Radiation Oncology Market Analysis By Product (External Beam Radiation Therapy, Brachytherapy, Systemic Beam Radiation Therapy), By Application, By Technology, By Region, And Segment Forecasts, 2018 - 2025

Industry Insights

The global radiation oncology market size was valued at USD 5.7 billion in 2016 and is expected to grow at a CAGR of 6.5% over the forecast period. Rising adoption of radiotherapy, technological advancements in radiotherapy, rising prevalence of cancer, and increasing healthcare expenditure are the key contributing factors for lucrative growth of radiation oncology market over the forecast period.

Radiotherapy is an effective treatment for many types of cancer. Radiotherapy can also be used in combination with surgery, chemotherapy, or immunotherapy. Rising adoption of radiotherapy is boosting the market growth at a significant rate. Radiotherapy can be used at three levels including primary cancer treatment, adjuvant therapy after chemotherapy or surgery, and as palliative therapy to shrink the size of tumor & suppress the symptoms.

U.S. radiation oncology market, by product, 2014 - 2025 (USD Billion)

Technological advancements in this field and integration of radiotherapy with other methods of imaging resulted in efficient treatment option. Emergence of techniques such as Three-Dimensional Conformal Radiotherapy (3D-CRT), Intensity Modulated Radiation Therapy (IMRT), Image-Guided and Stereotactic Radiation Therapy has opened effective treatment options having minimal adverse effect. For instance, dry mouth is the most common adverse effect after treatment of head and neck cancer but 3D-CRT limits the damage to the salivary gland, which causes dry mouth.

Increasing prevalence of cancer across the globe is expected to fuel the demand of radiotherapy over the forecast period. According to the WHO, in 2012, 14.0 million new cases of cancer and 8.2 million cancer-related deaths was the leading cause of morbidity and mortality, and it is anticipated to increase by about 70.0% over the next two decades. Cancer is affecting more than 14.0 million people each year. According to the Global Health Observatory (GHO) statistics, in 2015, the premature deaths caused due to cancer are expected to increase by 44.0% by 2030 over 2012 (4.3 million). These statistics indicate that there is remunerative opportunity in the field of cancer diagnostics and therapeutics, thereby opening avenues for existing & new market players.

Product Insights

External beam radiation therapy (EBRT) dominated radiation oncology market with more than 80.0% share in 2016. EBRT is inclusive of electron emitting high-energy Linear Accelerators (LINAC), compact advanced radiotherapy systems, and proton beam therapy systems. EBRT is easy to deliver 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. CyberKnife is a robotic radiosurgery system, which is used in the treatment of benign and malignant tumors. Gamma Knife is primarily used for the treatment of brain tumors; which utilizes high-intensity cobalt radiation in such a manner that it concentrates radiation in small volumes. Tomotherapy, also known as helical tomotherapy delivers the radiation in slices using computed tomography.

Proton therapy is one of the key types of EBRT and it is anticipated to gain substantial shares over the forecast period. Proton therapy is applied for a couple of disease categories, firstly the disease sites that respond well to the high dose of radiotherapy such as uveal melanoma and other when proton therapy is administered with higher precision by reducing dose, mainly for pediatric patients.

Brachytherapy is likely to gain significant shares over the forecast period. In this method, radiation is delivered directly by placing radioactive implants at the cancer site. Factors that are likely to promote the growth of brachytherapy include faster recovery, reduction in Length of Stay (LoS) in hospital, and reduced risk of postoperative complications. Brachytherapy is widely used for the treatment of breast cancer, prostate cancer, and cervical cancer.

Application Insights

Applications of EBRT include treatment of prostate, breast, lung, colorectal, head, and neck cancer. Treatment of breast cancer using EBRT witnessed substantial growth until 2016. Rising awareness, supportive initiatives, and penetration of radiotherapy are governing factors responsible for the growth of this category.

On the other hand, lung cancer treatment using EBRT is projected to achieve maximum growth in the coming 9 to 10 years. As a result of sedentary lifestyle, smoking, and increased pollution, the incidence of lung cancer is rising exponentially. For the treatment of lung cancer, EBRT can be used as primary treatment, before surgery to shrink tumor, after surgery to remove remnant tumor cells, and to treat lung cancer that has spread to the brain & other organs.

