The global radiation oncology market size was valued at USD 6.6 billion in 2019 and is expected to register a CAGR of 7.3% over the forecast period. Rising adoption of radiotherapy, technological advancements in radiotherapy, rising prevalence of cancer, and increasing healthcare expenditure are some of the key factors driving the market for radiation oncology.
In addition, hospitals are setting up radiation oncology clinics to offer services and treatments for patients. For instance, in May 2018, HSHS St. Elizabeth’s Hospital received approval from Illinois Health Facilities and Services Review Board (HFSRB) to build a radiation oncology clinic. The new clinic will provide medical oncology and radiation oncology services such as intensity modulated radiotherapy (IMRT), stereotactic body radiotherapy (SBRT), and image guided radiotherapy (IGRT).
Technological advancements to develop efficient treatment options through medical oncology is anticipated to drive the market for radiation oncology. For instance, in December 2019, Elekta AB collaborated with ViewRay, Inc. to advance the impact of MR-guided therapy in oncology. This collaboration aimed to improve MR-Linac technology in order to benefit clinicians and patients with wider treatment options.
Comparative studies are carried out by researchers to prove the effectiveness of one radiation therapy in oncology over other therapies. For instance, Perelman School of Medicine at the University of Pennsylvania presented a study in June 2019 on Proton therapy. The study stated that Proton therapy has lower side-effects due to its use of multiple X-ray beams to attack a tumor as compared to conventional radiation.
External beam radiation therapy (EBRT) dominated the radiation oncology market in 2019 owing to lower side-effects and ease in delivery as radiologists can control the rate of radiotherapy.
Compact advanced radiotherapy systems such as CyberKnife, Gamma Knife, and tomotherapy have a wide range of applications. Gamma Knife is widely used for the treatment of brain tumors. It utilizes high-intensity cobalt radiation that concentrates radiation in small volumes. According to Elekta AB, 1.1 million people received Gamma Knife therapy until 2018 and 330 clinical Leksell Gamma Knife units were distributed among 54 countries.
Brachytherapy is likely to gain a significant share through the forecast period owing to factors such as quicker recovery, reduction in Length of Stay (LoS) in hospital, and reduced risk of postoperative complications.
In addition, the development and approval of new brachytherapy devices for the treatment of various cancers is anticipated to boost the segment growth. For instance, in October 2019, CivaTech Oncology, Inc. received U.S. FDA approval for CivaDerm to treat skin cancer. CivaDerm is a low dose rate (LDR) brachytherapy treatment which was developed in collaboration with the National Institute of Health (NIH), National Cancer Institute (NCI), and NC Biotech Center.
IMRT is a next-generation radiation oncology treatment line of 3-D CRT and an advanced type of precision radiotherapy method. This system is increasingly adopted in hospitals owing to its high efficiency and its ability to conform radiotherapy beams at complex tumor locations. Therefore, IMRT technology held the largest market share in 2019. In July 2019, Swiss Medical Network purchased a Radixact system, an image guided, intensity modulated radiation therapy (IG-IMRT), developed byAccuray, Inc. to provide a highly precise radiation system to treat patients. Adoption of these accurate systems by hospitals is expected to drive the market growth.
Applications of EBRT include the treatment of prostate, breast, lung, colorectal, head, and neck cancer. Breast cancer treated using EBRT accounted for a significant share in 2019 due to high effectiveness and support awareness programs.
Furthermore, lung cancer treatment using EBRT is projected to witness the fastest growth rate over the forecast period owing to increasing safety approvals by various regulatory authorities. For instance, in June 2018, Accuray, Inc., a radiation oncology company, received approval from the Atomic Energy Regulatory Board (AERB) for Radixact X9 System in India. This system is indicated for lung and various other cancers. This approval indicates the safety standards of the device.
Brachytherapy is used for the treatment of cervical, gynecological, prostate, penile, breast, and other forms of cancer. Treatment of prostate cancer with internal radiation therapy accounted for the largest share in 2019. The availability of treatment centers reduced length of stay (LoS) in hospitals, and fewer complications are factors contributing to market growth.
North America dominated the global market for radiation oncology in 2019. This is attributed to advanced healthcare infrastructure, high healthcare expenditure, and significant R&D carried out in radiation oncology. The presence of key players such as Accuray Incorporated and Nordion, Inc. is also expected to boost the regional market growth.
The Asia Pacific is projected to witness the highest growth over the forecast period. Launch of new radiation oncology therapy systems in medical centers and hospitals in countries such as India, Japan, and China drives the Asia Pacific market for radiation oncology. In addition, strategic initiatives undertaken by key players to strengthen their presence in the region is expected to fuel the market growth. For instance, in November 2019, Mevion Medical Systems collaborated with ASYS Corporation and Chung Shan Medical University Hospital to provide advanced proton therapy in Central Taiwan.
