The global Radiation Oncology Market size is expected to reach USD 10.1 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to witness a CAGR of 6.5% over the forecast period. Rising prevalence of cancer is the primary factor responsible for substantial growth of the market for radiation oncology.
Technological advancements resulted in increased adoption of radiation oncology as primary cancer treatment. Development of compact advanced radiotherapy options such as CyberKnife, Gamma Knife, and tomotherapy are expected to complement this growth. These advanced methods pose lesser postoperative complications and faster recovery time.
Increasing per capita healthcare expenditure is also an important macroeconomic factor driving market growth. In addition, with the aid of supportive government initiatives and awareness, patients are not hesitant to opt for advanced treatment options. For instance, per capita health expenditure witnessed exponential growth of more than 55.0% from 1995 to 2014, as stated by the World Bank Group.
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Further key findings from the study suggest:
- In 2016, external beam radiation therapy (EBRT) inclusive of compact advanced radiation therapy, proton therapy, and linear accelerator (LINAC), held a lucrative share by product
- Brachytherapy is likely to gain maximum share over the coming years owing to extensive usage for the treatment of prostate and breast cancer
- EBRT applications for treatment of prostate, breast, lung, colorectal, head, and neck cancer dominated the market in 2016 by way of application
- Image guided radiation therapy (IGRT) contributed to around 13.0% share in 2016 on the basis of technology. In this method, overall objective is to minimize the exposure to the healthy surrounding tissue
- 3D-CRT technology is anticipated to witness a lucrative CAGR over the forecast period
- North America held maximum share in global radiation oncology market in 2016. Developed health infrastructure, presence of many multinational players, and high per capita health infrastructure are the key regional growth drivers
- Varian Medical Systems; Elekta AB; Accuray Incorporated; Ion Beam Applications SA; C.R. Bard, Inc.; IsoRay, Inc.; Mevion Medical Systems, Nordion (Canada) Inc.; NTP; and Mallinckrodt Public Limited Company are some of the key market players
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Grand View Research has segmented the global radiation oncology market by product, application, technology, and region:
Radiation Oncology Product Outlook (Revenue, USD Million, 2014 – 2025)
- External Beam Radiation Therapy
- Electron-Emitting High-Energy Linear Accelerators (Linac)
- Compact Advanced Radiotherapy Systems
- Cyberknife
- Gamma Knife
- Tomotherapy
- Proton Therapy
- Cyclotron
- Synchrotron
- Brachytherapy
- Seeds
- Applicators and Afterloaders
- Electronic Brachytherapy
- Systemic Beam Radiation Therapy
- Others
Radiation Oncology Application Outlook (Revenue, USD Million, 2014 – 2025)
- External Beam Radiation Therapy
- Prostate Cancer
- Breast Cancer
- Lung Cancer
- Head and Neck Cancer
- Colorectal Cancer
- Others
- Internal Beam Radiation Therapy
- Prostate Cancer
- Gynecological Cancer
- Breast Cancer
- Cervical Cancer
- Penile Cancer
- Others
Radiation Oncology Technology Outlook (Volume, Units; Revenue, USD Million, 2014 – 2025)
- External Beam Radiation Therapy
- Image-Guided Radiotherapy (IGRT)
- Intensity Modulated Radiotherapy (IMRT)
- Stereotactic Technology
- Proton Beam Therapy
- 3D Conformal Radiotherapy (3D CRT)
- Volumetric Modulated Arc Therapy (VMAT)
- Brachytherapy
- Low-Dose Rate Brachytherapy
- High-Dose Rate Brachytherapy
- Systemic Beam Radiation Therapy
- Others
Radiation Oncology Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- Japan
- Latin America
- Mexico
- Brazil
- Middle East & Africa
- South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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