Radiation Oncology Market Size, Share & Trends Analysis Report By Type (External Beam Radiation Therapy, Internal Beam Radiation Therapy), By Application, By Technology, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global radiation oncology market size was valued at USD 6.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028. The increasing prevalence of cancer, rising adoption of radiotherapy in cancer treatment, and technological advancements in radiotherapy equipment are some of the major factors driving the market. Technological advancements to improve treatment safety and efficacy are expected to drive the market for radiation oncology. 4D radiotherapy is a combination of 4D imaging and radiotherapy, which allows real-time tracking of a tumor and provides precise information regarding the tumor size, shape, area, and volume. This combination enables physicians to compensate for organ, tumor, or patient movement and deliver a conformal dose.

The key players are also entering strategic collaborations for the advancement of radiotherapy. For instance, in December 2019, Elekta AB collaborated with ViewRay, Inc. for the advancement of MR-guided therapy in oncology. This collaboration aimed to improve MR-Linac technology to benefit clinicians and patients with wider treatment options.

However, the lack of skilled radiotherapy professionals is one of the major factors restraining the growth of the market for radiation oncology. For instance, in developed countries, there are around 2-3 radiation oncologists per 1,000 cancer patients, whereas, Bangladesh report only 0.76 radiation oncologists per 1,000 cancer patients. Similar is the situation in India. Besides, there is a lack of training and education in radiation oncology among physicians in many countries.

The market for radiation oncology has also been negatively impacted due to the COVID-19 pandemic. Hospitals have delayed the purchase of capital equipment and redirected the resources towards the treatment of COVID-19. Additionally, there have also been delays in the installation of the already sanctioned equipment due to the pandemic.

Type Insights

The External Beam Radiation Therapy (EBRT) segment dominated the market for radiation oncology and accounted for the largest revenue share of 79.3% in 2020 owing to the relatively higher price of equipment and high installed base of external beam radiation therapy equipment. EBRT is the most widely used form of radiotherapy.

Compact advanced radiotherapy systems such as Gamma Knife, CyberKnife, and tomotherapy have a wide range of applications. Gamma Knife is commonly 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 in the market for radiation oncology during the forecast period, owing to factors such as decreased length of hospital stay, and faster recovery. Also, the development and approval of new brachytherapy devices for the treatment of various cancers is anticipated to boost the segment growth. For instance, in January 2019, GT Medical Technologies received the U.S. FDA approval for GammaTile therapy. The GammaTile therapy is particularly developed for use in the treatment of brain tumors. It uses a Cesium-131 radiation source.

Technology Insights

The IMRT technology segment dominated the market for radiation oncology and accounted for the largest revenue share of 25.0% in 2020. IMRT allows a change in radiation intensity during treatment to specifically target cancer cells and limit the damage to adjoining healthy tissues. Linear accelerators are used to deliver a radiation dose to the exact dimensions of tumors. Due to its excellent reliability and ability to adapt radiotherapy beams at complex tumor sites, this technology dominated the market for radiation oncology in 2020.

In July 2019, Swiss Medical Network purchased a Radixact system, an Image-guided, Intensity-modulated Radiation Therapy (IG-IMRT), developed by Accuray, Inc. to provide a highly precise radiation system to treat patients. Adoption of these accurate systems by hospitals is expected to drive the market for radiation oncology.

Application Insights

The EBRT segment dominated the radiation oncology market and accounted for the largest revenue share of 79.0% in 2020. Breast cancer treated using EBRT accounted for a significant share in 2020 due to high effectiveness and supporting awareness programs. Furthermore, lung cancer treatment using EBRT is anticipated to witness the fastest growth due to the increasing prevalence of the disease.

According to the International Agency for Research on Cancer, the incidence of lung cancer is expected to grow from 2.21 million in 2020 to 2.9 million by 2030. Radiation therapy is used for the treatment of both NSCLC and SCLC, either along with chemotherapy or post-surgery or pre-surgery. Brachytherapy is used for the treatment of gynecological, breast, lung, penile, and other types of cancer. IBRT for the treatment of prostate cancer accounted for the maximum share in 2020.

Regional Insights

In 2020, North America dominated the market for radiation oncology and accounted for the largest revenue share of more than 44.0%. High healthcare expenditure, advanced healthcare infrastructure, and significant R&D investments are some of the major factors contributing to the dominance of this region in the market. Additionally, the presence of key players such as Varian Medical Systems, Accuray Incorporated, and Nordion Inc., is also expected to boost the growth of the market for radiation oncology.

In Asia Pacific, the market for radiation oncology is projected to witness the highest growth rate over the forecast period. An increase in initiatives undertaken by governments to raise awareness about treatment options, growth in demand for sophisticated therapies, and the increasing prevalence of cancer are some of the key factors responsible for the growth of the market for radiation oncology. Companies are engaging in various strategic initiatives for increasing their market shares in this region, such as partnerships, distribution agreements, and new product launches. In March 2019, Varian Medical Systems and Tata Trust signed an agreement to increase patient access to advanced radiation therapy treatment in India.

Key Companies & Market Share Insights

The key companies are adopting strategies such as mergers and acquisitions and partnerships, to acquire a larger market share, globally. In August 2020, Siemens Healthcare GmbH announced its plans to acquire Varian Medical Systems, Inc. for USD 16.4 billion. The deal is expected to be completed by H1 2020. Some of the prominent players in the radiation oncology market include:

• Varian Medical Systems, Inc.

• Elekta AB

• Accuray Incorporated

• Ion Beam Applications (IBA)

• C.R. BARD, INC. (BD)

• Isoray Medical

• Mevion Medical Systems, Inc.

• Nordion Inc.

• NTP Radioisotopes SOC Ltd.

• Curium Pharma

• Viewray Technologies, Inc.

Radiation Oncology Market Report Scope 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global radiation oncology market report on the basis of type, technology, application, region:

• Type Outlook (Revenue, USD Million, 2017 - 2028)

  • External Beam Radiation Therapy

    • 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 (Revenue, USD Million, 2017 - 2028)

  • 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, 2017 - 2028)

  • 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, 2017 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Singapore

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE