radiation oncology Market

The radiation oncology market is anticipated to grow from 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.

Radiation therapy or radiotherapy is a common cancer treatment that uses radiation (usually high-powered X-rays) to kill cancer cells. Radiation therapy may be used independently or alongside other treatments, like surgery or chemotherapy. Radiation oncologists are healthcare providers who specialize in radiation therapy.

North America accounted for a major share of the global radiation oncology market in 2023. The North America radiation oncology market is segmented into the US, Canada, and Mexico. Radiation therapy is widely available for all cancer patients in the US, and the need for radiation oncologists is continuously on the rise. The number of these professionals also increases continuously owing to the developed healthcare infrastructure. Nevertheless, the American Society of Clinical Oncology approximately two-thirds of cancer patients globally are estimated to receive radiation therapy as a part of their treatment. In 2022, over 1 million cancer patients in the US are projected to undergo radiation therapy annually. The government and healthcare authorities are taking several initiatives to encourage the adoption of radiotherapy. In June 2020, the American Society for Radiation Oncology (ASTRO) introduced new clinical guidelines regarding radiotherapy for nonmetastatic cervical cancer. The new guidelines focus on precisely implementing steps and processes to conduct radiation therapy. The Canadian Association of Radiation Oncology (CARO) has established specific guidelines about radiation oncology. A study published in the Japanese Journal of Clinical Oncology reports that nearly 35,000 patients in Ontario receive radiation therapy annually, accounting for ~39% of cancer patients in the province. Canada's population-based, single-payer cancer system constantly changes to enhance access, diagnosis quality, treatment outcomes, and support. It has also positioned radiotherapy well, ensuring that people have sufficient access to this treatment. Nonetheless, access to the treatment needs close monitoring. Canada plans to continue to innovate, conduct research, and change the practice of radiation oncology as its population ages and technology advances. Rising cancer incidence, government initiatives, and technology improvements are a few factors driving growth of the radiation oncology market in Mexico. The country specifically records high incidences of lung, prostate, and breast cancer, resulting in an elevated demand for radiation therapy for effective treatment. The government of Mexico focuses on attracting significant foreign investments and international players. For instance, in 2018, Elekta received a tender from the government of Mexico to deliver radiation therapy systems. Such collaborations are estimated to boost the Mexico radiation oncology market during the forecast period.

Strategic Initiatives in Radiation Oncology to Provide Market Opportunities in Future

Radiation oncology holds tremendous potential in cancer treatment. Additionally, constant evolution in radiotherapy by the market players in terms of product development, innovation, product launch, product approval, merger, acquisition and partnerships, and others is expected to contribute the market growth. Some of the recent strategic initiatives taken place in the market are

• 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.
• In May 2024, The Icon Group collaborated with Cyberknife Australia Pty Ltd to establish up to 6 new radiation oncology clinics (proposed joint venture), which will provide radiation oncology treatments using the 'Cyberknife' system.
• In May 2024, GE HealthCare launched Revolution RT, a new radiation therapy computed tomography (CT) solution with innovative hardware and software solutions to help increase imaging accuracy, while simplifying simulation workflow for a more personalized and seamless oncology care pathway experience for clinicians and patients.
• In April 2024, Accuray Incorporated showcased advancement in hardware and software designed to improve the cancer treatment experience, at ESTRO 2024. The latest generation CyberKnife and Radixact platforms provide medical care teams with the technology necessary for expanding the curative power of radiation therapy and delivering on the focus of this year's congress, bridging the care gap.
• In October 2023, CIVCO Radiotherapy and Qfix launched a new brand CQ Medical. The company focuses on the improvement of cancer care and patient outcome along with deep engagement in the field with clinicians and technology partners.
• In September 2023, MVision AI launched the first comprehensive Guideline-Based Segmentation (GBS) solution for effective radiation therapy contouring. Guide facilitates clinical teams to accurately evaluate AI-generated structures, thus enabling them to refine their contouring skills. Verify allows visual and volumetric comparison of contours, facilitating clinics to observe similarities and differences. The combined implementation of Guide Verify and Contour+ encompasses all clinical needs in radiotherapy contouring.

Therefore, surging strategic initiatives among market players operating in radiation oncology market which are expected to amplify the market growth and create ample opportunities for the radiation oncology market.

Radiation Oncology Market: Competitive Landscape and Key Developments

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 key companies operating in the radiation oncology market.

The US Food and Drug Administration, Centers for Disease Control and Prevention (CDC), and American Society for Radiation Oncology are among the primary and secondary sources referred to while preparing the radiation oncology market report.