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Oncology Radiation Therapy Market: Introduction

  • Radiation therapy or radiotherapy has emerged as a cost-effective cancer treatment modality and gained significance in reducing morbidity and mortality due to cancer. Rise in demand for technology-driven treatment modality drives the global radiation oncology market. Advent of state-of-the-art techniques has helped in accurate tumor localization during the treatment. Usage of multimodality imaging has made radiation oncology more effective. Advances in tumor targeting through radiation oncology have paved the way for personalized treatment strategies.

Key Drivers, Restrains, and Opportunities of Global Oncology Radiation Therapy Market

  • Rise in prevalence of cancer is a major factor driving the global oncology radiation therapy market. Cancer is a leading cause of death across the world. A majority of cancer cases are caused due to lifestyle-related factors. According to the World Health Organization, in 2018, an estimated 18.1 million new cases of cancer and 9.6 million deaths were reported across the globe. Moreover, the American Institute of Cancer Research estimates that around 25 million cancer cases will be diagnosed each year by 2030. Therefore, rise in prevalence of cancer is anticipated to boost the growth of the global oncology radiation therapy market.
  • The global radiation oncology market is expected to be driven by technological advancements that enhance patient safety and efficacy. These advancements have aided in the development of more effective, low-cost, and easy-to-use radiotherapy products with enhanced and precise radiation dose delivery, resulting in increased tumor targeting efficiency. For instance, 4D radiotherapy is a hybrid of 4D imaging and radiation that enables real-time tumor tracking and precise information on tumor size, shape, area, and volume.
  • However, shortage of trained radiotherapy professionals is a major factor hampering the growth of the global radiation oncology market. In developed countries, for example, there are two to three radiation oncologists per 1,000 cancer patients, whereas Bangladesh has only 0.76 radiation oncologists per 1,000 cancer patients. The scenario is similar in India. Furthermore, in many countries, physicians lack training and education in radiation oncology. This is likely to restrain the global market.
  • The COVID-19 epidemic has negatively affected the global oncology radiation therapy market. Focus of the healthcare community has shifted from chronic diseases to preventing the spread of COVID-19. Consequently, a number of cancer-specialty hospitals have been closed or converted to COVID care centers. Hospitals have postponed capital equipment purchases in order to focus their resources on COVID-19 therapy. Furthermore, there have been delays in the installation of previously sanctioned equipment due to the pandemic.

North America to Capture Major Share of Global Oncology Radiation Therapy Market

  • North America is projected to account for major share of the global oncology radiation therapy market during the forecast period owing to advanced health care infrastructure and high health care expenditure. Moreover, presence of key players is anticipated to fuel the growth of the market in the region during the forecast period.
  • The oncology radiation therapy market in Asia Pacific is expected to grow at a rapid pace during the forecast period. This is attributed to increase in population and urbanization in countries such as India and China. Surge in government initiatives to improve awareness about treatment alternatives and rise in demand for advanced therapies are likely to drive the market in the region in the next few years.

Key Players Operating in Global Oncology Radiation Therapy Market

The global oncology radiation therapy market is highly consolidated due to the presence of small number of established and new players.

Major players operating in the global oncology radiation therapy market are:

  • Accuray Incorporated
  • Elekta AB
  • Becton, Dickinson and Company
  • Hitachi Ltd.
  • Isoray, Inc.
  • Ion Beam Applications SA
  • Sumitomo Heavy Industries Ltd.
  • Provision Healthcare
  • ViewRay, Inc.
  • Varian Medical Systems, Inc.
  • Optivus Proton Therapy, Inc.
  • Mevion Medical Systems, Inc.
  • P-Cure Ltd.
  • Panacea Medical Technologies Pvt. Ltd.
  • Other Prominent Players

Global Oncology Radiation Therapy Market: Research Scope

Global Oncology Radiation Therapy Market, by Type

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

Global Oncology Radiation Therapy Market, by End-user

  • Hospitals
  • Cancer Research Institutes
  • Ambulatory & Radiotherapy Centers

Global Oncology Radiation Therapy Market, by Application

  • Skin & Lip Cancer
  • Breast Cancer
  • Head & Neck Cancer
  • Prostate Cancer
  • Cervical Cancer
  • Lung Cancer
  • Others

Global Oncology Radiation Therapy Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.


Oncology Radiation Therapy Market