Radiation Oncology Market Report By Insights, Size, and Growth - 2031

The radiation oncology sector is projected to expand significantly, with an estimated growth from US$ 8,924.44 million in 2023 to US$ 23,620.56 million by 2031, reflecting a compound annual growth rate (CAGR) of 13.0% during the period from 2023 to 2031. This growth is primarily driven by the rising incidence of cancer and increasing initiatives aimed at advancing radiation oncology. Strategic actions taken by key players in the radiation oncology market are expected to create further opportunities for expansion. The report on the radiation oncology market highlights the main factors propelling this growth and outlines the advancements made by leading companies in the field.

Radiation therapy, commonly referred to as radiotherapy, is a prevalent treatment for cancer that employs radiation, typically high-energy X-rays, to eliminate cancer cells. This treatment can be utilized alone or in conjunction with other therapies, such as surgery or chemotherapy. Specialists known as radiation oncologists are responsible for administering radiation therapy and managing patient care.

In 2023, North America held a significant portion of the global radiation oncology market. The North American market is divided into segments including the United States, Canada, and Mexico. In the United States, radiation therapy is readily accessible to all cancer patients, and the demand for radiation oncologists continues to grow. The number of professionals in this field is also on the rise, supported by a robust healthcare infrastructure. According to the American Society of Clinical Oncology, it is estimated that approximately two-thirds of cancer patients worldwide will receive radiation therapy as part of their treatment regimen. In 2022, it was projected that over 1 million cancer patients in the United States would undergo radiation therapy each year. Various government and healthcare organizations are implementing initiatives to promote the use of radiotherapy. For instance, in June 2020, the American Society for Radiation Oncology (ASTRO) released new clinical guidelines for radiotherapy in nonmetastatic cervical cancer, emphasizing precise protocols for treatment delivery. Similarly, the Canadian Association of Radiation Oncology (CARO) has developed specific guidelines to enhance radiation oncology practices. A study published in the Japanese Journal of Clinical Oncology indicated that around 35,000 patients in Ontario receive radiation therapy annually, representing approximately 39% of cancer patients in the province. Canada's single-payer cancer care system is continually evolving to improve access, diagnostic quality, treatment outcomes, and support for patients, ensuring adequate access to radiotherapy. However, monitoring access to treatment remains crucial. Canada aims to innovate, conduct research, and adapt radiation oncology practices as its population ages and technology progresses. In Mexico, the increasing incidence of cancer, particularly lung, prostate, and breast cancers, is driving demand for radiation therapy. The Mexican government is actively seeking to attract foreign investments and international partnerships. For example, in 2018, Elekta secured a contract from the Mexican government to supply radiation therapy systems, which is expected to enhance the radiation oncology market in Mexico during the forecast period.

Strategic Initiatives in Radiation Oncology to Provide Market Opportunities in Future

Radiation oncology presents significant potential for cancer treatment advancements. Continuous innovation in radiotherapy by market participants, including product development, launches, approvals, mergers, acquisitions, and partnerships, is anticipated to foster market growth. Recent strategic initiatives in the sector include:

• In May 2024, Elekta introduced its latest linear accelerator (linac), Evo, featuring high-definition AI-enhanced imaging capabilities for both offline and online adaptive radiation therapy, as well as improved standard image-guided radiation therapy.
• In May 2024, The Icon Group partnered with Cyberknife Australia Pty Ltd to establish up to six new radiation oncology clinics, utilizing the 'Cyberknife' system for treatment.
• In May 2024, GE HealthCare launched Revolution RT, a new radiation therapy computed tomography (CT) solution designed to enhance imaging accuracy and streamline simulation workflows for a more personalized oncology care experience.
• In April 2024, Accuray Incorporated showcased advancements in hardware and software aimed at enhancing the cancer treatment experience at ESTRO 2024, with the latest CyberKnife and Radixact platforms providing essential technology for expanding the effectiveness of radiation therapy.
• In October 2023, CIVCO Radiotherapy and Qfix unveiled a new brand, CQ Medical, focusing on improving cancer care and patient outcomes through deep engagement with clinicians and technology partners.
• In September 2023, MVision AI launched the first comprehensive Guideline-Based Segmentation (GBS) solution for effective radiation therapy contouring, facilitating accurate evaluation of AI-generated structures and enhancing contouring skills for clinical teams.

These strategic initiatives among market players are expected to significantly enhance growth prospects and create numerous opportunities within the radiation oncology market.

Radiation Oncology Market: Competitive Landscape and Key Developments

Key companies operating in the radiation oncology market include Varian Medical Systems Inc, Elekta AB, Accuray Incorporated, IBA Worldwide (Ion Beam Applications SA), Becton Dickinson & Co, Perspective Therapeutics Inc, Nordion, Mevion Medical Systems, NTP Radioisotopes, and Mallinckrodt Plc.

The radiation oncology market report is based on information from primary and secondary sources, including the US Food and Drug Administration, the Centers for Disease Control and Prevention (CDC), and the American Society for Radiation Oncology.