The 2022 global Radiation Oncology Market was valued at USD 5.2 Billion and is projected to experience a 4.2% compound annual growth rate (CAGR) in revenue over the forecast period, as indicated by the latest report from Reports and Data.
Radiation oncology, a medical discipline employing high-energy radiation to eradicate cancer cells and reduce tumor size, is anticipated to witness heightened demand due to an increasing incidence of cancer, particularly among the elderly population. This demand surge is further propelled by the expansion of cancer treatment facilities and the growing utilization of radiation therapy.
The global revenue growth is driven by advancements in radiation treatment techniques such as Intensity-Modulated Radiation Treatment (IMRT) and Image-Guided Radiation Therapy (IGRT), along with other technological innovations in the field. Compared to the past, radiation therapy is now more precise and carries fewer side effects, rendering it a more effective and comfortable cancer treatment option. The rising preference for minimally invasive cancer therapies is also contributing to the expansion of market revenue.
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Radiation therapy has gained favor as a preferred treatment modality for cancer patients who are unsuitable for surgery or opt for non-invasive procedures due to its non-surgical nature, eliminating the necessity for invasive surgical procedures. Additionally, the convenience of receiving radiation therapy in non-hospital settings has added to its growing popularity, meeting the increasing demand for outpatient cancer treatments.
Key players in the Radiation Oncology Market:
- Varian Medical Systems, Inc.
- Elekta AB
- Accuray Incorporated
- C. R. Bard, Inc.
- IBA Worldwide
- Brainlab AG
- ViewRay Technologies, Inc.
- Mevion Medical Systems, Inc.
- Hitachi, Ltd.
- RaySearch Laboratories AB
Some Key Highlights in the Report:
- The largest share of revenue in the forecasted period is expected to be held by the external beam radiation therapy segment. This treatment method, known as External Beam Radiation Treatment (EBRT), employs high-energy x-rays or other particles to target and eliminate cancer cells from outside the body. This is accomplished through the use of a linear accelerator device that precisely directs the radiation toward the affected area. EBRT is primarily used for treating solid tumors, such as those occurring in the breast, lung, prostate, and brain, and it can also be applied to treat lymphomas, a type of blood cancer.
- Prostate cancer treatment is anticipated to generate the highest revenue during the projected period. Radiation therapy is commonly chosen as the primary treatment for prostate cancer due to its ability to effectively eradicate cancer cells while minimizing damage to surrounding healthy tissue. Additionally, radiation treatment can be combined with other medical procedures, including chemotherapy and surgery.
- North America is expected to dominate in terms of revenue share throughout the projection period. Factors contributing to this growth include an increasing incidence of cancer in the region, advancements in radiation therapy technology, and an aging population. Moreover, favorable reimbursement policies and government initiatives aimed at improving healthcare facilities are likely to stimulate regional revenue growth.
- The European radiation oncology market is projected to experience substantial revenue growth during the forecast period. This growth is driven by favorable reimbursement policies, a rising incidence of cancer cases, and the presence of well-established market competitors in the region. Furthermore, the growing demand for cutting-edge radiation therapy technologies is contributing to the revenue expansion in the European market.
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For the purpose of this report, Reports and Data has segmented the global radiation oncology market on the basis of Treatment Type Outlook, Application Outlook, End-Use Outlook, and Regional Outlook:
Treatment Type Outlook (Revenue, USD Billion; 2022 – 2032)
- External Beam Radiation Therapy
- Internal Radiation Therapy
- Systemic Radiation Therapy
Application Outlook (Revenue, USD Billion; 2022 – 2032)
- Prostate Cancer
- Breast Cancer
- Lung Cancer
- Brain Cancer
- Other Cancers
End-Use Outlook (Revenue, USD Billion; 2022 – 2032)
- Hospitals
- Ambulatory Surgical Centers
- Others
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Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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