Radiation Oncology Market is expected to reach US$ 23,620.56 Million by 2031

External Beam Radiation Therapy Segment to Lead Radiation Oncology Market During 2023–2031

According to our new research study on "Radiation Oncology Market Forecast to 2031 – Global Analysis – by Type, Application, and Geography," the market size is expected to grow from US$ 8,924.44 million in 2023 to US$ 23,620.56 million by 2031; it is projected to register a CAGR of 13.0% during 2023–2031. The radiation oncology market growth is attributed to the increasing prevalence of cancer and surging initiatives to support developments in radiation oncology. Strategic initiatives by radiation oncology market players are likely to offer opportunities for market growth. The radiation oncology market report emphasizes the key factors driving the market and showcases the developments of prominent players.

Radiation oncology is a medical specialty that focuses on the treatment of cancer using radiation therapy. It involves the precise delivery of high doses of radiation to malignant tumors while minimizing exposure to surrounding healthy tissues. Different types of radiation therapies available in the market include external beam radiation therapy, brachytherapy, and stereotactic body radiotherapy. The treatment planning involves using specialized software to determine the optimal radiation dose with maximum tumor coverage and minimal damage to healthy tissues. A few of the common cancer types treated with radiation include breast, prostate, lung, and head and neck cancers. Innovations in radiation therapy techniques, such as intensity-modulated radiation therapy (IMRT) and image-guided radiation therapy (IGRT), have improved targeting and reduced side effects. Ongoing research is essential to further refine radiation techniques, understand tumor biology, and improve outcomes. Moreover, clinical trials are often designed to explore new treatment approaches, combination therapies, and technology enhancements.

Radiation Oncology Market, by Region, 2023 (%)

Source: The Insight Partners Analysis

Based on type, the radiation oncology market is bifurcated into external beam radiation therapy and internal beam radiation therapy. The external beam radiation therapy segment held a larger radiation oncology market share in 2023; however, the internal beam radiation therapy segment is expected to register a higher CAGR during 2023–2031. External beam radiation therapy is a common therapy type used for the treatment of cancer. A linear accelerator delivers high-energy X-rays or electron beams to the cancer-affected area. Radiation oncologists using external beam radiation develop a personalized radiation plan by mapping out the areas requiring treatment and aiming these high-energy beams to destroy cancer cells while keeping surrounding normal tissues unaltered. External beam radiation therapy further includes 3D conformal radiotherapy (3D-CRT), stereotactic technology, proton beam therapy, and others. 3D-CRT releases radiation beams from various directions to match the shape of the tumor. It helps reduce radiation damage to surrounding normal tissues, explicitly killing cancer cells by aiming the radiation dose on the tumor's exact size and shape. Stereotactic technology of the brain and spine is typically completed in a single session. Proton beam therapy, also known as proton therapy, is a type of radiation therapy that precisely delivers a beam of protons to destroy and disrupt tumor cells. Compared to traditional radiation, protons possess exclusive properties that allow healthcare professionals to target radiation toward the tumor and spare the surrounding healthy tissues. A few other types of external beam radiation therapies include intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), and tomotherapy. The IMRT utilizes smaller beams than 3D conformal radiotherapy equipment, and the strength of the beams in certain areas can be modified to provide higher doses to particular tumor parts. This technique requires imaging scans for treatment planning before and during a radiation therapy session.

Based on application, the market is segmented into breast cancer, prostate cancer, lung cancer, head & neck cancer, cervical cancer, and others. The breast cancer segment held the largest radiation oncology market share in 2023, and it is estimated to register the highest CAGR during 2023–2031. Factors such as hormonal imbalance, lifestyle changes, genetic predisposition, and environmental factors fuel the prevalence of breast cancer. It is one of the most common types of cancer in the US. As per Breastcancer.org, 1 in 8 women in the US (or ~13%) acquired invasive breast cancer over their lifetime as of January 2022. According to the Global Cancer Observatory (GLOBOCAN), 2.29 million new cases of breast cancer were registered in females globally in 2022. With an upsurge in the number of cases of breast cancer, there is a growing need for effective treatments to improve patient outcomes. Radiation therapy, including brachytherapy, is used to treat breast cancer and can be combined with other interventions for effective treatment of breast cancer.

Technological Advancements Ensuring More Controlled and Quicker Radiotherapy:

Radiotherapy focuses on destroying cancerous cells, with the maximum possibility of sparing healthy cells, which was achieved over a period with continuous advancements in imaging technologies such as magnetic resonance imaging (MRI), computed tomography (CT), and positron emission tomography (PET). These imaging technologies, combined with developments in 3D conformal radiotherapy, help identify tumor cells and provide information on their exact position and size. Trending radiation therapies that signify developments in radiotherapy technologies are mentioned below.

Flash therapy: Flash therapy is being investigated for safety and effectiveness. Unlike earlier approaches that require dose administration over multiple days or weeks, this therapy involves delivering the entire dose of massive radiation at once very quickly. Healthy cells recover well with time, killing only cancer cells.

Image-guided radiation therapy (IGRT): This technology allows for the real-time imaging of tumors and their surrounding healthy tissues before each treatment session, ensuring that the radiation beams are accurately targeted at the tumors and minimizing damage to nearby organs.

Intensity-modulated radiation therapy (IMRT): IMRT allows for the delivery of varying intensities of radiation to different parts of the tumor, allowing for better dose distribution and sparing of healthy tissue.

Stereotactic body radiation therapy (SBRT): SBRT involves delivering high doses of radiation to small, well-defined tumors in a limited number of treatment sessions, leading to better local control of a tumor.

Proton therapy: Proton therapy uses protons instead of traditional X-rays to deliver radiation to the tumor, allowing for more precise targeting of the tumor and sparing of healthy tissue.

Adaptive radiation therapy: This technology allows for adjustments to the treatment plan based on changes in the tumor size or position during treatment, ensuring that the radiation dose is continuously optimized for maximum effectiveness.

Artificial intelligence (AI) is also being incorporated into cancer treatment for treatment planning, CT scan image labeling, and other applications. Additionally, various types of radiation therapy equipment are integrated with AI to benefit patients and healthcare professionals alike. In March 2024, RefleXion Medical, Inc. and Limbus AI, Inc. collaborated for the integration of Limbus Contour (AI driven solution), into the RefleXion X1 radiotherapy treatment planning system. This integration will reduce the most significant bottleneck in the patient treatment planning process, which involves delineating the tumor target from surrounding critical organs and other healthy tissue. Therefore, developments in radiotherapy technologies and the increasing integration of artificial intelligence to support more controlled and quicker treatments are expected to bring new growth trends in the radiation oncology market in the coming years.

Key players identified and evaluated while performing radiation oncology market analysis are Varian Medical Systems Inc, Elekta AB, Accuracy Incorporated, IBA Worldwide (Ion Beam Applications SA), Becton Dickinson & Co, Perspective Therapeutics Inc, Nordion, Mevion Medical Systems, NTP Radioisotopes, and Mallinckrodt Plc.

The geographic scope of the radiation oncology market report encompasses North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). North America held the largest share of the market in 2023. The region is expected to record a CAGR of 12.6% during 2023–2031. The market in Asia Pacific is expected to record the highest CAGR during the forecast period. Rapid growth in the radiation oncology market size in this region is ascribed to population aging, particularly in countries such as Japan and China, leading to an upsurge in the prevalence of cancer and supportive initiatives from various organizations and governments for the development of radiation equipment. Additionally, strategic initiatives taking place among the market players are expected to create ample opportunities fueling the radiation oncology market in Asia Pacific.

Contact Us

Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com