Radiation Oncology Market: Global Industry Analysis and Forecast (2023-2029)

Radiation Oncology Market was valued at US$ 8.00 Bn. in 2022 and is expected to reach at US$ 16.78 Bn. in 2029. Global Radiation Oncology Market size is expected to grow at a CAGR of 11.16% through the forecast period.

Radiation Oncology Market Overview:

Radiation oncology is the medical specialty concerned with prescribing radiation, and is distinct from radiology, the use of radiation in medical imaging and diagnosis. Radiation may be prescribed by a radiation oncologist with intent to cure ("curative") or for adjuvant therapy. Radiation oncology or radiotherapy is one of the important cancer treatment modalities. This treatment modality uses the controlled use of powerful radiation beams to kill the cancer cells or ease the cancer-related symptoms. Radiation Oncology Market To know about the Research Methodology :- Request Free Sample Report The field of radiation oncology covers the integration of radiation therapy into multimodal treatment approaches. Radiation Oncology provides an open access forum for researchers and clinicians involved in the management and treatment of cancer patients, bringing together the latest research and advances in the field. Radiation Oncology encompasses all aspects of research that impacts on the treatment of cancer using radiation. It publishes findings in molecular and cellular radiation biology, radiation physics, radiation technology, and clinical oncology. The report explores the Global Radiation Oncology Market segments (Product & Service, Application, End User and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2020. The report investigates the Global Radiation Oncology Market drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Global Radiation Oncology Market contemporary competitive scenario.

Radiation Oncology Market Dynamics:

Radiation Oncology Market is greatly driven by the factors such as the rising prevalence of cancer, the expanding usage of radiotherapy in cancer treatment, and technological developments in radiotherapy equipment. Technological advancements that improve treatment safety and efficacy are expected to drive the radiation oncology market. 4D radiation is a hybrid of 4D imaging and radiotherapy that enables real-time tumour tracking and exact information on tumour size, shape, area, and volume. This combination allows doctors to administer a conformal dose while compensating for organ, tumour, or patient movement. The major factors attributing to the growth of the oncology information systems market include the rising incidence of cancer cases worldwide. The major factors attributing to the growth of the oncology information systems market include the rising incidence of cancer cases worldwide. The Lack of skilled IT professionals in the healthcare industry is the restrain which hinders the growth of the Global Radiation Oncology Market. The lack of qualified resources is a major barrier in implementing OIS solutions in hospitals. Currently, the demand for healthcare IT professionals far exceeds their supply, not just in developing markets but also in developed markets such as the US and Europe. For instance, as per the 2020 report by the Government of Canada, there is a shortage of IT specialists in healthcare systems across Canada i.e., 79% of the current clinical IT workers in the country need additional training. The growing number of healthcare IT initiatives further adds to the overall burden. The lack of skilled radiotherapy professionals is one of the major factors restraining the growth of the market for radiation oncology. There is a lack of training and education in radiation oncology among physicians in many countries. The Growing healthcare IT Industry is the new opportunity which offers the growth of the Global Radiation Oncology Market. The healthcare IT industry draws lines into several different industries, including medical technology, healthcare, medical devices, and digital health. This industry is disrupting the traditional healthcare delivery model and research systems with the use of modern and advanced technologies. An integrated healthcare IT environment helps address gaps in the oncology care continuum while reducing ineffective or unnecessary processing steps. It helps eliminate healthcare redundancy, permitting hospital systems to provide patient-centric care across and between healthcare providers. Thus, by deploying various healthcare IT solutions such as EMR, RIS, PACS, VNA, and treatment planning solutions healthcare organizations have reduced their operational costs while providing improved quality of care. This is driving the demand for oncology information system market among major end-user segments. Continuous technological advances have expanded the horizon for players in the radiation oncology market. Intensity-modulated radiotherapy is expected to be the new opportunities for prominent players which leads to the growth of the Global Radiation Oncology Market. The concern which is regarding data privacy is the major challenge faced during the growth of the Global Radiation Oncology Market. The cases of cyberhacking of healthcare organizations has increased which led to hinder the growth of the Global Radiation Oncology Market. Wide patient information exchanges lead to privacy and security risks and increase the chances of data breaches. In the US, the Identity Theft Resource Center recorded 1,473 breaches in its 2019 breach list, an increase of 17% over the total number of breaches tracked in 2018. Hence, creating a secure OIS platform is a major challenge faced by vendors catering to the healthcare industry. COVID-19 Impact on Global Radiation Oncology Market: The COVID-19 pandemic has also had a negative influence on the radiation oncology sector. Hospitals have postponed capital equipment purchases in order to focus resources on COVID-19 therapy. Due to the epidemic, there have also been delays in the installation of previously sanctioned equipment. The market for radiation oncology has also been negatively impacted due to the COVID-19 pandemic. Hospitals have delayed the purchase of capital equipment and redirected the resources towards the treatment of COVID-19. Additionally, there have also been delays in the installation of the already sanctioned equipment due to the pandemic. During the pandemic, almost all the nations across the globe invested on development of adequate healthcare infrastructure to provide improved services to people. Furthermore, some of the leading players implemented several strategies such as new technology launches and partnerships to increase their share in the global market. In December 2020, Varian, an American radiation oncology software and treatment provider, collaborated with Yonsei Cancer Center to advance research and development activities in the radiation therapy and oncology field. Through this collaboration, Yonsei Cancer Center uses Varian’s artificial intelligence solutions and services, which have shown improved results in early cancer detection. This aspect is predicted to propel the technological advancements in radiation oncology and is anticipated to drive the market growth in the forecast years.

