Radiation Oncology Market

Market Definition

Radiation oncology involves the use of radiation therapy to treat cancer. It includes equipment, software, and services used in radiation treatment planning, delivery, and monitoring. The growth of the market is driven by advancements in technology, increasing cancer incidence, and the global demand for effective, non-invasive treatment options.

Radiation Oncology Market Overview

The global radiation oncology market size was valued at USD 8,567.2 million in 2023 and is projected to grow from USD 8,984.5 million in 2024 to USD 13,160.3 million by 2031, exhibiting a CAGR of 5.60% during the forecast period. 

The expansion of the market is fueled by ongoing advancements in technology, including proton therapy, stereotactic radiosurgery, and image-guided radiation therapy. These techniques allow for more precise targeting of tumors, reducing the potential for harm to surrounding healthy tissue. 

Furthermore, treatment planning systems play a key role in optimizing the delivery of radiation, ensuring that the radiation dose is calculated and directed with precision.

Major companies operating in the radiation oncology market are General Electric Company, Siemens AG, Elekta, Accuray Incorporated, AstraZeneca, Hitachi, Ltd., IBA Worldwide, ViewRay Systems, Inc., Mevion Medical Systems, Sumitomo Heavy Industries, Ltd., Koninklijke Philips N.V., Nordion Inc., Telix Pharmaceuticals Limited, Panacea Medical Technologies Pvt. Ltd., and Advanced Accelerator Applications SA.

Moreover, increasing cancer prevalence worldwide and rising adoption of precision medicine contribute to market growth. This growth is further supported by expanding healthcare infrastructure, particularly in emerging markets, which allows for widespread access to advanced cancer treatment options.

• In April 2024, researchers from the International Agency for Research on Cancer (IARC) and the American Cancer Society (ACS) released a collaborative report on global cancer statistics. The report revealed that in 2022, there were almost 20 million new cancer cases and close to 10 million cancer-related deaths. Predictions based on demographics suggest that the annual number of new cancer cases will rise to 35 million by 2050, a 77% increase from 2022.

Key Highlights:

1. The radiation oncology industry size was valued at USD 8567.2 million in 2023.
2. The market is projected to grow at a CAGR of 5.60% from 2024 to 2031.
3. North America held a share of 45.48% in 2023, valued at USD 3,896.6 million.
4. The external beam radiation therapy segment garnered USD 6,397.1 million in revenue in 2023.
5. The prostate cancer segment is expected to reach USD 3,631.1 million by 2031.
6. The intensity-modulated radiation therapy (IMRT) segment is projected to generate USD 4,421.4 million by 2031.
7. The hospitals segment is likely to reach USD 7,939.4 million by 2031.
8.  Asia Pacific is anticipated to grow at a CAGR of 6.81% through the forecast period.

Market Driver

"Increased Demand for Personalized Therapy and Advancement in Technology"

The increasing demand for personalized radiation therapy, enabled by advancements in technology, allows for more tailored treatments based on individual patient characteristics, improving efficacy and reducing side effects. 

Additionally, innovations such as proton therapy, stereotactic radiosurgery, and image-guided radiation therapy are enhancing treatment precision and optimizing patient outcomes, aiding the growth of the radiation oncology market.

• For instance, in May 2024, Varian, a Siemens Healthineers company, presented its latest innovations at ESTRO 2024, featuring the HyperSight imaging solution for enhanced image quality, ARIA CORE oncology management, and Magnetom Free.Max RT Edition for personalized radiation therapy. These advancements aim to improve treatment accessibility and patient outcomes in cancer care.

Moreover, the growing healthcare access in emerging markets is boosting the adoption of radiation oncology services, enabling broader patient access to advanced treatments.

Market Challenge

"High Treatment Costs and Lack of Skilled Professionals"

The radiation oncology market faces several challenges, primarily high treatment costs and limited access to advanced technologies, particularly in emerging regions. The expensive nature of radiation therapy equipment and procedures restricts availability in low-income countries, limiting patiemt access  often leading to reliance on less effective treatments. 

Additionally, there is a shortage of skilled professionals, such as radiation oncologists and medical physicists, who are needed to operate advanced equipment and interpret complex treatment plans. This shortage can result in delays, lower-quality care, and an increased burden on existing healthcare staff. 

Addressing these issues requires cost-effective solutions, increased training programs, and the integration of technologies such as AI and telemedicine to enhance accessibility and expertise.

• For instance, in November 2024, GE HealthCare partnered with AMN Healthcare to address the radiologic technologist shortage by providing training on GE HealthCare technologies and workforce solutions. The initiative aims to meet increasing demand and support healthcare providers with skilled professionals.

