Kings Research today announced the release of its latest market intelligence study, “Global Radiation Oncology Market: Size, Share, Trends & Forecast 2024–2031.” The report provides an in-depth analysis of industry trends, growth drivers, regional dynamics, and competitive strategies shaping the global radiation oncology landscape.
According to Kings Research, the global radiation oncology market 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, at a CAGR of 5.60% over the forecast period. Market expansion is fueled by innovations such as proton therapy, stereotactic radiosurgery, and image-guided radiation therapy, which improve precision and minimize side effects.
Radiation oncology uses high-energy radiation to treat cancer. It involves equipment, software, and services for treatment planning, delivery, and monitoring. It is is evolving rapidly due to innovations such as proton therapy, stereotactic radiosurgery, and image-guided radiation therapy, which enable more precise tumor targeting. According to the International Agency for Research on Cancer, global cancer cases are projected to reach 35 million by 2050, increasing the demand for effective, non-invasive therapies. (Source: www.iarc.who.int)
Key Trends Driving Growth
- Increased Demand for Personalized Therapy: Advanced treatment planning systems optimize dose delivery, tailoring therapy to individual patients.
- Technological Innovations: Adoption of IMRT, SBRT, IGRT, and proton therapy enhances tumor targeting and reduces healthy tissue damage.
- Integration of AI in Oncology: AI-powered planning, dose optimization, and predictive modeling improve treatment accuracy and streamline workflows.
- Shift Toward Outpatient Care: Stereotactic radiosurgery and body radiation therapy support shorter hospital stays and greater patient convenience.
Value Proposition for Healthcare Leaders
- Better Patient Outcomes: Advanced therapies for precise tumor targeting with less side effects.
- Operational Efficiency: AI and automation for treatment planning and monitoring.
- Broader Access: Outpatient focused treatments for more convenience and less healthcare burden.
- Strategic Innovation: Expanding collaborations enhance service delivery and research in cancer care.
Regional Outlook
- North America: Largest market with 45.48% share (USD 3,896.6 million in 2023); growth supported by advanced healthcare infrastructure and adoption of new technologies.
- Asia Pacific: Fastest-growing region (6.81% CAGR), fueled by increasing cancer incidence, healthcare investments, and rapid adoption of advanced radiotherapy.
- Europe: Strong focus on regulatory compliance and adoption of stereotactic and image-guided therapies.
- Middle East & Africa / South America: Growth supported by infrastructure development and government initiatives to improve cancer care accessibility.
Competitive Landscape
- Key Companies: General Electric Company, Siemens AG, Elekta, Accuray Incorporated, AstraZeneca, Hitachi Ltd., IBA Worldwide, ViewRay Systems, Mevion Medical Systems, Sumitomo Heavy Industries, and Philips.
- Recent Developments:
- Dec 2024 – Varian received FDA clearance for RapidArc Dynamic solution, cutting optimization time by 70%.
- Oct 2024 – Aster DM Healthcare launched India’s first intra-operative electron radiation therapy.
- Jun 2024 – Accuray partnered with TrueNorth Medical Physics to expand physics and dosimetry support.
- Mar 2024 – AstraZeneca acquired Fusion Pharmaceuticals to expand next-gen radio conjugate capabilities.
The full Kings Research report provides detailed segmentation by type, technology, end-user, and region, along with competitive benchmarking. To request a sample or access the complete report, please visit https://www.kingsresearch.com/radiation-oncology-market-1350
About Kings Research
Kings Research is a global provider of syndicated research reports and consulting services, helping organizations navigate emerging markets, assess opportunities, and make informed business decisions.
All market data are sourced from Kings Research proprietary analysis, validated against credible organizations including the International Agency for Research on Cancer (IARC), American Cancer Society (ACS), U.S. Nuclear Regulatory Commission (NRC), and industry press releases.