Breast Cancer Segment, by Application to Account Largest Share in Radiation Oncology Market during 2023-2031

According to our new research study on "Radiation Oncology Market Forecast to 2031 - Global Analysis - by Type, Application, and Geography," the market was valued at US$ 8,924.44 million in 2023 and is projected to reach US$ 23,620.56 million by 2031; it is expected to register a CAGR of 13.0% during 2023-2031. The radiation oncology market growth is attributed to the increasing prevalence of cancer and surging initiatives to support developments in radiation oncology. Strategic initiatives by radiation oncology market players are likely to offer opportunities for market growth. The radiation oncology market report emphasizes the key factors driving the market and showcases the developments of prominent players.

Radiotherapy focuses on destroying the cancerous cells maximum sparing of healthy cells which was achieved over the period of time owing to the advancement in imaging technology such as magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET) and others. These imaging technologies helps in identifying the tumors cells along with its exact position and size which led to the development of 3D conformal radiotherapy. Over the period of time, there is constant development in radiotherapy technologies as mentioned below

Flash Therapy: It is being discussed among healthcare professionals, rather than days or weeks the entire dose of massive radiation is delivered at once very quickly. The healthy cells recover well over the period of time and killing only cancer cells. It is under study and if it proves to be safe and effective it can be revolutionary radiation therapy in coming years.

Image-guided radiation therapy (IGRT): This technology allows for real-time imaging of the tumor and surrounding healthy tissue before each treatment session, ensuring that the radiation beams are accurately targeted at the tumor and minimizing damage to nearby organs.

Intensity-modulated radiation therapy (IMRT): IMRT allows for the delivery of varying intensities of radiation to different parts of the tumor, allowing for better dose distribution and sparing of healthy tissue.

Stereotactic body radiation therapy (SBRT): This technology delivers high doses of radiation to small, well-defined tumors in a limited number of treatment sessions, leading to better local control of the tumor.

Proton therapy: Proton therapy uses protons instead of traditional X-rays to deliver radiation to the tumor, allowing for more precise targeting of the tumor and sparing of healthy tissue.

Adaptive radiation therapy: This technology allows for adjustments to the treatment plan based on changes in the tumor size or position during the course of treatment, ensuring that the radiation dose is always optimized for maximum effectiveness.

Moreover, increasing integration of artificial intelligence (AI) in cancer treatment for treatment planning, labelling anatomy patient CT scan images, and others. AI will help to cater to the patient's requirements instantly by offering required solutions during the course of treatment. Additionally, various radiation therapy equipment is integrated with AI which will benefit the patient and healthcare professional both. For Instance, In May 2024, Elekta launched its latest linear accelerator (linac), Evo, a CT-Linac with new high-definition AI enhanced imaging, capable of delivering offline and online adaptive radiation therapy as well as improved standard image-guided radiation therapy treatments. Therefore, development in radiotherapy technologies and increasing integration of artificial intelligence is expected to expedite the radiation oncology market growth in coming years.

Based on type, the radiation oncology market is bifurcated into external beam radiation therapy and internal beam radiation therapy. The external beam radiation therapy segment held a larger radiation oncology market share in 2023; however, the internal beam radiation therapy segment is expected to register a higher CAGR during 2023-2031.

Based on Application, the market is segmented into breast cancer, prostate cancer, lung cancer, head & neck cancer, cervical cancer, and others. The breast cancer segment held the largest radiation oncology market share in 2023, and it is estimated to register the highest CAGR during 2023-2031. Factors such as hormonal imbalance, lifestyle changes, genetic predisposition, and environmental factors fuel the prevalence of breast cancer. It is one of the most common type of cancer in the US. As per Breastcancer.org, 1 in 8 women in the US (or ~13%) acquired invasive breast cancer over their lifetime as of January 2022. According to the Global Cancer Observatory (GLOBOCAN), 2.29 million new cases of breast cancer were registered in females globally in 2022. With an upsurge in the number of cases of breast cancer, there is a growing need for effective treatments to improve patient outcomes. Radiation therapy, including brachytherapy, is used to treat breast cancer and can be combined with other interventions for effective treatment of breast cancer. Thus, the surging prevalence of breast cancer bolsters the need for radiation therapy systems. According to the GLOBOCAN, lung cancer is among the main causes of mortality in the world; 2.48 million new lung cancer cases were registered globally in 2022. It is the most common cancer in men and the second most common cancer in women. This type of cancer can be treated more effectively if it is diagnosed early. Therefore, people at a high risk of lung cancer need to undergo routine testing to detect the formation of cancerous growth inside their lungs. Due to the burgeoning focus on the early detection of lung cancer, healthcare professionals raise frequent need for effective treatment options for cancer. Radiation therapy is generally combined with other treatments to treat cancer with satisfactory outcomes.

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

Companies operating in the radiation oncology market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the radiation oncology market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall radiation oncology market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.

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