Radiation Oncology Market by Product, Technology, Application, End-User

List of Tables

[191 Pages Report] The Radiation Oncology Market size was estimated at USD 13.59 billion in 2023 and expected to reach USD 14.56 billion in 2024, at a CAGR 7.28% to reach USD 22.23 billion by 2030.

Radiation oncology focuses on the use of ionizing radiation in the treatment of cancer. It involves the precise delivery of radiation to target and eliminate cancer cells or inhibit their development. Radiation therapy is a critical element of cancer treatment and can be used as a standalone therapy or in combination with chemotherapy and other therapeutic modalities. Radiation oncology continually evolves with technological advancements and treatment techniques, allowing for more precise and effective cancer care. Factors contributing to the growth of the radiation oncology market include the increasing global prevalence of cancer, advancements in radiation therapy technologies, and the rising demand for non-invasive treatment modalities. However, the high costs associated with radiation therapy and related instruments and a lack of skilled professionals pose a significant challenge to the market. Rising government enterprises and investments in R&D in the treatment of cancer treatments and advances in radiation oncology treatment to improve treatment safety create a lucrative opportunity for the radiation oncology market.

KEY MARKET STATISTICS
Base Year [2023]	USD 13.59 billion
Estimated Year [2024]	USD 14.56 billion
Forecast Year [2030]	USD 22.23 billion
CAGR (%)	7.28%

Product: Significant penetration of radiation oncology hardware

Radiation oncology hardware encompasses the physical devices and machines used to treat cancer through radiation therapy. Key hardware products include linear accelerators (LINACs), proton therapy systems, and imaging devices incorporated into radiotherapy equipment such as CT, MRI, and PET scanners. This equipment is integral in delivering precise doses of radiation to tumor sites while minimizing exposure to surrounding healthy tissues. Services in radiation oncology involve the spectrum of support required for efficient system operation, patient care, and clinical outcomes. This includes installation, maintenance, and repair of oncology hardware; training for medical professionals; consultation services for treatment planning; and operational management of radiation therapy facilities. Additionally, services may also encompass advanced treatment planning support, dosimetry services, and patient support programs that ensure optimized workflows and enhanced patient care. Radiation oncology software is crucial for clinicians to design and deliver effective treatment plans. This software category includes treatment planning systems (TPS), record and verify systems, dose management platforms, and data analytics tools. Contemporary treatment planning systems are sophisticated tools that allow for the intricacies of dosimetric calculation, 3D visualization of dose distribution, and integration with imaging software to target tumors precisely. Furthermore, oncology information systems (OIS) are essential for managing patient information and workflow in a radiation oncology department.

Technology: Utilization of external beam radiation therapy to minimize exposure to healthy tissues and improve patient outcomes

External beam radiation therapy is a principal modality for treating cancer, utilizing high-energy beams to target tumors from outside the body. Advanced technologies in EBRT aim to enhance precision, minimize exposure to healthy tissues, and improve patient outcomes. Compact advanced radiotherapy systems represent a category of EBRT designed to be space-efficient and less resource-intensive than traditional options. The CyberKnife system is a non-invasive option for radiotherapy that uses a robotic arm to deliver highly focused radiation beams. The system's precision allows for treating tumors in any portion of the body with sub-millimeter accuracy. Gamma knife technology is a stereotactic radiosurgery (SRS) designed to treat brain disorders. Tomotherapy integrates intensity-modulated radiation therapy (IMRT) with computed tomography (CT) imaging for precise treatment delivery. Linear accelerators are the cornerstone of modern radiation therapy, producing high-energy X-rays or electrons for treating various cancers. Proton therapy is an evolved state of radiation treatment that uses protons rather than X-rays. A cyclotron is a particle accelerator used in proton therapy that accelerates protons to high energies before they are directed into the patient's body. Synchrotrons are another form of particle accelerator utilized in proton therapy. They can accelerate protons to even higher energies than cyclotrons, essential for treating deep-seated tumors. Internal beam radiation therapy is a procedure that involves placing radioactive material inside or very close to the tumor. Applicators are devices designed to hold radioactive sources and position them precisely at the treatment site. They come in various shapes and sizes, tailored to the specific anatomical site, such as the cervix, prostate, breast, or skin. Afterloaders are sophisticated machines that deliver the radioactive source into the applicator already placed in the patient. Electronic brachytherapy is a form of brachytherapy where a miniaturized X-ray source delivers radiation instead of radioactive isotopes. Seeds are tiny radioactive pellets used in brachytherapy, particularly for prostate cancer. Systemic radiation therapy also referred to as radioisotope therapy, involves the use of radioactive drugs, or radiopharmaceuticals, which travel through the bloodstream to target and kill cancer cells.

