Radiation Oncology Market by Type, Application and Geography - Forecast and Analysis 2023-2027

Radiation Oncology Market Forecast 2023-2027

The global radiation oncology market size is estimated to grow by USD 2.03 billion at a CAGR of 4.69% between 2022 and 2027. Advancements in technology and product innovation are propelling the growth of the global market, particularly in the field of radiation therapy. Features like robotics, higher precision, and gating of the beam for moving targets enable safer and more accurate treatments. Stereotactic treatments and hypofractionation further enhance precision while minimizing exposure to healthy tissue, revolutionizing radiation therapy for improved patient outcomes.

What will be the Size of the Market During the Forecast Period?

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Market Segmentation

Technavio has divided the market into three segments that are Type, Application, and Geography.

• The type segment is classified into EBRT and brachytherapy.
• The application segment is classified into breast cancer, lung cancer, penile cancer, prostate cancer, and others.
• The geography segment includes key regions such as North America, Europe, Asia, and Rest of World.

Market Segmentation by Type, Application, and Geography

The market is driven by technological advancement in radiation therapy equipment and the increasing number of cancer cases worldwide. Radiation therapy, a critical component of oncology treatment, plays a pivotal role in addressing various types of cancer, including breast cancer, metastatic melanoma, and neuroendocrine cancers. With regulatory scrutiny ensuring safety and efficacy, proton therapy has emerged as a cutting-edge treatment modality. Advanced treatment planning software and the analysis of imaging data further enhance precision in delivering radiation to target tumour cells, minimizing collateral damage.Cancer treatment centers and oncology research institutes are at the forefront of adopting state-of-the-art radiotherapy devices such as Elekta and Gamma Knife, offering therapeutic benefits and improved outcomes. 

Type Analysis

The EBRT segment was valued at USD 6.08 billion in 2017 and continued to grow during the forecast period. EBRT delivers high-energy X-rays or beams that are generated outside the patient's body, generally by a LINAC, into the tumor. 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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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.

Application Analysis 

Breast Cancer

The rising incidence of breast cancer is one of the major factors fueling the growth of the overall market. In 2020, there were 2.3 million women diagnosed with breast tumor and 685 000 deaths globally. Radiation therapy is required for breast tumor and high-energy X-rays, protons, or other particles are needed to destroy tumor cells. 

Lung Cancer 

The number of lung cancer diagnoses is increasing due to rising cancer awareness in both developed and emerging markets and the introduction of new medical diagnostic devices and improved treatments driving the market for lung tumor drugs. This, coupled with increased spending on research and innovation by key players, is driving the demand for lung cancer therapeutics.

Penile Cancer 

Penile cancer is a rare type of cancer that forms in the male reproductive organ, the penis. Radiation therapy uses high-energy rays or particles to destroy tumor cells. The rising prevalence of tumor across the globe is a key factor driving the growth of the penile tumor treatment market. 

Other

The others segment include cervical cancer, head and neck tumor colorectal cancer, and gynaecological tumor. Government initiatives to provide better and more affordable treatment and favorable reimbursement policies are expected to spur market growth.

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Regional Analysis

North America is estimated to contribute 40% 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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North America dominates the global market. The US is the major contributor to revenue to the market in the region. The US is also the world's largest market for radiation therapy. It has the largest installed base of radiotherapy equipment. The increasing incidence of tumor, the presence of several multinational companies, the increasing number of radiotherapy procedures and the presence of several radiotherapists, the availability of developed healthcare infrastructure, the increasing adoption of technologically advanced radiation therapy devices, and the high healthcare expenditure are driving the growth of the market in North America.

Furthermore, favorable reimbursements in countries such as the US are also driving the growth of the market in the region. Many companies are also increasingly focusing on M&A and strategic collaborations to strengthen their market positions. The increasing number of regulatory approvals of new products, the increasing adoption of new technologies such as proton beam therapy, and increasing investments by companies are also major factors influencing the market research growth in the region. The market is favored by the presence of several global and local companies such as Accuray, Becton, Dickinson, Mevion Medical Systems, Varian Medical Systems, ViewRay Inc. (ViewRay), and Theragenics Corp. (Theragenics). These companies offer advanced and high-quality radiation oncology products. Hence, the availability of advanced radiation oncology products is likely to contribute to the market growth in this region during the forecast period.

Key Players in Market

There is high competition in the market.  Among several market players, the organization Accuray Inc. stands out among the competitors due to technological innovation and the on-point marketing strategy. 

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 15 market companies, including:

• 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.
• ViewRay Inc.

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. 

Market Dynamics and Customer Landscape

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. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. 

Key Market Driver

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.

Significant Market Trends

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, 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.

Major Market Challenge

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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Key Market Customer Landscape

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

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027. 

• Type Outlook 
  • EBRT
  • Brachytherapy

• Application Outlook 
  • Breast cancer
  • Lung cancer
  • Penile cancer
  • Prostate cancer
  • Others

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
    • Vietnam
    • Others
  • Rest of World
    • Saudi Arabia
    • South Africa
    • Brazil
    • Others

Market Analyst Overview

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 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	165
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 4.69%
Market growth 2023-2027	USD 2.03 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	3.98
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 40%
Key countries	US, Canada, UK, Germany, and China
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 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, Market condition analysis for 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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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market size between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the market in focus on the parent market
• Detailed market growth analysis analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Vendor landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on vendor position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across North America, Europe, Asia, and the Rest of World (ROW)
• A thorough market research and growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market growth and forecasting analysis of factors that will challenge the growth of market companies

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