Radiation Oncology Market Size, Share & Trends Analysis Report By Type (External Beam Therapy, Internal Beam Radiation Therapy), By Application, By Technology, By Region, And Segment Forecasts, 2020 - 2027

Industry Insights

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.

Type Insights

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, 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 National Institute of Health (NIH), National Cancer Institute (NCI), and NC Biotech Center.

Technology Insights

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 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.

Application Insights

Applications of EBRT include 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 supportive 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 Atomic Energy Regulatory Board (AERB) for Radixact X9 System in India. This system is indicated for lung and various other cancers. This approval indicates 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. Availability of treatment centers, reduced length of stay (LoS) in hospitals, and fewer complications are factors contributing to market growth.

Regional Insights

North America dominated 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. Presence of key players such as Accuray Incorporated and Nordion, Inc. is also expected to boost the regional market growth.

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.

Radiation Oncology Market Share Insights

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 Scope

Segments Covered in the Report

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