The global Radiation Oncology Market is anticipated to grow at a revenue CAGR of 4.2% during the forecast period and reach USD 7.8 billion by 2032, up from USD 5.2 billion in 2022. Several factors are driving market revenue growth, such as the rising demand for non-invasive cancer therapies, an increase in the incidence of cancer, and technological advancements in radiation therapy. High-energy radiation is employed in the field of radiation oncology to reduce tumor size and destroy cancer cells. The rising incidence of cancer, particularly in the elderly population, is expected to result in increased demand for radiation therapy. Moreover, market revenue growth is being driven by the expansion of cancer treatment facilities and the increasing use of radiation therapy.
Technological developments such as Intensity-Modulated Radiation Treatment (IMRT) and Image-Guided Radiation Therapy (IGRT) are contributing to market revenue growth. Radiation therapy has become more precise and has fewer side effects, making it a more effective and comfortable treatment choice for cancer patients. The growing demand for minimally invasive cancer therapies is another factor driving market revenue growth. Radiation therapy is a popular treatment choice for cancer patients who are ineligible for surgery or who prefer non-invasive procedures. Also, radiation therapy can be administered outside of a hospital, which meets the rising need for outpatient cancer treatments.
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The global radiation oncology market is being propelled by the growing emphasis on individualized treatment. Using genomic and molecular biology advancements, radiation therapy can now be customized to the unique genetics of each patient's tumor. This approach has demonstrated encouraging findings in terms of improving treatment outcomes and reducing adverse effects. Moreover, the global radiation oncology market revenue growth is driven by the rising incidence of cancer worldwide and the growing use of radiation therapy as a primary treatment option. Technological innovations, such as image-guided radiation therapy and the development of new radiation therapy procedures, are also driving revenue growth of the market.
However, the market revenue growth is expected to be hindered by challenges such as radiation therapy's high cost, limited access to cancer treatment facilities in underdeveloped nations, and its adverse effects. For some patients, the high cost of radiation therapy, particularly for advanced procedures like IMRT and IGRT, can be a barrier to care. Additionally, some patients may have difficulty tolerating the adverse effects of radiation therapy, such as fatigue, skin irritation, and nausea.
The American Society for Radiation Oncology (ASTRO) estimates that more than one million cancer cases are treated with radiation therapy in the United States annually. In the U.S., the Nuclear Regulatory Commission (NRC) has established regulations for radiation therapy devices and patient safety. European Union Directives mandate that medical devices meet safety and European standards before being CE-marked. The U.S. Food and Drug Administration (FDA) has also set standards for radiation oncology equipment that must be met before they can be marketed and sold in the United States. The Centers for Medicare & Medicaid Services (CMS) certify cancer treatment centers and ensure that they meet all standards required by the Medicare program.
Based on treatment type, the global radiation oncology market is segmented into external beam radiation therapy, internal radiation therapy, and systemic radiation therapy. The external beam radiation therapy segment is expected to account for the largest revenue share during the forecast period. The internal radiation therapy segment is expected to register a rapid revenue growth rate during the forecast period, while the systemic radiation therapy segment is anticipated to account for a significantly large revenue share.
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Key Players Operating in 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
The global Radiation Oncology Market has been segmented as follows:
Treatment Type Outlook (Revenue, USD Billion; 2019-2032)
- External Beam Radiation Therapy
- Internal Radiation Therapy
- Systemic Radiation Therapy
Application Outlook (Revenue, USD Billion; 2019-2032)
- Prostate Cancer
- Breast Cancer
- Lung Cancer
- Brain Cancer
- Other Cancers
End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Hospitals
- Ambulatory Surgical Centers
- Others
Regional Outlook (Revenue, USD Billion; 2019-2032)
- 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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