Radiation Oncology Market Segment Analysis:

Based on Product, The software is expected to grow with the highest CAGR of xx% during the forecast period. The high share of this market segment can be attributed primarily to growing need to control the rising oncology care costs and improve the efficiency of oncology care services by reducing medical errors. Software is integral part of any oncology information system and works as interface between database and end user. The External Beam Radiation Therapy segment is supplementing the growth of the Radiation Oncology Market. Due to the relatively higher price of equipment and large installed base of external beam radiation therapy equipment, the External Beam Radiation Therapy (EBRT) category dominated the market for radiation oncology and accounted for the greatest revenue share of XX% in 2022. The most common type of radiation is EBRT. Gamma Knife, CyberKnife, and tomotherapy are examples of compact modern radiation technologies with a wide range of uses. The Gamma Knife is frequently used to treat brain cancers. It works by concentrating high-intensity cobalt radiation into small volumes. Owing to factors such as shorter hospital stays and speedier recovery, brachytherapy is expected to capture a large proportion of the radiation oncology market throughout the forecast period. The market is also expected to rise due to the development and approval of new brachytherapy devices for the treatment of various cancers. Radiation Oncology Market Based on End-Users, The Hospitals & Diagnostic Imaging Centers segment is dominating the market with xx% share in 2022. The increasing adoption of oncology information system at hospital and diagnostic imaging centers due to large amount of data generated during diagnosis and treatment of cancer and significant number of patient submissions/visits every year worldwide, increasing government initiatives aimed at equipping (or upgrading) hospitals with newer and advanced systems are some of the factors responsible for the growth of this segment. Due to the number of hospitals, medical and research institutes providing access to the radiotherapy for the patients, the Hospitals & Diagnostic Imaging Centers segment led to the growth of the Global Radiation Oncology Market. Radiation Oncology Market 1.

Radiation Oncology Market Regional Insights:

The North America region is expected to witness significant growth at a CAGR of XX% through the forecast period. The supremacy of this area in the market is due to a combination of factors including high healthcare spending, modern healthcare infrastructure, and large R&D investments. The presence of prominent factors such as Accuray Incorporated, and Nordion Inc Varian Medical Systems, is also expected to help the radiation oncology market develop. Existence of most developed and advanced healthcare infrastructure in North America especially in U.S. is influencing the cancer patients to adopt radiation oncology techniques in these regions. Furthermore, in recent times, U.S. department of government has implemented 9 federal programs to support cancer prevention and early detection by providing additional support for better cancer treatment processes, which is anticipated to fuel the growth of the market in the upcoming time. The radiation oncology market in the Asia Pacific is expected to develop at the fastest rate during the forecast period. Some of the important reasons driving the growth of the radiation oncology market include an increase in government initiatives to improve knowledge about treatment alternatives, an increase in demand for sophisticated therapies, and the rising prevalence of cancer. Partnerships, distribution agreements, and new product launches are among the strategic activity’s companies are pursuing to increase their market share in this region. An increase in initiatives undertaken by governments to raise awareness about treatment options, growth in demand for sophisticated therapies, and the increasing prevalence of cancer are some of the key factors responsible for the growth of the market for radiation oncology in this region. The objective of the report is to present a comprehensive analysis of the Global Radiation Oncology Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Global Radiation Oncology Market dynamic, structure by analyzing the market segments and projecting the Global Radiation Oncology Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Radiation Oncology Market make the report investor’s guide.