Brachytherapy’s applications include treatment of prostate, gynecological, breast, cervical, penile, and other forms of cancer. Prostate cancer treatment using brachytherapy contributed toward maximum share in 2016 and is expected to gain lucrative share over the forecast period. This dominance can be attributed to increasing awareness amongst men, availability of treatment centers, fewer complications, and reduced LoS.

The gynecological cancer segment is likely to grow at a healthy CAGR in the coming 8 years. This category includes treatment of cervical, primary peritoneal, gestational trophoblastic disease, vulvar, and uterine cancer. Development of screening techniques such as Pap test that have widespread applications are allowing gynecologists to find out cancerous changes in ovaries and vagina, which has resulted in more women availing advanced treatments.

Technology Insights

3-D CRT technology is anticipated to grow at a lucrative growth rate over 6.5% in the next 8 years. In this technique, the radiation beams form the shape of cancer. This technique is most suitable for tumors, which are irregular in shape and are close to healthy organs. Various medical imaging techniques such as computed tomography, magnetic resonance imaging, and positron emission tomography are utilized to understand the tumor shape & size, which are then conformed in beam through computer program.

Global radiation oncology market, by technology, 2016 (%)

Intensity Modulated Radiotherapy (IMRT) is an advanced type of precision radiotherapy method, which is a next-generation treatment line of the 3-D CRT. IMRT is one of the supreme technology in radiotherapy space vertical as it can conform the radiation volume at complex tumor locations. This method is efficient and pose lesser postoperative complications as the dose can be controlled.

Image-Guided Radiation Therapy (IGRT) contributed in technology with around 13.0% share in 2016. In this method, the overall objective is to minimize the exposure to the healthy surrounding tissue. In order to achieve greater accuracy, planning target volumes are calculated considering geographic uncertainties.

Regional Insights

North America dominated global radiation oncology market with over 40.0% share in 2016. This dominance can be attributed to their advanced healthcare infrastructure, high healthcare expenditure, and greater R&D efforts.

However, the decline in the supply of isotopes has led to a hike in the prices of these therapies, thus consequently, they are affordable for only a few people, and would require out-of-pocket expenditure. Additionally, the repercussions of uncertainty about healthcare policies & reforms in the U.S. are likely to translate into market dynamics reducing investments in this vertical.

On the other hand, Asia Pacific is projected to grow at a lucrative rate over the forecast period. Rise in the aging population, urbanization, and increasing wealth in low- and middle-income countries like India & China have led to a growth of radiation oncology market in this region.

Competitive Insights

Varian Medical Systems, Elekta AB; Accuray Incorporated; Ion Beam Applications SA; C.R. Bard, Inc.; IsoRay, Inc.; Mevion Medical Systems, Inc.; and Nordion (Canada) Inc.; NTP; and
Mallinckrodt Public Limited Company are some of the key players operating in radiation oncology market.

Product portfolio expansion, regional expansion, collaboration for R & D, partnerships for organic growth, and mergers & acquisitions are highlights of strategic undertakings in this market. For instance, in September 2015, Mallinckrodt Public Limited Company acquired Therakos, Inc. The former company aims to add depth & durability to its specialty brand segment and expand its geographic presence through this acquisition.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the radiation oncology market on the basis of product, application, technology, and region:

• Product Outlook (Revenue, USD Million; 2014 - 2025)

  • External Beam Radiation Therapy

    • Electron-Emitting High-Energy Linear Accelerators (Linac)

    • Compact Advanced Radiotherapy Systems

      • CyberKnife

      • Gamma Knife

      • Tomotherapy

    • Proton Therapy

      • Cyclotron

      • Synchrotron

  • Brachytherapy

    • Seeds

    • Applicators and Afterloaders

    • Electronic Brachytherapy

  • Systemic Beam Radiation Therapy

  • Others

• Application Outlook (Revenue, USD Million; 2014 - 2025)

  • 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

• Technology Outlook (Revenue, USD Million; 2014 - 2025)

  • 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

  • Systemic Beam Radiation Therapy

  • Others

• Regional Outlook (Revenue, USD Million; 2014 - 2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

  • Asia Pacific

    • China

    • Japan

  • Latin America

    • Mexico

    • Brazil

  • MEA

    • South Africa