Global Radiation Oncology Market Expected to Reach $21.14 Billion by 2030: Technological Advancements and Global Cancer Burden Drive Growth

Dublin, July 25, 2023 (GLOBE NEWSWIRE) -- The "Radiation Oncology Market Size, Share & Trends Analysis Report By Type (External Beam Radiation Therapy, Internal Beam Radiation Therapy), By Technology, By Application, By Region, And Segment Forecasts, 2023 - 2030" report has been added to's offering.

The global radiation oncology market is expected to reach USD 21.14 billion by 2030, registering a CAGR of 12.3% from 2023 to 2030.

The growth of the market is attributed to the global rise in cancer burden, the growing geriatric population, and supportive reimbursement programs undertaken by the government and private organizations. Furthermore, the increasing technological innovation and advancement in radiotherapy offer lucrative opportunities for market growth.

The world is witnessing an increasing prevalence of cancer cases which is the key factor driving the radiation oncology market growth. For instance, according to Globocan, in 2020, more than 20.0 million people were diagnosed with cancer, and 10.0 million died of cancer. Moreover, the aging population is at high risk of cancer due to a weak immune system and comorbid conditions; thereby, the rising geriatric population further fuels market growth.

Extensive research activities for the development of novel radiotherapy techniques and multidisciplinary therapeutic approaches are expected to lead to an increased survival rate and a more favorable prognosis of cancer. For instance, in December 2022, Elekta Unity demonstrated MR-Linac use for pancreatic tumors, where the first-ever patient was treated with new advanced radiotherapy motion management.

Furthermore, supportive reimbursement and regulatory policies for radiation therapy are also expected to drive the radiation oncology market growth. For instance, in July 2021, the Centers for Medicare and Medicaid Services (CMS) developed a new Radiation Oncology Payment Model (RO-APM) for the diagnosis of cancer and radiotherapy services. It enhances the quality of care of the patients and reduces the annual Medicare expenditure.

Companies Mentioned

  • Varian Medical Systems, Inc. (A part of Siemens Healthineers)
  • Elekta AB
  • Accuray Incorporated
  • Ion Beam Applications (IBA)
  • BD (Becton, Dickinson and Company)
  • Isoray Medical
  • Mevion Medical Systems
  • Nordion Inc.
  • NTP Radioisotopes SOC Ltd.
  • Curium
  • ViewRay Technologies, Inc.

Radiation Oncology Market Report Highlights

  • By type, the external beam radiation therapy (EBRT) segment accounted for a 64.53% share of the radiation oncology market in 2022 due to the rapid technological advancement, and increased adoption in the treatment of various types of cancers
  • Based on technology, in 2022 intensity-modulated radiotherapy (IMRT) segment dominated the market due to the increased availability of technologically advanced IMRT's in countries with unmet treatment needs. However, brachytherapy is estimated to be the fastest-growing segment during the forecast period
  • In 2022, EBRT segment held the highest market share in the application space. Moreover, EBRT segment is also anticipated to maintain its dominance during the forecast period
  • North America dominated the global market in 2022 owing to the factors such as the increase in new cancer cases, high awareness among healthcare professionals about advanced radiotherapy, and better healthcare access in the region

Key Attributes:

Report AttributeDetails
No. of Pages130
Forecast Period2022 - 2030
Estimated Market Value (USD) in 2022$8.65 Billion
Forecasted Market Value (USD) by 2030$21.14 Billion
Compound Annual Growth Rate12.3%
Regions CoveredGlobal

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Market Variables, Trends & Scope
3.1 Market Segmentation
3.2 Market Definitions
3.3 Key Opportunities Prioritized
3.4 Market Dynamic Analysis
3.4.1 Rising Adoption Of Radiotherapy
3.4.2 Technological Advancements In Radiotherapy
3.4.3 Rising Prevalence Of Cancer
3.4.4 Increase In Healthcare Expenditure
3.4.5 Increasing APPLICATION OF Radiopharmaceuticals
3.5 Market Restraint Analysis
3.5.1 Lack Of Skilled Radiotherapy Professionals
3.5.2 Inadequate Radiation Infrastructure
3.5.3 Adverse Effects Of Radiotherapy
3.6 Business Environment Analysis
3.6.1 SWOT Analysis; By Factor (POLITICAL & LEGAL, Economic And Technological)
3.6.2 Porter's Five Forces Analysis

Chapter 4 Radiation Oncology Market - Segment Analysis, By Type, 2018 - 2030 (USD Million)
4.1 Radiation Oncology Market: Type Movement Analysis
4.2 External Beam Radiation Therapy
4.3 Internal Beam Radiation Therapy

Chapter 5 Radiation Oncology Market - Segment Analysis, By Technology, 2018 - 2030 (USD Million)
5.1 Radiation Oncology Market: Technology Movement Analysis
5.2 External Beam Radiation Therapy (EBRT)
5.3 Brachytherapy

Chapter 6 Radiation Oncology Market - Segment Analysis, By Application, 2018 - 2030 (USD Million)
6.1 Radiation Oncology Market: Application Movement Analysis
6.2 External Beam Radiation Therapy (EBRT)
6.3 Internal Beam Radiation Therapy

Chapter 7 Radiation Oncology Market - Segment Analysis, By Region, 2018 - 2030 (USD Million)

Chapter 8 Competitive Landscape
8.1 Public Companies
8.1.1 Company Market Position Analysis
8.1.2 Competitive Dashboard Analysis
8.1.3 Strategic Framework
8.2 Private Companies
8.2.1 List Of Key Emerging Companies/Technology Disruptors/Innovators
8.2.2 Regional Network Map
8.3 Company Profiles

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Global Radiation Oncology Market