The global Radiation Oncology Market size accounted for US$ 7,423 Mn in 2021 and is projected to reach US$ 13,714 Mn by 2030 with a CAGR of 7.1% from 2022 to 2030.

Radiation Oncology covers all aspects of research pertaining to the use of radiation in the treatment of cancer. It publishes findings in radiation physics, radiation biology, radiation technology, and clinical oncology. Radiation oncology is concerned with the incorporation of radiation treatment into multimodal therapeutic interventions. Radiation Oncology is an open-access journal that brings together the most recent research and advances in the field for clinicians and researchers involved in the management and diagnosis of cancer victims. Radiation oncology's role will be strengthened further as treatment technology advances and understanding of the fundamental biological resistance mechanisms improves.

Market Dynamics

The market for radiation oncology is expanding due to rising cancer incidence and prevalence. With a projected 9.6 million deaths in 2018, cancer is the 2nd major cause of death worldwide. In low- and middle-income nations, cancer deaths account for roughly 70% of all fatalities. The two main causes of rising cancer mortality worldwide are late stage diagnosis and unreachable treatment. Only 26% of Baltic States reported having pathology programs usually accessible in the public sector in 2017, according to the WHO. Less than 30% of Baltic States reported having access to cancer treatment services, compared to more than 90% of high-income nations who said such services were readily available.

Oncology treatment techniques, like 4D radiation therapy, have undergone a significant technological advancement in recent years. It is a type of radiotherapy that targets cancer cells with high-energy radiation beams while minimising side impacts on the surrounding healthy tissues. Techniques like Surface Guided Radiation Therapy are also being used more frequently (SGRT). SGRT is an imaging method that aids in patient positioning and provides real-time feedback. Expedited partial breast irradiation, paediatrics, and particle radiotherapy are recent advancements in SGRT.

The primary factor anticipated to impede market growth, however, is the absence of a decent health care infrastructure in emerging and low-income countries. Additionally, it is anticipated that during the study period, the global radiation oncology industry will have plenty of growth opportunities due to ongoing advancements in cancer therapy technologies by key market players and their attempts to decrease the exorbitant costs of such treatments.

Covid-19 Impact on Global Radiation Oncology Market

Contrary to other industries, the global radiation oncology market has benefited from the Covid-19 pandemic's onset. In the midst of such unprecedented circumstances, numerous healthcare organizations all over the world concentrated and made investments in improving healthcare infrastructures and giving the affected people better medical care. In order to increase their market share and spur market growth, some important market players also started strategic collaborations, alliances, and product launches. These elements are anticipated to accelerate market growth following the pandemic chaos.

Market Insights

Type, technology, application, and region are the four categories of the global radiation oncology market. Based on the type, the segmentation includes external beam radiation therapy, cyclotron, internal beam radiation therapy, proton therapy, synchrotron, and others. According to our research, the external radiation therapy segment will dominate the radiation oncology market in the coming years.

The technology segment is further categorized into external beam radiation therapy, internal beam radiation therapy, and systemic radiation therapy. Among them, external beam radiation therapy segment achieved a significant amount of market share in 2021. Furthermore, the application segment covers into internal beam radiation therapy and external beam radiation therapy. Among them, the external beam radiation therapy segment is likely to achieve the largest market share during the forecast timeframe 2022 to 2030.

Global Radiation Oncology Market Geographical Competition

The global radiation oncology market is divided into North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. With the largest revenue share, North America dominated the market, and it is anticipated that the region will continue to dominate the market from 2022 to 2030. The rise in cancer cases is being aided by lifestyle changes, poor eating patterns, and an increase in cancer cases. During the forecast period from 2022 to 2030, Asia Pacific and its major developing economies are expected to grow at the fastest rate. The value of the local market is being driven by the rapidly expanding number of healthcare facilities, along with the sophisticated infrastructure and professionals who can run them.

Global Radiation Oncology Industry Segment Analysis

Radiation Oncology Market By Type

·        External Beam Radiation Therapy

o   Compact Advanced Radiotherapy Systems

o   Linear Accelerators (LINAC)

·        Internal Bean Radiation Therapy

o   Systemic Beam Radiation Therapy

o   Brachytherapy

·        Cyclotron

·        Proton Therapy

·        Synchotron

·        Others

Radiation Oncology Market By Technology

·        External Beam Radiation Therapy

o   Volumetric Modulated Arc Therapy (VMAT)

o   3D Conformal Radiotherapy (3D CRT)

o   Proton Beam Therapy

o   Image-Guided Radiotherapy (IGRT)

o   Stereotactic Application

o   Intensity Modulated Radiotherapy (IMRT)

·        Internal Beam Radiation Therapy

o   High-Dose Rate Brachytherapy

o   Low-Dose Rate Brachytherapy

·        Systemic Radiation Therapy

Radiation Oncology Market By Internal Beam Radiation Therapy

·        Internal Radiation Therapy

·        External Beam Radiation Therapy

Radiation Oncology Market Leading Companies

This section of the study honors the market's top vendors C.R. BARD, INC. (BD), Accuray Incorporated, Curium Pharma, Elekta AB, Mevion Medical Systems, Inc., Isoray Medical, Nordion Inc., Varian Medical Systems, Inc., NTP Radioisotopes SOC Ltd., Viewray Technologies, Inc., and Ion Beam Applications (IBA), are the key companies mentioned in the research.

Radiation Oncology Market Regions

North America

·         U.S.

·         Canada

Europe

·         U.K.

·         Germany

·         France

·         Spain

·         Rest of Europe

Latin America

·         Brazil

·         Mexico

·         Rest of Latin America

Asia-Pacific

·         China

·         Japan

·         India

·         Australia

·         South Korea

·         Rest of Asia-Pacific

Middle East & Africa

·         GCC

·         South Africa

·         Rest of Middle East & Africa