Market Trend

"Integration of AI and Outpatient Radiation Therapy"

A significant trend influencing the radiation oncology market is the growing integration of artificial intelligence (AI) and machine learning into treatment planning, dose optimization, and predictive modeling, which enhances accuracy and efficiency while reducing human error.

• In September 2024, GE HealthCare showcased its latest AI-enhanced radiation therapy solutions at the ASTRO 2024. Key innovations included Intelligent Radiation Therapy (iRT) for streamlined workflows and Revolution RT for precision radiation therapy simulation. GE HealthCare also highlighted AI software such as Prostate Volume Assist and StarGuide for personalized care.

Another key development in the market is the rise of outpatient radiation therapy, enabled by advancements in technology that eliminate the need for extended hospital stays, enhancing patient convenience. 

Additionally, the adoption of stereotactic radiosurgery and stereotactic body radiation therapy is on the rise, as these advanced techniques enable highly targeted radiation delivery with minimal impact on surrounding healthy tissues, making them ideal for treating tumors in complex locations.

Radiation Oncology Market Report Snapshot

Segmentation	Details
By Type	External Beam Radiation Therapy (Linear Accelerators (LINAC), Proton Therapy Systems, Gamma Knife, CyberKnife), Internal Beam Radiation Therapy (High-Dose Rate (HDR) Brachytherapy, Low-Dose Rate (LDR) Brachytherapy), Software & Services (Treatment Planning Systems, Oncology Information Systems)
By Technology	Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Head and Neck Cancer, Others
By Technology	Intensity-Modulated Radiation Therapy (IMRT), Stereotactic Body Radiation Therapy (SBRT), Image-Guided Radiation Therapy (IGRT), Proton Therapy, 3D Conformal Radiation Therapy (3D-CRT)
By End-User	Hospitals, Cancer Treatment Centers, Research Institutes
By Region	North America: U.S., Canada, Mexico
	Europe: France, U.K., Spain, Germany, Italy, Russia, Rest of Europe
	Asia-Pacific: China, Japan, India, Australia, ASEAN, South Korea, Rest of Asia-Pacific
	Middle East & Africa: Turkey, UAE, Saudi Arabia, South Africa, Rest of Middle East & Africa
	South America: Brazil, Argentina, Rest of South America

Market Segmentation:

• By Type (External Beam Radiation Therapy, Internal Beam Radiation Therapy, and Software & Services): The external beam radiation therapy segment earned USD 6,397.1 million in 2023, due to its widespread adoption for treating various cancer types and advancements in precision technologies such as IMRT and IGRT.
• By Application (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Head and Neck Cancer, and Others): The prostate cancer segment held a share of 26.63% % in 2023, fueled by its high prevalence and increasing adoption of radiation therapy as a primary or adjuvant treatment.
• By Technology (Intensity-Modulated Radiation Therapy (IMRT), Stereotactic Body Radiation Therapy (SBRT), Image-Guided Radiation Therapy (IGRT), Proton Therapy, and 3D Conformal Radiation Therapy (3D-CRT)): The intensity-modulated radiation therapy (IMRT) segment is projected to reach USD 4,421.4 million by 2031, propelled by its high precision in tumor targeting and minimum damage to surrounding healthy tissues.
• By End-User (Hospitals, Cancer Treatment Centers, and Research Institutes): The hospitals segment is estimated to generate a revenue of USD 7,939.4 million by 2031, largely attributed to the increasing number of cancer cases and growing investments in advanced radiotherapy equipment.

Radiation Oncology Market Regional Analysis

Based on region, the market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

North America radiation oncology market accounted for a substantial share of 45.48% in 2023, valued at USD 3,896.6 million. This significant market share is attributed to the region's well-established healthcare infrastructure, high healthcare expenditure, and the presence of leading radiation oncology technology providers. 

The United States, in particular, contribute significantly to this growth, supported by its advanced healthcare system, the growing adoption of cutting-edge radiation therapy technologies. and the increasing prevalence of cancer. 

Additionally, this regional market benefits from strong government initiatives aimed at improving cancer care and facilitating access to advanced treatment options.

• In September 2024, Varian entered a 10-year partnership with Ballad Health to enhance oncology care in rural Appalachian Highlands. The agreement includes advanced radiotherapy solutions, ARIA CORE oncology management, and professional services to improve clinical outcomes and expand access to care in Northeast Tennessee, Southwest Virginia, North Carolina, and Kentucky.

The Asia Pacific radiation oncology industry is expected to register a CAGR of 6.81% over the forecast period. This robust growth is bolstered by improving healthcare infrastructure, increasing cancer incidence, and growing healthcare investments in countries such as China, India, Japan, and South Korea. 

