PUBLISHER: The Business Research Company | PRODUCT CODE: 1751092
PUBLISHER: The Business Research Company | PRODUCT CODE: 1751092
Radiation oncology is a specialized field of medicine that uses high-energy radiation to treat cancer by damaging the deoxyribonucleic acid (DNA) of malignant cells, thereby inhibiting their growth and spread. This approach employs advanced techniques to deliver precise treatment, focusing on targeting the affected area while minimizing damage to surrounding healthy tissues.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The primary types of radiation oncology include external beam radiation therapy and internal beam radiation therapy. Internal beam radiation therapy, also known as brachytherapy, involves placing radioactive material directly into or near a tumor to deliver concentrated, localized radiation. It is used in the treatment of various cancers, including prostate, breast, lung, head and neck, colorectal, cervical, gynecological cancers, and others. Key end users of this treatment include hospitals, cancer research institutes, and other healthcare facilities.
The radiation oncology market research report is one of a series of new reports from The Business Research Company that provides radiation oncology market statistics, including radiation oncology industry global market size, regional shares, competitors with a radiation oncology market share, detailed radiation oncology market segments, market trends and opportunities, and any further data you may need to thrive in the radiation oncology industry. This radiation oncology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The radiation oncology market size has grown strongly in recent years. It will grow from$7.99 billion in 2024 to $8.75 billion in 2025 at a compound annual growth rate (CAGR) of 9.6%. The growth during the historic period can be attributed to factors such as the rising incidence of cancer, increased healthcare spending, growth in healthcare infrastructure investments, an aging population, and a higher prevalence of complex cancer cases.
The radiation oncology market size is expected to see strong growth in the next few years. It will grow to$12.51 billion in 2029 at a compound annual growth rate (CAGR) of 9.3%. The growth during the forecast period can be attributed to factors such as the growing demand for precision treatments, the expansion of outpatient cancer centers, increased adoption of treatment planning software, rising government initiatives in cancer care, and expanding healthcare infrastructure. Key trends during this period include personalized treatment plans, high-definition imaging, AI-powered imaging, advancements in stereotactic body radiation therapy (SBRT), and progress in brachytherapy.
The increasing number of cancer cases is expected to drive the growth of the radiation oncology market in the coming years. Cancer, characterized by the uncontrolled growth and spread of abnormal cells in the body, affects a growing number of patients. This rise is primarily due to the widespread adoption of unhealthy lifestyles that significantly heighten the risk of developing cancer. Radiation oncology helps treat cancer by utilizing high-energy radiation to destroy cancer cells, shrink tumors, alleviate symptoms, and enhance the effectiveness of surgery and chemotherapy. Advanced radiation techniques have further improved precision and outcomes. For example, in October 2024, the National Health Service (NHS), a UK-based government body, reported that there were 346,217 new cancer diagnoses in 2022, averaging 948 per day. This marked a 5% increase from the 329,664 diagnoses in 2021. As a result, the rising number of cancer cases is contributing to the growth of the radiation oncology market.
Leading companies in the radiation oncology market are focusing on developing advanced radiation therapy systems that incorporate AI-powered imaging and adaptive technologies to improve treatment precision, minimize side effects, and enhance patient outcomes for various cancer treatments. AI-powered radiotherapy leverages artificial intelligence technologies to enhance aspects of radiation therapy, including treatment planning, imaging, delivery, and monitoring. For example, in May 2024, Elekta, a Sweden-based medical technology company, introduced Evo, its latest CT-Linac, which features high-definition AI-enhanced imaging designed to refine radiation therapy techniques. This versatile system supports both offline and online adaptive radiation therapy as well as advanced image-guided radiation therapy, offering clinicians greater precision and flexibility in customizing treatments for individual patients. The innovation aims to improve patient outcomes by optimizing the accuracy and adaptability of treatments.
In June 2024, AstraZeneca plc, a UK-based pharmaceutical and biotechnology company, acquired Fusion Pharmaceuticals for an undisclosed sum. With this acquisition, AstraZeneca seeks to strengthen its oncology portfolio by incorporating Fusion's innovative radioconjugate (RC) technology, particularly for enhancing targeted cancer therapies such as FPI-2265 for metastatic castration-resistant prostate cancer (mCRPC). The goal is to advance precision oncology and reduce dependence on traditional treatments. Fusion Pharmaceuticals, a clinical-stage oncology company based in Canada, focuses on developing next-generation radiopharmaceuticals as precision medicines.
Major players in the radiation oncology market are Hitachi Ltd., Siemens Healthineers, Philips Healthcare, GE Healthcare Technologies Inc., Varian Medical Systems, Shimadzu Corporation, Elekta AB, Mirion Technologies, Ion Beam Applications (IBA), Accuray Incorporated, Canon Medical Systems, Eckert & Ziegler BEBIG, ViewRay Inc., MDS Nordion, Mevion Medical Systems, PTW-Freiburg, Toshiba Medical Systems, CivaTech Oncology, ProTom International, Radcal Corporation, and ScandiDos.
North America was the largest region in the radiation oncology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in radiation oncology report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the radiation oncology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The radiation oncology market consists of revenues earned by entities by providing services such as tumor board consultations, radiation oncology equipment maintenance, telemedicine consultations, stereotactic radiosurgery (SRS), and image-guided radiation therapy (IGRT). The market value includes the value of related goods sold by the service provider or included within the service offering. The radiation oncology market also includes sales of radiation therapy equipment, treatment planning software, dosimetry systems, radiation protection products, and medical consumables. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Radiation Oncology Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on radiation oncology market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for radiation oncology ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The radiation oncology market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
1) By Internal Beam Radiation Therapy; Brachytherapy; Endocavitary Brachytherapy; Interstitial Brachytherapy; Intraluminal Brachytherapy
2) By External Beam Radiation Therapy; 3D Conformal Radiation Therapy (3DCRT); Intensity-Modulated Radiation Therapy (IMRT); Stereotactic Radiosurgery (SRS); Stereotactic Body Radiation Therapy (SBRT); Image-Guided Radiation Therapy (IGRT)