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, 2023 - 2030

Report Overview

The global radiation oncology market size was valued at USD 8.65 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 12.3% from 2023 to 2030. Key factors driving the market include technological advancement in radiotherapy equipment, global rise in cancer cases, and increasing adoption of radiation therapy in oncology treatment. Recently in November 2021, FDA approved Vision RT Ltd.’s DoseRT, an enhanced multi-camera system to monitor both beam and patient positioning in real time during radiotherapy.

Similarly, in December 2020, FDA cleared a single camera system, Beam Site. The joint invention of Dartmouth and Norris Cotton Cancer Center captures images and real-time video of the beam and enables radiation oncologists to visualize treatment delivery in patients. Such developments have improved radiotherapy’s safety and efficacy in addition to fuel the growth of the radiation oncology market.

Furthermore, the radiation oncology market is witnessing increased demand for radiotherapy due to the rising global cancer burden. According to Globocan 2020 report, globally, around 19.3 million people were suffering from cancer, and 10.0 million died from it. Moreover, WHO in Europe estimated that there were 4.6 million new people diagnosed with various indications of cancer such as prostate, breast, lung, colorectal, and brain, and around 2.1 million people across European countries died from the disease in 2020. As per The American Cancer  Society’s 2022 report, breast cancer is the most commonly occurring condition that accounts for around 3.0 lakh and 51,400 new cases in the U.S. of invasive and non-invasive breast tumors, respectively.

Acquisition of the companies for integrating a portfolio of imaging and support treatment of cancer in the radiotherapy segment is becoming a key strategy being adopted by the major players. For instance, in April 2021, Siemens Healthineers AG announced the acquisition of Varian Medical Systems, Inc. Through this initiative Siemens Healthineers AG would get the benefit of Varian’s robust product portfolio that includes ProBeam 360, ProBeam Multi-Room Proton therapy solution, Trilogy System, Clinac iX System, and ARIA OIS product portfolio of imaging, laboratory diagnostics, ensuring continuous revenue generation in the coming years, as well as improving patient care.

Type Insights

The external beam radiation therapy (EBRT) market, which includes linear accelerators (Linac), and compact advanced radiotherapy systems dominated the overall market with a share of 64.5% in 2022 due to increased adoption in the treatment of various types of cancers. Furthermore, EBRT products have a high ability to kill tumors in the early phases as compared to conventional therapies with fewer side effects.

Moreover, rapid technological advancements and investigation of such technologies on various cancer treatments are increasing demand for LINACs and MR-LINACs, thereby, contributing to the growth of radiation oncology markets. For instance, in December 2022, using Elekta Unity MR-Linac, the first-ever patient got treated for a pancreatic tumor with new advanced radiotherapy motion management.

Linear accelerator (Linac) uses microwave technology like radar to destroy tumor cells by delivering high-energy electrons or x-rays near the tumor region and spare the surrounding healthy tissue. Introduction of novel linear accelerators contributes to market growth. For instance, in September 2020, Elekta AB announced the launch of the Elekta Harmony linear accelerator, which is the productive Linac for the treatment of cancer by radiotherapy. The launch of new products may contribute to market growth by addressing unmet medical needs.

Technology Insights

The IMRT segment accounted for the largest revenue share of 24.5% of the radiation oncology market in 2022, attributable to a substantial demand for the treatment and increased availability of technologically advanced intensity-modulated radiotherapy (IMRT) in countries with unmet treatment needs. However, brachytherapy is estimated to be the fastest-growing segment during the forecast period due to the benefits associated with its high adoption rate and minimal risk of side effects.

3D-CRT projects radiation beams in such a way that the beams match the dimensions of the tumor and help physicians to know the exact dimensions of the tumor, which limits the damage to healthy tissues. It allows delivery of the higher dose levels at the tumor site, thereby increasing its effectiveness to shrink and destroy the tumor by using a multi-leaf collimator (MLC) in a step-and-shoot technique. 3D-CRT is used to treat head & neck, liver cancer, prostate, lung, and brain cancer.

The advancements in brachytherapy provide precise and targeted dose delivery and personalized treatment options to patients. This technology is mostly used for the treatment of prostate cancer. Compared to conventional treatment techniques, its improved efficacy and reduced setup time are likely to drive the worldwide brachytherapy segment.

