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The global radiation oncology market size is estimated to grow by USD 1.94 billion, at a CAGR of 4.34% between 2023 and 2028. The increasing incidence of cancer has spurred significant technological advances in radiation oncology, particularly in the development and adoption of advanced radiotherapy equipment. This trend reflects a global effort to enhance treatment efficacy and patient outcomes through precise targeting of tumors while minimizing damage to surrounding healthy tissue. Technological innovations such as image-guided radiation therapy (IGRT), intensity-modulated radiation therapy (IMRT), and stereotactic body radiation therapy (SBRT) have revolutionized cancer treatment, allowing for more tailored and effective therapies. The growing adoption of these sophisticated radiotherapy techniques underscores their importance in modern oncology practice, offering new hope and improved quality of life for cancer patients worldwide. As research continues to drive innovation, the future promises even more refined and personalized approaches to combating this complex disease.
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The EBRT segment is estimated to witness significant growth during the forecast period. EBRT is usually delivered by X-rays, which are also called photons. It can also use electrons or other rare particles such as protons. EBRT is used to treat a wide range of diseases, such as breast tumor, CRC, esophageal tumor, head and neck tumor, lung tumor, prostate tumor, and brain tumor.
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The EBRT segment was valued at USD 6.22 billion in 2018. EBRT delivers high-energy X-rays or beams that are generated outside the patient's body, generally by a LINAC, into the tumor. Moreover, Brachytherapy is an advanced tumor treatment procedure. It places sealed radioactive seeds or sources in or near the tumor to provide a high dose of radiation to the tumor and reduce radiation exposure in the surrounding healthy tissues. It is used to treat tumors such as the prostate, cervix, head and neck, skin, breast, gallbladder, uterus, vagina, lung, and rectum. Brachytherapy can be further segmented into seeds, applicators and after loaders, and electronic brachytherapy.
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Europe is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Radiation oncology is a critical segment of oncology treatment that utilizes various devices and technologies to target and destroy abnormal cells. Key modalities include intracavitary brachytherapy using seeds and stereotactic therapy. Linear accelerators, such as X-ray machines and particle therapy systems, are essential radiation therapy equipment. These devices deliver precise doses of radiation to tumors, reducing pain and improving therapeutic benefits. Linear accelerators are used in the treatment of various cancers, including prostate, liver, lung, and neuroendocrine cancers. Metastatic melanoma and obesity pose unique challenges in radiation therapy, necessitating technological developments in radiotherapy equipment and treatment planning software. Regulatory scrutiny ensures the safety and efficacy of oncology devices, driving up the cost of healthcare spending.
In addition, physicians use radiotherapy devices, such as Linear accelerators and radioisotopes, in combination with radiopharmaceuticals and tumour tracking systems to provide effective oncology treatment. The rising healthcare spending and per-capita healthcare expenditure fuel the demand for advanced radiotherapy technology. Technological advancements in radiotherapy, such as proton therapy and targeted therapy, offer significant therapeutic benefits to patients. Provision Healthcare and other industry players invest in research and development to expand their product portfolios and cater to the evolving needs of the oncology market.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accuray Inc.- The company develops, manufactures, and markets proprietary medical devices used in radiation oncology therapy for the treatment of cancer patients. The key offerings of the company include radiation oncology solutions.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Technavio’s report consists of a holistic analysis of the key development Analysis, development stage, pipeline analysis, FDA approval, market players, their marketing strategies, and powerful innovations to help any client gain a competitive edge.
The Radiation Oncology Market is driven by technological advancements in radiation therapy equipment and the increasing incidence and prevalence of cancer cases worldwide. Key trends include the adoption of proton therapy, the development of advanced treatment planning software, and the utilization of imaging data for precise treatment delivery. However, challenges such as regulatory scrutiny, rising healthcare expenditure, and the complexity of targeting tumour cells pose significant hurdles. Overcoming these challenges while leveraging therapeutic benefits and embracing technological developments will define the future trajectory of the Radiation Oncology Market. There are multiple factors influencing the market growth.
