Radiation Oncology Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (External Beam Radiation Therapy, Internal Beam Radiation Therapy), By Application (Prostate Cancer, Breast Cancer, Lung Cancer, Head, and Neck Cancer, Colorectal Cancer, Cervical Cancer, Gynecological Cancer, Others), and Region

Radiation Oncology Market size was valued at US$ 7,797 million in 2023 and is poised to grow at a significant CAGR of 12.8% from 2024-2030. Radiation oncology, usually referred to as radiation therapy, is a form of cancer treatment in which cancer cells are eradicated using powerful energy beams. By eliminating the genetic material that regulates a cell's growth, it harms the cells. A variety of disciplines are used in the treatment of cancer. The procedure uses high-energy X rays (photons), typically delivered using a linear accelerator. The technical progress of radiotherapy equipment, the global rise in cancer incidence, and the rising usage of radiation therapy in oncology treatment are key drivers driving the market.

The FDA just authorized Vision RT Ltd.'s DoseRT, an upgraded multi-camera system to monitor both beam and patient placement in real-time during radiation, in November 2021. Similarly, in December 2020, the FDA approved Beam Site, a single-camera system. Dartmouth and Norris Cotton Cancer Center collaborated on this technology, which collects photos and real-time video of the beam and allows radiation doctors to see therapy delivery in patients. These developments have boosted the radiation oncology business while also enhancing the safety and effectiveness of radiotherapy. Additionally, the radiation oncology industry is experiencing growing demand for radiotherapy as the worldwide cancer burden rises.

According to the Globocan 2020 study, around 19.3 million people worldwide were suffering from cancer, with 10.0 million dying as a result. Moreover, the WHO in Europe anticipated that 4.6 million new people were diagnosed with various cancer indications such as prostate, breast, lung, colorectal, and brain in 2020 and that 2.1 million people died from the disease across European nations. According to The American Cancer Society's 2022 report, breast cancer is the most frequent ailment, accounting for around 3.0 lakh and 51,400 new instances of aggressive and non-invasive breast cancers in the United States, respectively.

Key Developments

• In April 2022, Elekta and GE Healthcare teamed to make precision radiation treatment options more accessible. This would allow the two firms to give hospitals with a full offering of cancer imaging and therapy.