The Global Radiation Oncology Market size is expected to reach $12.8 billion by 2028, rising at a market growth of 8.5% CAGR during the forecast period.
A multidisciplinary approach to treating cancer must include the medical specialty of radiation oncology (radiotherapy/radiotherapy). It makes use of high-energy x-rays (photons), which are typically delivered by a linear accelerator. These non-invasive, painless therapeutic x-rays are used to treat a variety of malignancies. A multidisciplinary team composed of radiation oncologists, nurses, radiation therapists, and medical physicists will discuss radiation therapy as a treatment option, assess users, plan and deliver users' treatments, and assist users with any side effects experienced.
The linear accelerator is housed within a cancer center. Radiation therapy, often known as radiation, has acquired recognition as a highly effective cancer treatment option for reducing cancer-related morbidity and mortality. The desire for technologically advanced treatment options is growing, which is driving the market for radiation oncology.
Accurate tumor localization during oncology has been made possible by the introduction of cutting-edge technology. The effectiveness of radiation oncology has increased due to the use of diagnostic imaging. Treatment approaches include stereotactic radiosurgery, volumetric-modulated arc therapy, 3D high-dose-rate brachytherapy, and 3D conformal radiation have all grown in popularity.
Additionally, the planning of diagnosis, staging, and oncology is becoming more and more dependent on enhanced imaging modalities. Tumor targeting developments in radiation oncology have paved the way for individualized care due to the field's continual breakthroughs. The market for radiation oncology is anticipated to be driven by technical developments that increase the efficacy and safety of treatments.
4D radiation, which combines 4D imaging with radiotherapy, enables accurate tumor size, shape, area, and volume measurements as well as real-time tumor tracking. With this combination, medical professionals can still administer a conformal dose while compensating for organ, tumor, or patient movement.
On the market for radiation oncology, a detrimental effect of the COVID-19 pandemic is anticipated. Lockdowns were implemented to stop the COVID-19 virus from spreading. Several hospitals have undergone COVID-19 center conversions. As a result of the Coronavirus pandemic in 2019, the healthcare sector has been severely damaged, even though many studies focus on preventing and treating COVID-19. The COVID-19 pandemic has had a significant impact on these factors on several levels, including the decrease in the number of cancer patients seen at cancer centers, the implementation of additional safety measures, the availability of health care staff and training, the influence on patient behavior, and changes to clinical practice.
The advantages of radiation treatments have motivated numerous activities, including conferences and symposia, in recent years. At such gatherings, a bigger emphasis is placed on raising awareness of the advantages and therapeutic benefits that radiation provides for a variety of cancers. For instance, Portugal will host the 6th Cancer World Congress in September 2022. The sixth Cancer World Congress will focus on "Personalized Cancer Diagnosis and Therapy" in 2022.
The second-leading cause of death, cancer, is responsible for a significant fraction of all fatalities. Wealthy countries have a substantially higher cancer rate than developing ones. It is anticipated that recognized risk factors will be increasingly prominent in these developing nations due to population growth, aging, and an increase in known risk factors. Lung cancer is the leading cause of cancer-related death in men only in industrialized countries, while breast cancer is the leading cause of cancer death in developing countries.
To improve the precision and focus of the equipment and techniques used in radiotherapy, there are ongoing technological developments. However, as a clinical modality, radiation, high standards can only be attained and upheld by full-time professionals. Thus, it is anticipated that a lack of technical know-how and a paucity of skilled workers would hinder the introduction of modern radiation. Due to a lack of qualified and trained people, many cancer patients are denied access to effective and cutting-edge radiotherapy techniques.
On the basis of Type, the Radiation Oncology Market is divided into External Beam Radiation Therapy and Internal Radiation Therapy. The internal radiation therapy witnessed a significant revenue share in the radiation oncology market in 2021. An approach to treating cancer is known as internal radiation therapy, sometimes referred to as brachytherapy or seed implantation. It directly administers a strong dosage of radiation to the tumor while sparing adjacent tissues.
Based on the Application, the Radiation Oncology Market is divided into Breast Cancer, Gynecological Cancer, Colorectal Cancer, Lung Cancer, Prostate Cancer, Head & Neck Cancer, Gynecological Cancer, and Others. The lung cancer recorded a substantial revenue share in the radiation oncology market in 2021. In addition to lymph nodes and other body organs including the brain, lung cancer can also start in the lungs. There is a chance that lung cancer will spread to other organs. Metastases are cancer cells that have migrated from one organ to another.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 7.3 Billion |
| Market size forecast in 2028 | USD 12.8 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 8.5% from 2022 to 2028 |
| Number of Pages | 202 |
| Number of Tables | 303 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
|
| Restraints |
|
Region-wise, the Radiation Oncology Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region garnered a promising revenue share in the radiation oncology market in 2021. It is due to the increase in government programs to enhance public awareness of available treatments, an increase in demand for advanced therapies, and an increase in the incidence of cancer. Companies are launching new products, forming alliances, and engaging in other strategic measures to grow their market shares in this area.
Free Valuable Insights: Global Radiation Oncology Market size to reach USD 12.8 Billion by 2028
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Varian Medical Systems, Inc. and Becton, Dickinson and Company are the forerunners in the Radiation Oncology Market. Companies such as Elekta AB, Accuray Incorporated and Ion Beam Applications SA are some of the key innovators in Radiation Oncology Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Becton, Dickinson and Company, Varian Medical Systems, Inc., Ion Beam Applications SA, Elekta AB, Accuray Incorporated, Nordion Inc. (Sotera Health LLC), Isoray Inc., Mevion Medical Systems, Inc., Provision Healthcare, and Panacea Medical Technologies Pvt. Ltd.
By Application
By Type
By Geography
The Radiation Oncology Market size is projected to reach USD 12.8 billion by 2028.
Radiotherapy Education Program are driving the market in coming years, however, Lack Of Qualified Radiologists And Oncologists restraints the growth of the market.
Becton, Dickinson and Company, Varian Medical Systems, Inc., Ion Beam Applications SA, Elekta AB, Accuray Incorporated, Nordion Inc. (Sotera Health LLC), Isoray Inc., Mevion Medical Systems, Inc., Provision Healthcare, and Panacea Medical Technologies Pvt. Ltd.
The expected CAGR of the Radiation Oncology Market is 8.5% from 2022 to 2028.
The External Beam Radiation Therapy segment acquired maximum revenue share in the Global Radiation Oncology Market by Type in 2021 thereby, achieving a market value of $9.5 billion by 2028.
The North America market dominated the Global Radiation Oncology Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4.5 billion by 2028.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 