The growth of the global market is being fueled by advancements in technology and product innovation. These advancements include features such as robotics, higher precision, higher dose rates, gating of the beam to track moving targets, stereotactic treatments, and hypofractionation. These technological improvements have made it possible to deliver radiation therapy with greater precision and safety while minimizing exposure to healthy tissue.
Moreover, innovative products such as the CyberKnife and Gamma Knife have made tumor treatment non-invasive and painless. Companies such as ViewRay and Accuray are offering advanced products like the MRI-Guided LINAC System and the world's first multileaf collimator for a robotic platform, respectively. The use of targeted nanoparticle systems and personalized biological therapies has also been shown to work synergistically with radiation therapy to improve tumor eradication efficiency. The adoption of these advanced products is expected to drive market growth during the forecast period.
Companies are increasingly targeting emerging economies like China and India due to the rising focus on cancer prevention, favorable government initiatives, and increasing clinical research activities in the field of oncology treatment, which provide substantial market opportunities. The availability of low-cost raw materials for the development of advanced radiation oncology products and relatively lower labor costs are attracting both new entrants and established global companies to expand their presence in these developing countries.
Moreover, the growth in the number of large and mid-sized hospitals and other healthcare facilities in these countries is also contributing to the demand for products needed to treat tumor. With the expected increase in the number of hospitals in the coming years to cater to the growing demand for advanced tumor treatment, the demand for radiation oncology products is expected to rise globally. These factors are expected to drive the growth of the global market during the forecast period.
Product recalls can have a detrimental impact on a company's brand image and revenue, presenting a significant challenge to the market. Given the lengthy development and government approval cycles of many products, recalls can hinder companies' growth prospects. In response to an issue related to radiotherapy treatment, Elekta issued an Urgent Important Field Safety Notification in May 2020, alerting engineers to the problem and its clinical impact.
Moreover, the company also issued an Urgent Field Safety Notification to clients, urging them to review the TPS system to ensure all wedges were defined with the necessary IDs and to verify that the exported RT Plan information contained the required Wedge IDs. Elekta assured customers that the issue would be resolved in MOSAIQ Release 2.80 Beta 01, with updates provided through Service Packs to MOSAIQ and Multi-ACCESS. The company pledged to notify customers of the Service Packs' availability via Product Bulletin. Such recalls have the potential to impede market growth during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is characterized by a diverse range of technologies and treatments aimed at addressing various types of cancers. Key advancements such as 3D Conformal Radiotherapy (3D-CRT), Image-Guided Radiation Therapy (IGRT), and Intensity-Modulated Radiation Therapy (IMRT) have revolutionized cancer treatment centers by enabling precise targeting of tumor cells while minimizing damage to healthy tissues. This has significantly improved the curative treatment options for patients with advanced cancers like brain cancer, breast cancer, liver cancer, and neuroendocrine cancers. Moreover, technological developments in radiotherapy equipment, including compact advanced systems and particle therapy systems like Elekta Unity MR-Linac, have enhanced the therapeutic benefits and outcomes for patients.
Moreover, advancements in treatment planning software and tumor tracking techniques have allowed healthcare providers to deliver more personalized and effective radiation therapy. Despite these advancements, challenges such as scarcity of qualified radiotherapy specialists, regulatory scrutiny, and the risk of radiation exposure remain significant concerns in the Market. Additionally, rising healthcare spending, provision Healthcare, radioisotopes, and access to high-quality healthcare are essential factors influencing the adoption rate of advanced radiotherapy devices and techniques globally, especially in emerging nations striving for economic development and improved healthcare infrastructure.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.34% |
Market growth 2024-2028 |
USD 1.94 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.09 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
Europe at 39% |
Key countries |
US, UK, Canada, China, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accuray Inc., Becton Dickinson and Co., Canon Inc., Carl Zeiss AG, Elekta AB, Hitachi Ltd., iCAD Inc., Ion Beam Applications SA, IsoRay Inc., Mallinckrodt Plc, Mevion Medical Systems Inc., Nordion Canada Inc., Optivus Proton Therapy Inc., Panacea Medical Technologies Pvt. Ltd., RefleXion Medical Inc., Sensus Healthcare Inc., Sumitomo Heavy Industries Ltd., Theragenics Corp., Varian Medical Systems Inc., and ViewRay Inc. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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