Moreover, supportive reimbursement policies for the products related to brachytherapy reduced the treatment cost, thereby encouraging patients to avail treatment. In May 2020, Isoray announced the approval of billing codes for reimbursement of Cesium-131 for the hospital in a DRG setting. Cesium-131 is used in brachytherapy to treat various organ tumors.

Application Insights

The EBRT segment accounted for the largest revenue share of the radiation oncology market by 64.5% in 2022 and is anticipated to maintain its dominance during the forecast period. This can be attributed to the rising global cancer prevalence and increasing adoption of EBRT systems by cancer centers and hospitals. For instance, in September 2021, Unicancer acquired multiple Radixact Systems of Accuray, Inc. with the ClearRT with an aim to provide personalized treatment to patients in Europe. Unicancer is a French hospital network that provides treatment to 530,000 cancer patients annually.

The market for IBRT is anticipated to witness significant growth during the forecast period due to the growing prevalence of cancer in developing countries and increased product penetration. IBRT is mostly used in conjunction with breast cancer surgery. Brachytherapy for breast tumors involves different techniques for placing devices such as interstitial brachytherapy and intracavitary brachytherapy. The most performed technique for breast cancer is intracavitary brachytherapy.

A study published by National Cancer Institute  (NCI) showed that whole breast irradiation, (WBI), and accelerated partial-breast irradiation (APBI) lowers the rate of cancer recurrence in breast cancer patients. IMRT has become the standard treatment for locally advanced head & neck cancer due to its high conformality. Moreover, Gynecologic cancer is mostly treated with the help of various brachytherapy techniques.

Regional Insights

North America dominated the overall radiation oncology market in terms of the revenue share of 44.6% in 2022, owing to the favorable government initiatives and availability of technologically advanced radiotherapy equipment. Furthermore, the active participation of the key players to increase their market share in the region is fueling market growth. For instance, in December 2021, MVision AI entered a partnership with Medron Medical Systems to distribute the AI radiotherapy technology of MVision in Canada. The use of AI technology provides high accuracy, leading to improved patient outcomes.

Asia Pacific is estimated to be the fastest-growing region during the forecast period due to the improvements in healthcare infrastructure, increase in patient awareness levels, and high unmet patient needs. In addition, rising cancer burden and funding support to major players in the region. These factors are expected to offer a lucrative opportunity for segment growth. According to the Globocan report 2020, about 9.5 million new cancer cases were diagnosed, and 5.8 million died due to this disease in the region, increasing demand for radiotherapy to manage the impact of cancer in the countries.

Key Companies & Market Share Insights

The leading players in the radiation oncology market are focusing on growth strategies, such as innovations with radiotherapy, product launches, and mergers & acquisitions. For instance, in June 2022, a company pioneering the use of biology-guided radiotherapy (BgRT), RefleXion Medical announced its first symposium focused on the power of using cancer biology to direct treatment planning and delivery for personalized radiotherapy. Moreover, in October 2021, Siemens Healthineers AG in collaboration with UC Health Proton Therapy Center completed enrollment for FAST-01 of Flash Therapy for the treatment of symptomatic bone metastases. Some of the key players in the global radiation oncology market include:

• Varian Medical Systems, Inc.

• Elekta AB

• Accuray Incorporated

• IBA Radiopharma Solutions

• BD (Becton, Dickinson and Company)

• Isoray Inc.

• Mevion Medical Systems

• Nordion, Inc.

• NTP Radioisotopes SOC Ltd.

• Curium

• View Ray Technologies, Inc.

Radiation Oncology Market Report Scope

Global Radiation Oncology Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels in addition to provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global radiation oncology market report based on the  type, technology, application, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • 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 After loaders

      • Electronic Brachytherapy

    • Systemic Beam Radiation Therapy

    • Others

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • 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, 2018 - 2030)

  • 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

    • Cervical Cancer

    • Breast Cancer

    • Penile Cancer

    • Others

• Regional Outlook (Revenue, USD Million; 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

    • Rest of Europe

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

    • Thailand

    • Rest of APAC

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Rest of LATAM

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait

    • Rest of MEA