The region's expanding population , along with aging demographic further fuel demand for effective cancer treatments, including radiation oncology. Furthermore, the adoption of advanced technologies is enhancing treatment outcomes.

 Regulatory Framework Also Plays a Significant Role in Shaping the Market

• In the U.S., the primary regulatory authority for radiation oncology is the U.S. Nuclear Regulatory Commission (NRC), which oversees the licensing and use of radioactive materials in medical settings, including radiation therapy machines used by radiation oncologists. The Food and Drug Administration (FDA) also regulates radiation therapy devices.
• In Europe, the European Radiation Protection Authorities Network (ERPAN) regulates radiation oncology. It is responsible for overseeing radiation protection practices, including those in radiation oncology, by facilitating information sharing and best practices across the continent.  
• In China, the regulatory authority for radiation oncology is the National Medical Products Administration (NMPA), which oversees the approval and regulation of medical devices, including radiation therapy systems used in cancer treatment.
• In Japan, the Ministry of Health, Labour and Welfare (MHLW) oversees medical regulations, including the approval and use of radiation therapy equipment and treatments, while the Japanese Society for Radiation Oncology (JASTRO) sets clinical guidelines and promotes advancements in radiation oncology practices.
• In India, the regulatory authority for radiation oncology is the Atomic Energy Regulatory Board (AERB). It is responsible for ensuring the safe use of ionizing radiation in the country, including within medical applications such as radiation oncology.

Competitive Landscape

The radiation oncology industry is characterized by a large number of participants, including both established corporations and emerging players. This market is highly dynamic, with key participants actively focusing on technological innovation, strategic partnerships, mergers and acquisitions, and geographical expansion to maintain a strong position. 

Established corporations leverage strong research and development (R&D) capabilities to develop radiation therapy technologies such as proton therapy, advanced linear accelerators, and stereotactic radiosurgery. These companies typically benefit from extensive distribution networks, strong brand recognition, and established healthcare partnerships enable them to capture a significant market share.

A growing trend in the market is the increasing number of strategic collaborations and partnerships between technology providers, healthcare institutions, and academic organizations. These collaborations aim to enhance product development, improve treatment outcomes, and expand access to innovative therapies. 

Additionally, there is a rising focus on the expansion of radiation oncology services in developing regions, as new healthcare facilities and infrastructure projects present opportunities for both established companies and new entrants.

• In April 2024, Elekta and GE HealthCare’s MIM Software announced a strategic collaboration to develop advanced, vendor-agnostic radiation oncology treatment applications. The partnership integrates Elekta's dose planning capabilities with MIM’s auto-contouring and treatment planning solutions to enhance clinic workflows, enhance treatment precision, and improve patient care.

List of Key Companies in Radiation Oncology Market:

• General Electric Company
• Siemens AG
• Elekta
• Accuray Incorporated
• AstraZeneca
• Hitachi, Ltd.
• IBA Worldwide
• ViewRay Systems, Inc.
• Mevion Medical Systems
• Sumitomo Heavy Industries, Ltd.
• Koninklijke Philips N.V.
• Nordion Inc.
• Telix Pharmaceuticals Limited
• Panacea Medical Technologies Pvt. Ltd.
• Advanced Accelerator Applications SA

Recent Developments (Acquisition/Partnerships /Product Launch)

• In December 2024, Varian received FDA clearance for its RapidArc Dynamic solution. The technology speeds up treatment planning, reducing optimization time by 70%, and lowers radiation exposure to organs at risk by 50%. It simplifies workflows and improves precision in radiation therapy.
• In October 2024, Aster DM Healthcare launched India's first Intra-Operative Electron Radiation Therapy. The innovative therapy delivers radiation directly to tumor sites during surgery, reducing post-operative sessions and improving patient outcomes.
• In June 2024, Accuray Incorporated partnered with TrueNorth Medical Physics LLC to provide radiation oncology departments with third-party support. TrueNorth will offer services, including physics, dosimetry, and commissioning support, to enhance the capabilities of Accuray’s TomoTherapy, Radixact, and CyberKnife systems.
• In May 2024, Elekta launched Elekta Evo, a CT-Linac system featuring AI-enhanced imaging, adaptive radiation therapy, and improved image-guided treatments, designed to provide more precise, personalized care for cancer patients.
• In March 2024, AstraZeneca acquired Fusion Pharmaceuticals Inc. The acquisition aims to accelerate the development of next-generation radio conjugates (RCs) for cancer treatment, including actinium-based RCs for prostate cancer. The acquisition strengthens AstraZeneca’s R&D, manufacturing, and supply chain capabilities in radio conjugates.