Radiation Oncology Market Size, Share & Trends Analysis Report By Type (External Beam Radiation Therapy, Internal Beam Radiation Therapy), By Technology, By Application, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the radiation oncology market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for radiation oncology market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of radiation oncology market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Radiation Oncology Market Categorization:

The radiation oncology market was categorized into four segments, namely type (External Beam Radiation Therapy, Internal Beam Radiation Therapy), technology (External Beam Radiation Therapy, Brachytherapy), application (External Beam Radiation Therapy, Internal Beam Radiation Therapy), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Segment Market Methodology:

The radiation oncology market was segmented into type, technology, application, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The radiation oncology market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; France; Spain; Italy; Denmark; Sweden, Norway; Japan; China; India; Australia; South Korea; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Radiation oncology market companies & financials:

The radiation oncology market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Varian Medical Systems, Inc. is headquartered in the U.S. It offers products and solutions for cancer treatment. The company develops software and systems that harness X-ray energy to provide advanced radiotherapy, brachytherapy, proton therapy, and radiosurgery. These advanced therapies enable healthcare professionals to efficiently treat cancer patients. The company also provides non-destructive testing, cargo screening, X-ray tube technology, and digital image detectors. The company’s facilities are located in Singapore, India, Hong Kong, Netherlands, Japan, Malaysia, the UK, Belgium, Germany, Brazil, Austria, Finland, Australia, France, Saudi Arabia, Spain, the U.S., Canada, Switzerland, United Arab Emirates, China, and Italy. The company partners with healthcare professionals to provide complete care to cancer patients.

• Elekta AB was incorporated in 1972 and is headquartered in Sweden. It offers solutions and informatics for treating cancer. It develops equipment and software that aid cancer and brain disorder patients with an aim to improve, save, and prolong their lives. The company has presence in the Americas, Europe, Middle East & Africa, and Asia Pacific regions. The company offers cost-effective products & solutions to enhance the delivery of brachytherapy, radiosurgery, and radiation therapy. Elekta has pioneered the stereotactic radiosurgery and is a world leader in the field of brachytherapy.

• Accuray Incorporated offers a wide range of products and services for radiation therapy and radiosurgery. The company develops, manufactures, and sells precise and innovative solutions for radiation therapy. Moreover, it offers a wide portfolio of radiosurgery and radiation therapy platforms to treat various forms of cancer. The company was incorporated in 1990 and began its commercial operations in 1992. It is headquartered in the U.S. and has its international headquarters in Switzerland. The company is also present in France, Japan, Hong Kong, and China.

• Ion Beam Application is Belgium-based company catering to medical devices market. It was established in 1986 and has presence in North & South America, Europe, and Asia. The company invents and manufactures medical devices and supports software solutions for the treatment of cancer. The company collaborates with various healthcare leaders and academic health centers to provide a complete integrated approach for patients. The company specializes in proton therapy technologies and is a worldwide leader in advanced cancer radiation therapy. Additionally, the company provides equipment and software that allows clinics to perform vital calibration and checks required during radiation therapy. It also provides particle accelerators required for the production of radioisotopes during cancer treatments.

• Becton, Dickinson and Company was incorporated in 1897 and is headquartered in the US. It is a medical technology company that serves clinical laboratories, life sciences researchers, and healthcare institutions & industries. The company manufactures and markets a wide range of devices, diagnostic products, medical supplies, and laboratory equipment. The company operates across 3 business segments: BD Diagnostics, BD Medical, and BD Biosciences. Its brachytherapy business was acquired from C.R. Bards. C. R. Bard, Inc. develops, manufactures, and sells medical devices. The company introduced single patient use medical products for hospitals. It develops and markets innovative medical technologies in fields of oncology, vascular studies, urology, and surgical products. The company is located in the U.S., Asia Pacific, Australia, Austria, Belgium, Canada, Denmark, England, Finland, France, Germany, Greece, Italy, Japan, Netherlands, Norway, Portugal, South Africa, Spain, and Sweden.

• Isoray Medical designs and developed customized brachytherapy products, which are capable of treating a wide range of cancers. The company was founded in 1998 and is headquartered in the U.S. The company received marketing approvals for their radioisotopes for the treatment of colorectal cancer, brain cancer, prostate cancer, breast cancer, pancreatic cancer, and ocular melanoma. The company generated 99.9% of their revenues from the U.S. It is an innovator in seed brachytherapy.

• Mevion Medical Systems was incorporated in 2004 and has expertise in proton therapy for cancer treatment. The company is specialized in proton therapy solutions, single-room proton therapy, IMPT, compact proton therapy, and adaptive apertures. The company is based in the U.S. and has international offices in Japan, the UK, and a joint venture in China. The company invented compact proton therapy and is aiming to transform the cancer care by developing MEVION S250 series. These series are integration of their patented technology which delivers excellent beam quality with reduced system size & complexity, high reliability and less operational and capital cost.

• Nordion, Inc. offers products and services for the diagnosis, prevention, and treatment of diseases. Its targeted therapies segment includes TheraSphere, a therapeutic medical device used for the treatment of inoperable primary and metastatic liver cancer. The company is a leader in the field of gamma technologies and medical isotopes. Additionally, the company also specializes in the field of radiopharmaceuticals, production irradiators, and health sciences. It also designs, constructs, installs, and maintains commercial gamma sterilization systems (used for sterilization of surgical apparatus). It has a presence in around 40 countries.

• NTP Radioisotopes SOC Ltd. is a wholly owned subsidiary of South African Nuclear Energy Corporation (Necsa). The company is a leading supplier of radioisotope-based therapy products and diagnostic imaging worldwide. It has operational facilities in the near South Africa at Pelindaba nuclear facility. It supplies nearly one-third of the world’s Mo-99 and exports its products to around 50 countries. It produces and distributes other medical radioisotopes-such as, including iodine-131 and lutetium-177.

• Curium was founded by the IBA Molecular and Mallinckrodt Nuclear Medicine Union in 2017 and is headquartered in the UK. The two companies are major North American and European suppliers. Curium is engaged in developing, manufacturing, and distributing high-quality radiopharmaceutical products to cater to patients across the globe. The company delivers vital products to over 14 million patients, including PET, SPECT, and therapeutic radiopharmaceuticals, every year. As of May 2021, the company had 957 employees.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Radiation Oncology Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Radiation Oncology Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.