Global Radiation Oncology Market Scope: Inquire before buying

Global Radiation Oncology Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2018 to 2022 Market Size in 2022: US$ 8.0 Bn.
Forecast Period 2022 to 2029 CAGR: 11.16% Market Size in 2029: US$ 16.78 Bn.
Segments Covered: by Product & Services & Service 1. Software 1.1. Patient Information Systems 1.2. Radiology Information systems 1.3. Oncology Electronic Medical Record (EHR) 2. Laboratory Information Systems 2.1 Chemotherapy Information System 2.2 Treatment Planning Systems 2.3 Clinical Decision Support Systems 3. Radiotherapy Treatment Planning Systems 4. Brachytherapy Treatment Planning Systems 5. External Beam Radiation Therapy 5.1. Linear Accelerators (Linac) 5.2. Compact Advanced Radiotherapy Systems 5.3. Cyberknife 5.4. Gamma Knife 5.5. Tomotherapy
by Application 1. Radiation Oncology 2. Medical Oncology 3. Surgical Oncology
by End-User 1. Hospitals & Diagnostic Imaging Centers 2. Ablation Care Centers and Cancer Care Centers 3. Government Institutions 4. Research Facilities

Radiation Oncology Market by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

Radiation Oncology Market Key Players

1. Varian Medical Systems, Inc. 2. Elekta AB 3. Accuray Incorporated 4. Ion Beam Applications (IBA) 5. C.R. BARD, INC. (BD) 6. Isoray Medical 7. Mevion Medical Systems, Inc. 8. Nordion Inc. 9. NTP Radioisotopes SOC Ltd. 10. Curium Pharma 11. Provision Healthcare 12. BD 13. Nordion (Canada) Inc. 14. Panacea Medical Technologies Pvt. Ltd 15. Koninklijke Philips N.V. (Netherlands), 16. McKesson Corporation (US), 17. Siemens Healthineers 18. Epic Systems Corporation 19. IBM 20. Cerner Corporation 21. Advanced Data Systems 22. Bogardus Medical Systems, Inc 23. F. Hoffmann-La Roche AG 24. Altai Oncology, LLC. 25. GE Healthcare 26. OPTUM (a part of UnitedHealth Group) 27. Allscripts Healthcare Solutions, Inc. 28. MICA Information Systems, Inc. 29. CureMD Healthcare 30. EndoSoft LLC 31. MIM Software Inc. 32. RaySearch Laboratories AB. Frequently Asked Questions: 1] What segments are covered in the Radiation Oncology Market report? Ans. The segments covered in the Radiation Oncology Market report are based on Product Type, End-Users and Application. 2] Which region is expected to hold the highest share in the Radiation Oncology Market? Ans. North America region and Asia-Pacific is expected to hold the highest share in the Radiation Oncology Market. 3] What is the market size of the Radiation Oncology Market by 2029? Ans. The market size of the Radiation Oncology Market by 2029 is expected to reach US$ 16.78 Bn. 4] What is the forecast period for the Radiation Oncology Market? Ans. The forecast period for the Radiation Oncology Market is 2023-2029. 5] What was the market size of the Radiation Oncology Market in 2022? Ans. The market size of the Radiation Oncology Market in 2022 was valued at US$ 8.00 Bn.
1. Global Radiation Oncology Market: Research Methodology 2. Global Radiation Oncology Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Radiation Oncology Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Radiation Oncology Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Radiation Oncology Market Segmentation 4.1. Global Radiation Oncology Market, By Product & Services (2022-2029) • Software o Patient Information Systems o Radiology Information systems o Oncology Electronic Medical Record (EHR) • Laboratory Information Systems o Chemotherapy Information System o Treatment Planning Systems o Clinical Decision Support Systems • Radiotherapy Treatment Planning Systems • Brachytherapy Treatment Planning Systems • External Beam Radiation Therapy o Linear Accelerators (Linac) o Compact Advanced Radiotherapy Systems o Cyberknife o Gamma Knife o Tomotherapy 4.2. Global Radiation Oncology Market, By