Global Radiation Oncology Market Size, Share, And Growth Report 2032

Global Radiation Oncology Market Size

According to a report from Zion Market Research, the global Global Radiation Oncology Market was valued at USD 21.16 Billion in 2023 and is projected to hit USD 43.74 Billion by 2032, with a compound annual growth rate (CAGR) of 8.4% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Global Radiation Oncology Market industry over the next decade.

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Global Radiation Oncology Market: Overview

Radiation Therapy is used in the treatment of cancer. The therapy uses waves of energy such as light and heat to shrink tumors and destroy the genetic material that controls how cells grow and divide. Radiation therapy is also referred to as external beam radiation therapy. The treatment helps in curing the deadly disease but it also has side effects such as nausea and vomiting, intestinal discomfort, infertility, etc.

Global Radiation Oncology Market: Growth Factors

The radiation oncology market is expected to flourish due to factors such as rising demand for radiotherapy, technological advancements in radiotherapy, and increased awareness of cancer treatment. Covid-19 impacted the market due to safety measures taken by the government such as lockdown, and social distancing but the planned model by the government and hospitals resulted in the continuity of radiotherapy treatment as well as maintaining a safer environment for the patients.

This has also resulted in the smooth functioning of the radiation oncology market. Driving factors such as increased investment by the government and improved reimbursement scenarios will also contribute to the growth of the radiation oncology market. The rise in Cancer cases is also driving the market for radiation oncology.

Global Radiation Oncology Market: Segmentation

The Global Radiation Oncology Market is segmented into Type, Application, and End Users.

On the basis of type, the global radiation oncology market is segmented into External Beam Radiation Therapy, Internal Beam Radiation Therapy, and Systemic Radiotherapy.

By Application, the global radiation oncology market is fragmented into External Beam Radio Therapy and Brachytherapy.

Based on End Users, the global radiation oncology market is divided into Hospitals and Independent Radiotherapy Centers.

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Global Radiation Oncology Market: Report Scope

Global Radiation Oncology Market: Regional Analysis

Based on regions, the global Radiation Oncology market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the global market for radiation oncology due to advanced healthcare infrastructure, high healthcare expenditure, and significant R&D carried out in radiation oncology.

The Asia Pacific is expected to witness the highest growth over the forecast period due to the launch of new radiation oncology therapy systems in medical centers and hospitals, strategic initiatives are undertaken by key players to strengthen their presence in the region are expected to boost the market growth.

Global Radiation Oncology Market: Competitive Players

Some of the key players operating in the market include 

• Varian Medical Systems, Inc.
• Elekta (Sweden)
• Accuray Incorporated
• Ion Beam Applications SA (Belgium)
• ViewRay, Inc.
• IsoRay Medical, Inc.
• Hitachi Ltd. (Japan)
• Panacea Medical Technologies Pvt. Ltd. (India)
• Provision Healthcare
• Mevion Medical Systems, Inc.

The key players are focusing on taking various initiatives such as product expansion, mergers, and acquisitions, licensing, etc. to gain a competitive edge in the market.

The global Radiation Oncology market is segmented as follows:

By Type

• External Beam Radiation Therapy
• Internal Beam Radiation Therapy
• Systemic Radiotherapy

By Application

• External Beam Radio Therapy
• Brachytherapy

By End Users

• Hospitals
• Independent Radiotherapy Centers

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa