Radiation Oncology Industry Overview
The global radiation oncology market size is expected to reach USD 11.7 billion by 2028, registering a CAGR of 7.0% over the forecast period, according to a new report by Grand View Research, Inc. The rising incidence of cancer and technological advancement in radiation therapy equipment are some of the major factors driving the growth of the market.
Radiation Oncology Market Segmentation
Grand View Research has segmented the global radiation oncology market on the basis of type, technology, application, and region:
Based on the Type Insights, the market is segmented into EBRT, Proton Therapy, Internal Beam Radiation Therapy.
- The External Beam Radiation Therapy (EBRT) segment dominated the market for radiation oncology and accounted for the largest revenue share of 79.3% in 2020 owing to the relatively higher price of equipment and high installed base of external beam radiation therapy equipment. EBRT is the most widely used form of radiotherapy.
- Compact advanced radiotherapy systems such as Gamma Knife, Cyber Knife, and tomotherapy have a wide range of applications. Gamma Knife is commonly used for the treatment of brain tumors. It utilizes high-intensity cobalt radiation that concentrates radiation in small volumes.
- Brachytherapy is likely to gain a significant share in the market for radiation oncology during the forecast period, owing to factors such as decreased length of hospital stay, and faster recovery. Also, the development and approval of new brachytherapy devices for the treatment of various cancers is anticipated to boost the segment growth.
Based on the Technology Insights, the market is segmented into EBRT, Brachytherapy.
- The IMRT technology segment dominated the market for radiation oncology and accounted for the largest revenue share of 25.0% in 2020.
- IMRT allows a change in radiation intensity during treatment to specifically target cancer cells and limit the damage to adjoining healthy tissues. Linear accelerators are used to deliver a radiation dose to the exact dimensions of tumors.
- In July 2019, Swiss Medical Network purchased a Radixact system, an Image-guided, Intensity-modulated Radiation Therapy (IG-IMRT), developed by Accuray, Inc. to provide a highly precise radiation system to treat patients.
Based on the Application Insights, the market is segmented into EBRT, Internal Beam Radiation Therapy.
- The EBRT segment dominated the radiation oncology market and accounted for the largest revenue share of 79.0% in 2020. Breast cancer treated using EBRT accounted for a significant share in 2020 due to high effectiveness and supporting awareness programs.
- According to the International Agency for Research on Cancer, the incidence of lung cancer is expected to grow from 2.21 million in 2020 to 2.9 million by 2030. Radiation therapy is used for the treatment of both NSCLC and SCLC, either along with chemotherapy or post-surgery or pre-surgery.
- Brachytherapy is used for the treatment of gynecological, breast, lung, penile, and other types of cancer. IBRT for the treatment of prostate cancer accounted for the maximum share in 2020.
Radiation Oncology Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The key companies are adopting strategies such as mergers and acquisitions and partnerships, to acquire a larger market share, globally. In August 2020, Siemens Healthcare GmbH announced its plans to acquire Varian Medical Systems, Inc. for USD 16.4 billion. The deal is expected to be completed by H1 2020.
Some prominent players in the global radiation oncology market include
- Varian Medical Systems, Inc.
- Elekta AB
- Accuray Incorporated
- Ion Beam Applications (IBA)
- C.R. BARD, INC. (BD)
- Isoray Medical
- Mevion Medical Systems, Inc.
- Nordion Inc.
- NTP Radioisotopes SOC Ltd.
- Curium Pharma
- Viewray Technologies, Inc.
Order a free sample PDF of the Radiation Oncology Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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