Application: Significant emphasis on radiation oncology for breast cancer treatment

For certain types of blood cancer, such as lymphomas or specific leukemias, radiation therapy can be used to destroy cancer cells or to alleviate symptoms caused by enlarged lymph nodes or tumors. Radiation may be directed to specific areas of the body with a concentration of cancer cells, which is known as involved field radiation, or it can be used as part of a conditioning regimen before a stem cell transplant. Radiation therapy is used in the treatment of breast cancer after breast-conserving surgery (lumpectomy) to reduce the risk of recurrence. It may also be applied after mastectomy in cases with larger tumors or when cancer has spread to lymph nodes. Additionally, advanced techniques such as intensity-modulated radiation therapy (IMRT) allow high-precision targeting, minimizing damage to surrounding healthy tissues. Gastrointestinal cancers, including those of the stomach, colon, rectum, and pancreas, require radiation therapy. In rectal cancer, for example, preoperative radiation combined with chemotherapy is the standard to reduce tumor size, making it more amenable to surgical removal. Radiation therapy plays a key role in localized and advanced prostate cancer. For early-stage prostate cancer, it can be used as a primary treatment through external beam radiation or brachytherapy. It may also target cancer that has spread to the bones or other organs, providing symptom relief and improving the treatment outcome. In the treatment of lung cancer, radiation oncology techniques, including stereotactic body radiation therapy (SBRT), offer a highly effective, non-invasive option for destroying tumor cells in patients that may not be candidates for surgery. Additionally, radiation may be employed as an adjunct to surgery or combined with chemotherapy in locally advanced or metastatic cases to alleviate symptoms and extend survival. Radiation therapy serves as a valuable treatment for non-melanoma skin cancers, particularly for tumors that are too large, too deep, or located in areas difficult to treat with surgery. Electron beam therapy, which does not penetrate beyond the skin, is particularly useful. For melanomas, radiation may not be a primary treatment; however, it can be used to treat metastases or as adjuvant therapy after surgical removal of the cancer.

End-User: Potential use of radiation oncology in hospital sectors to provide comprehensive cancer care

Hospitals offering radiation therapy are typically large-scale facilities that provide comprehensive cancer care. Patients often prefer hospitals due to the integrated medical services they offer, which could include surgical procedures, chemotherapy, rehabilitation services, and radiotherapy. The preference for hospitals is heightened in complex cancer treatments requiring a multidisciplinary approach. Independent radiotherapy centers are specialized facilities dedicated solely to providing radiotherapy services. These centers are preferred by patients seeking treatment options that are more accessible and may offer a quicker initiation of therapy. Additionally, the patient experience is often more personalized than in hospital settings.

