The Radiation Oncology Market was valued at USD 10.56 billion in 2024, and is projected to reach USD 21.19 billion by 2030, rising at a CAGR of 11.17%. The growth of the market is attributed to the global rise in cancer burden, the growing geriatric population, and supportive reimbursement programs undertaken by the government and private organizations. Furthermore, the increasing technological innovation and advancement in radiotherapy offer lucrative opportunities for market growth.
The world is witnessing an increasing prevalence of cancer cases which is the key factor driving the radiation oncology market growth. For instance, according to Globocan, in 2020, more than 20.0 million people were diagnosed with cancer, and 10.0 million died of cancer. Moreover, the aging population is at high risk of cancer due to a weak immune system and comorbid conditions; thereby, the rising geriatric population further fuels market growth. For instance, in 2020, according to WHO estimates, the global geriatric population was approximately 1.0 billion and is expected to reach 2.1 billion by 2050.
Extensive research activities for the development of novel radiotherapy techniques and multidisciplinary therapeutic approaches are expected to lead to an increased survival rate and a more favorable prognosis of cancer. For instance, in December 2022, Elekta Unity demonstrated MR-Linac use for pancreatic tumors, where the first-ever patient was treated with new advanced radiotherapy motion management.
Similarly, in June 2020, Isoray signed a research agreement with the University of Cincinnati Physicians Company to study neck and head cancer treatment. The companies will evaluate the efficacy of Keytruda along with Cesium-131 post-surgical resection. Using such medical isotopes for cancer treatment may boost the research in developing a new target-specific radiation therapy system by understanding disease complexity & patients' need, thereby widening the opportunity in the market.
Furthermore, supportive reimbursement and regulatory policies for radiation therapy are also expected to drive the radiation oncology market growth. For instance, in July 2021, the Centers for Medicare and Medicaid Services (CMS) developed a new Radiation Oncology Payment Model (RO-APM) for the diagnosis of cancer and radiotherapy services. It enhances the quality of care of the patients and reduces the annual Medicare expenditure.
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The world is witnessing an increasing prevalence of cancer cases which is the key factor driving the radiation oncology market growth. For instance, according to Globocan, in 2020, more than 20.0 million people were diagnosed with cancer, and 10.0 million died of cancer. Moreover, the aging population is at high risk of cancer due to a weak immune system and comorbid conditions; thereby, the rising geriatric population further fuels market growth. For instance, in 2020, according to WHO estimates, the global geriatric population was approximately 1.0 billion and is expected to reach 2.1 billion by 2050.
Extensive research activities for the development of novel radiotherapy techniques and multidisciplinary therapeutic approaches are expected to lead to an increased survival rate and a more favorable prognosis of cancer. For instance, in December 2022, Elekta Unity demonstrated MR-Linac use for pancreatic tumors, where the first-ever patient was treated with new advanced radiotherapy motion management.
Similarly, in June 2020, Isoray signed a research agreement with the University of Cincinnati Physicians Company to study neck and head cancer treatment. The companies will evaluate the efficacy of Keytruda along with Cesium-131 post-surgical resection. Using such medical isotopes for cancer treatment may boost the research in developing a new target-specific radiation therapy system by understanding disease complexity & patients' need, thereby widening the opportunity in the market.
Furthermore, supportive reimbursement and regulatory policies for radiation therapy are also expected to drive the radiation oncology market growth. For instance, in July 2021, the Centers for Medicare and Medicaid Services (CMS) developed a new Radiation Oncology Payment Model (RO-APM) for the diagnosis of cancer and radiotherapy services. It enhances the quality of care of the patients and reduces the annual Medicare expenditure.
Radiation Oncology Market Report Highlights
- The external beam radiation therapy (EBRT) market, which includes linear accelerators (Linac), and compact advanced radiotherapy systems, dominated the overall market with the largest revenue share in 2024 due to increased adoption in the treatment of various types of cancers
- The IMRT segment held the largest revenue share of 24.06% in 2024, attributed to the substantial demand for treatment and increased availability of technologically advanced intensity-modulated radiotherapy (IMRT) in countries with unmet treatment needs.
- The EBRT segment for prostate cancer held the largest revenue share of 58.65% in 2024 and is anticipated to maintain its dominance over the forecast period
- The market for IBRT is anticipated to witness significant growth over the forecast period due to the growing prevalence of cancer in developing countries and increased product penetration
- North America radiation oncology industry dominated globally in terms of revenue share of 47.16% in 2024, owing to the favorable government initiatives and availability of technologically advanced radiotherapy equipment
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listings for you to stay ahead of the curve
Why Should You Buy This Report?
- Comprehensive Market Analysis: Gain detailed insights into the market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Radiation Oncology Market Variables, Trends, & Scope
Chapter 4. Radiation Oncology Market: Type Estimates & Trend Analysis
Chapter 5. Radiation Oncology Market: Technology Estimates & Trend Analysis
Chapter 6. Radiation Oncology Market: Application Estimates & Trend Analysis
Chapter 7. Radiation Oncology Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
The major companies featured in this Radiation Oncology market report include:- Varian Medical Systems, Inc.
- Elekta AB
- Accuray Incorporated
- IBA Radiopharma Solutions
- BD (Becton, Dickinson and Company)
- Isoray Inc.
- Mevion Medical Systems
- Nordion, Inc.
- NTP Radioisotopes SOC Ltd.
- Curium
- ViewRay Technologies, Inc.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 130 |
Published | May 2025 |
Forecast Period | 2024 - 2030 |
Estimated Market Value ( USD | $ 10.56 Billion |
Forecasted Market Value ( USD | $ 21.19 Billion |
Compound Annual Growth Rate | 11.1% |
Regions Covered | Global |
No. of Companies Mentioned | 12 |