Elekta AB; Ion Beam Applications SA; Mevion Medical Systems, Inc.; Varian Medical Systems; Nordion (Canada) Inc.; C.R. Bard, Inc.; Accuray Incorporated; and IsoRay, Inc. are some of the key players operating in the market.
Key players focus on adopting strategies such as product expansion, regional expansion, acquisitions, and licensing. For instance, in July 2019, Mevion Medical Systems and RaySearch Laboratories AB extended its partnership to advance Hyperscan proton therapy system and Adaptive Aperture proton multi-leaf collimator.
Report Attribute |
Details |
Market size value in 2020 |
USD 6,982.8 million |
Revenue forecast in 2027 |
USD 11,530.7 million |
Growth Rate |
CAGR of 7.3% from 2020 to 2027 |
Base year for estimation |
2019 |
Historical data |
2016 - 2018 |
Forecast period |
2020 - 2027 |
Quantitative units |
Revenue in USD million and CAGR from 2020 to 2027 |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors and trends |
Segments covered |
Type, technology, application, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country scope |
U.S.; Canada; U.K.; Germany; Spain; Italy; Russia; France; China; Japan; India; South Korea; Australia; Singapore; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE |
Key companies profiled |
Accuray, Inc.; Nordion (Canada) Inc.; Accuray, Inc., Varian Medical Systems, IsoRay, Inc.; Ion Beam Applications SA; Elekta AB; C.R. Bard, Inc., Mallinckrodt Public Ltd.; Mevion Medical Systems; NTP radioisotopes soc. Ltd. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global report on the basis of type, technology, application, and region:
Type Outlook (Revenue, USD Million, 2016 - 2027)
External Beam Radiation Therapy
Electron-Emitting High-Energy Linear Accelerators (Linac)
Compact Advanced Radiotherapy Systems
Cyberknife
Gamma Knife
Tomotherapy
Proton Therapy
Cyclotron
Synchrotron
Internal Beam Radiation Therapy
Brachytherapy
Seeds
Applicators and Afterloaders
Electronic Brachytherapy
Systemic Beam Radiation Therapy
Others
Technology Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
External Beam Radiation Therapy
Image-Guided Radiotherapy (IGRT)
Intensity Modulated Radiotherapy (IMRT)
Stereotactic Technology
Proton Beam Therapy
3D Conformal Radiotherapy (3D CRT)
Volumetric Modulated Arc Therapy (VMAT)
Brachytherapy
Low-Dose Rate Brachytherapy
High-Dose Rate Brachytherapy
Application Outlook (Revenue, USD Million, 2016 - 2027)
External Beam Radiation Therapy
Prostate Cancer
Breast Cancer
Lung Cancer
Head and Neck Cancer
Colorectal Cancer
Others
Internal Beam Radiation Therapy
Prostate Cancer
Gynecological Cancer
Breast Cancer
Cervical Cancer
Penile Cancer
Others
Regional Outlook (Revenue, USD Million, 2016 - 2027)
North America
U.S.
Canada
Europe
Germany
U.K.
Spain
Italy
Russia
France
Asia Pacific
China
Japan
India
South Korea
Australia
Singapore
Latin America
Mexico
Brazil
Argentina
MEA
South Africa
Saudi Arabia
UAE
b. The global radiation oncology market size was valued at USD 6,575.6 million in 2019 and is estimated to reach USD 6,982.8 million in 2020.
b. The global radiation oncology market is expected to grow at a compound annual growth rate of 7.3% from 2020 to 2027 to reach USD 11,530.7 million by 2027.
b. External Beam Radiation Therapy dominated the global radiation oncology market with a share of 78.6% in 2019 owing to lower side-effects and ease in delivery as radiologists can control the rate of radiotherapy.
b. Key players operating in the radiation oncology market include Accuray, Inc.; Nordion (Canada) Inc.; Accuray, Inc., Varian Medical Systems, IsoRay, Inc.; Ion Beam Applications SA; Elekta AB; C.R. Bard, Inc., Mallinckrodt Public Ltd.; Mevion Medical Systems, and NTP radioisotopes soc. Ltd.
b. Key factors that are driving the radiation oncology market growth include rising adoption of radiotherapy, technological advancements in radiotherapy, rising prevalence of cancer, and increasing healthcare expenditure.
This report has a service guarantee. We stand by our report quality.
We are in compliance with GDPR & CCPR norms. All interactions are confidential.
Design an exclusive study to serve your research needs.
Get your queries resolved from an industry expert.
"The quality of research they have done for us has been excellent..."
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.