Regional Insights

The radiation oncology market is growing in the Americas due to high healthcare expenditure, advanced healthcare infrastructure, and a robust pipeline of technological innovations. The rising aging population, rising cancer prevalence, and a well-established reimbursement system facilitate access to radiation therapy in the region. The European Union exhibits a strong demand for radiation oncology services with a well-distributed network of facilities and a growing interest in oncology research and development. The Middle East and Africa's radiation oncology market is influenced by growing investment in healthcare infrastructure, an increasing adoption of advanced technologies, and the establishment of new cancer treatment facilities procuring new-generation equipment. Governmental investments in healthcare infrastructure and a rising incidence of cancer emphasis on local equipment manufacturing demonstrate significant growth of the radiation oncology market in the APAC region.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Radiation Oncology Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Radiation Oncology Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Radiation Oncology Market, highlighting leading vendors and their innovative profiles. These include Accuray Incorporated, Becton, Dickinson and Company, Bionix LLC, BrainLab AG, Canon Inc., Carl Zeiss AG, Curium SAS, Eckert and Ziegler AG, Elekta AB, GE HealthCare Technologies Inc., Hitachi, LTD., Hologic, Inc., IntraOp Medical, Inc., Ion Beam Applications S.A., Isoray Inc., Koninklijke Philips N.V., Nordion Inc., Optivus Proton Therapy, Inc., P-Cure LTD., Panacea Medical Technologies Pvt. LTD., Provision Healthcare, LLC., Stryker Corporation, Sumitomo Heavy Industries, LTD, Theragenics Corporation, Varian Medical Systems by Siemens Healthineers, and ViewRay, Inc..

Market Segmentation & Coverage

This research report categorizes the Radiation Oncology Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
- Hardware
- Services
- Software

Technology
- External Beam Radiation Therapy
  - Compact advanced radiotherapy systems
    - Cyberknife
    - Gamma Knife
    - Tomotherapy

Linear Accelerators (Linac)
Proton Therapy
- Cyclotron
- Synchrotron

Internal Beam Radiation Therapy
- Brachytherapy
  - Applicators & After loaders
  - Electronic Brachytherapy
  - Seeds

Systemic Beam Radiation Therapy

Application
- Blood Cancer
- Breast Cancer
- Gastrointestinal Cancer
- Prostate Cancer
- Respiratory & Lung Cancer
- Skin Cancer

End-User
- Hospitals
- Independent Radiotherapy Centers

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Radiation Oncology Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Radiation Oncology Market?

3. What are the technology trends and regulatory frameworks in the Radiation Oncology Market?

4. What is the market share of the leading vendors in the Radiation Oncology Market?

5. Which modes and strategic moves are suitable for entering the Radiation Oncology Market?

Product Code: MRR-035AB9C0DA6B

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Prevalence of cancer and increasing adoption of radiation procedures
  - 5.1.1.2. Rising preference for minimally invasive procedures
  - 5.1.1.3. Government initiatives to spread awareness and accessibility to cancer treatment
- 5.1.2. Restraints
  - 5.1.2.1. High costs associated with radiotherapy equipment
- 5.1.3. Opportunities
  - 5.1.3.1. Technological advancements in radiation therapy equipment
  - 5.1.3.2. Ongoing non-government investments in R&D of radiation oncology treatment
- 5.1.4. Challenges
  - 5.1.4.1. Shortage of trained radiation oncology professionals coupled with stringed regulatory compliances and approvals
5.2. Market Segmentation Analysis
- 5.2.1. Product: Significant penetration of radiation oncology hardware
- 5.2.2. Technology: Utilization of external beam radiation therapy to minimize exposure to healthy tissues and improve patient outcomes
- 5.2.3. Application: Significant emphasis on radiation oncology for breast cancer treatment
- 5.2.4. End-User: Potential use of radiation oncology in hospital sectors to provide comprehensive cancer care
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Radiation Oncology Market, by Product

6.1. Introduction
6.2. Hardware
6.3. Services
6.4. Software

7. Radiation Oncology Market, by Technology

7.1. Introduction
7.2. External Beam Radiation Therapy
7.3. Internal Beam Radiation Therapy

8. Radiation Oncology Market, by Application

8.1. Introduction
8.2. Blood Cancer
8.3. Breast Cancer
8.4. Gastrointestinal Cancer
8.5. Prostate Cancer
8.6. Respiratory & Lung Cancer
8.7. Skin Cancer

9. Radiation Oncology Market, by End-User

9.1. Introduction
9.2. Hospitals
9.3. Independent Radiotherapy Centers

10. Americas Radiation Oncology Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Radiation Oncology Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Radiation Oncology Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Siemens Healthineers Buys Aspekt to Bolster Radiation Oncology Services
- 13.3.2. Fred Hutch's New Radiation Oncology Division Takes Shape
- 13.3.3. GE HealthCare Launches New Solutions for Radiation Therapy
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio