoming increasingly popular for cancer treatment.

In summary, the global cancer treatment market is expected to witness significant growth during the forecast period, driven by advancements in technology and rising prevalence of cancer. The market is segmented by treatment type, application, and end-use, with external beam radiation therapy, prostate cancer, and hospitals expected to hold significant shares of the market.

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Strategic development:

Several companies in the healthcare industry have launched innovative products and acquired other companies to expand their product offerings. In 2021, Varian Medical Systems, Inc. introduced the Ethos™ therapy system, which is an Artificial Intelligence (AI)-powered adaptive treatment system for cancer patients. The system integrates advanced imaging and treatment technologies to provide personalized radiation therapy for cancer patients. Similarly, Elekta AB launched the Elekta Harmony system in 2020, which is a radiation therapy system that offers high-quality treatment options for cancer patients. The system integrates advanced imaging and treatment technologies to provide precise radiation therapy.

Accuray Incorporated launched its CyberKnife® M6™ system in 2020, which is a robotic stereotactic radiosurgery system for cancer patients. The system integrates advanced imaging and treatment technologies to provide precise and personalized radiation therapy. In 2019, C. R. Bard, Inc. acquired BARDY Diagnostics, Inc., a healthcare technology company that develops and commercializes non-invasive diagnostic solutions for cardiac arrhythmias. The acquisition was aimed at expanding C. R. Bard's product offerings in the cardiac monitoring market. In the same year, IBA Worldwide acquired WISE Srl, an Italian company that develops and manufactures innovative cancer treatment technologies, to expand its product offerings in the radiation oncology market.

In 2018, Brainlab AG acquired VisionTree Software, Inc., a healthcare technology company that develops and commercializes patient-centered outcomes data collection solutions. The acquisition was aimed at expanding Brainlab AG's product offerings in the patient-reported outcomes market. The same year, Elekta launched the Unity system, which combines Magnetic Resonance Imaging (MRI) and radiation therapy in one system, enabling real-time visualization of tumors during treatment. Additionally, in 2018, Mevion Medical Systems launched the MEVION S250i Proton Therapy System, a compact proton therapy system that delivers high doses of radiation to tumors while minimizing damage to surrounding healthy tissue.

In 2017, Mevion Medical Systems, Inc. launched the MEVION S250i™ system, which is a proton therapy system for cancer patients. The system integrates advanced imaging and treatment technologies to provide precise radiation therapy for cancer patients. In 2016, Hitachi, Ltd. acquired Mitsubishi Electric Corporation's particle therapy system business to expand its product offerings in the proton therapy market. The same year, Accuray launched the Radixact system, a state-of-the-art radiation therapy system that delivers high doses of radiation to tumors with minimal damage to surrounding healthy tissue. Also, RaySearch Laboratories AB launched its RayStation® treatment planning system, which is a software solution for radiation therapy treatment planning that integrates advanced imaging and treatment technologies to provide precise radiation therapy for cancer patients.

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