Application (2022-2029) • Radiation Oncology • Medical Oncology • Surgical Oncology 4.3. Global Radiation Oncology Market, By End Users (2022-2029) • Hospitals & Diagnostic Imaging Centers • Ablation Care Centers and Cancer Care Centers • Government Institutions • Research Facilities 5. North America Radiation Oncology Market (2022-2029) 5.1. North America Radiation Oncology Market, By Product & Services (2022-2029) • Software o Patient Information Systems o Radiology Information systems o Oncology Electronic Medical Record (EHR) • Laboratory Information Systems o Chemotherapy Information System o Treatment Planning Systems o Clinical Decision Support Systems • Radiotherapy Treatment Planning Systems • Brachytherapy Treatment Planning Systems • External Beam Radiation Therapy o Linear Accelerators (Linac) o Compact Advanced Radiotherapy Systems o Cyberknife o Gamma Knife o Tomotherapy 5.2. North America Radiation Oncology Market, By Application (2022-2029) • Radiation Oncology • Medical Oncology • Surgical Oncology 5.3. North America Radiation Oncology Market, By End Users (2022-2029) • Hospitals & Diagnostic Imaging Centers • Ablation Care Centers and Cancer Care Centers • Government Institutions • Research Facilities 5.4. North America Radiation Oncology Market, by Country (2022-2029) • United States • Canada • Mexico 6. European Radiation Oncology Market (2022-2029) 6.1. European Radiation Oncology Market, By Product & Services (2022-2029) 6.2. European Radiation Oncology Market, By Application (2022-2029) 6.3. European Radiation Oncology Market, By End Users (2022-2029) 6.4. European Radiation Oncology Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Radiation Oncology Market (2022-2029) 7.1. Asia Pacific Radiation Oncology Market, By Product & Services (2022-2029) 7.2. Asia Pacific Radiation Oncology Market, By Application (2022-2029) 7.3. Asia Pacific Radiation Oncology Market, By End Users (2022-2029) 7.4. Asia Pacific Radiation Oncology Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Radiation Oncology Market (2022-2029) 8.1. Middle East and Africa Radiation Oncology Market, By Product & Services (2022-2029) 8.2. Middle East and Africa Radiation Oncology Market, By Application (2022-2029) 8.3. Middle East and Africa Radiation Oncology Market, By End Users (2022-2029) 8.4. Middle East and Africa Radiation Oncology Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Radiation Oncology Market (2022-2029) 9.1. South America Radiation Oncology Market, By Product & Services (2022-2029) 9.2. South America Radiation Oncology Market, By Application (2022-2029) 9.3. South America Radiation Oncology Market, By End Users (2022-2029) 9.4. South America Radiation Oncology Market, by Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Varian Medical Systems, Inc. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Elekta AB 10.3. Accuray Incorporated 10.4. Ion Beam Applications (IBA) 10.5. C.R. BARD, INC. (BD) 10.6. Isoray Medical 10.7. Mevion Medical Systems, Inc. 10.8. Nordion Inc. 10.9. NTP Radioisotopes SOC Ltd. 10.10. Curium Pharma 10.11. Provision Healthcare 10.12. BD 10.13. Nordion (Canada) Inc. 10.14. Panacea Medical Technologies Pvt. Ltd 10.15. Koninklijke Philips N.V. (Netherlands), 10.16. McKesson Corporation (US), 10.17. Siemens Healthineers 10.18. Epic Systems Corporation 10.19. IBM 10.20. Cerner Corporation 10.21. Advanced Data Systems 10.22. Bogardus Medical Systems, Inc 10.23. F. Hoffmann-La Roche AG 10.24. Altai Oncology, LLC. 10.25. GE Healthcare 10.26. OPTUM (a part of UnitedHealth Group) 10.27. Allscripts Healthcare Solutions, Inc. 10.28. MICA Information Systems, Inc. 10.29. CureMD Healthcare 10.30. EndoSoft LLC 10.31. MIM Software Inc. 10.32. RaySearch Laboratories AB
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