The new report by Expert Market Research titled, ‘Global Radiation Oncology Market Trends, Size, Price and Forecast 2023-2028’, gives an in-depth analysis of the global radiation oncology market, assessing the market based on its segments like oncology type, technology type, application, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2023-2028)
- Historical Market Size (2020): USD 6.7 Billion
- Forecast CAGR (2023-2028): 7.1%
- Forecast Market Size (2026): USD 10.1 Billion
The growth of global radiation oncology market is driven by the rising incidence of cancer and growing demand for effective treatment options. The popularity of radiation oncology is aided by its cost effectiveness and the ability to regress the tumour growth. Moreover, the increasing campaigns promoting awareness for the benefits of radiation oncology will likely strengthen the market growth. Additionally, the increasing investment into research and development of cancer treatment is further expected to propel the growth.
Industry Definition and Major Segments
Radiation oncology generally known as radiotherapy or radiation therapy refers to the treatment of cancer using X-rays. These rays are targeted over the cancer cells using linear accelerators in order to destroy them. It is performed along with chemotherapy and surgery for providing relief from pain and other symptoms.
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Based on oncology type, the market is segmented into:
- External Beam Radiation Therapy
- Linear Accelerators
- Compact Advanced Radiotherapy Systems
- Proton Therapy
- Others
- Internal Beam Radiotherapy
- Brachytherapy
- Systemic Beam Radiation Therapy
- Others
The major oncology technology types of radiation oncology are:
- External Beam Radiation Therapy
- Image-Guided Radiotherapy (IGRT)
- Intensity Modulated Radiotherapy (IMRT)
- Stereotactic Technology
- Proton Beam Therapy
- 3D Conformal Radiotherapy (3D CRT)
- Others
- Internal Beam Radiotherapy
- Low-Dose Rate Brachytherapy
- High-Dose Rate Brachytherapy
- Others
The market can be broadly categorised on the basis of its application into:
- External Beam Radiation Therapy
- Prostate Cancer
- Breast Cancer
- Lung Cancer
- Head and Neck Cancer
- Colorectal Cancer
- Others
- Internal Beam Radiation Therapy
- Prostate Cancer
- Gynaecological Cancer
- Breast Cancer
- Cervical Cancer
- Penile Cancer
- Others
The regional markets for radiation oncology include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Regionally, North America is the largest shareholder for the global radiation oncology market. This can be attributed to the presence of key market players. Additionally, the presence of developed healthcare infrastructure and vast patient awareness for the disease and treatment options due to high promotional activities in the region adds to the growth.
Key Market Players
The major players in the market are Accuray Incorporated, Elekta AB, Isoray Medical, Mevion Medical Systems, Varian Medical Systems, Inc., and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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