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What Is the Current and Projected Market Size of the Radiation Oncology Market Through 2034?

The size of the radiation oncology market has seen significant growth in the recent past. The market is predicted to expand from $7.99 billion in 2024 to $8.75 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.6%. The prior growth rate can be credited to increased instances of cancer, a boost in healthcare expenditures, advancements in healthcare infrastructure, a growing elderly population, and an increase in intricate cancer scenarios.

The market size of radiation oncology is predicted to witness robust expansion in the upcoming years. By 2029, it is projected to reach $12.51 billion, with a 9.3% Compound Annual Growth Rate (CAGR). The predicted growth during the forecast period is due to factors such as rising demand for precise treatment methods, growth of outpatient cancer centers, enhanced usage of treatment planning software, incremented government initiatives for cancer care, and a developing healthcare infrastructure. Noteworthy trends anticipated during the forecast period encompass individualized treatment plans, high-resolution imaging, AI-enhanced imaging, stereotactic body radiation therapy (SBRT), and advancements in brachytherapy.

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What Are the Core Market Drivers Propelling Growth in the Radiation Oncology Industry?

The radiation oncology market is expected to expand due to the increasing number of cancer patients. Cancer is a disease marked by the irregular and uncontrolled proliferation and movement of abnormal cells throughout the body. The surge in cancer cases can be largely attributed to the extensive adoption of unhealthy lifestyles that enhance cancer vulnerabilities. Radiation oncology, which uses high-powered radiation to annihilate cancer cells, reduce the size of tumors, alleviate symptoms, and boost the efficiency of surgical and chemotherapy interventions, has seen advancements in technologies that heighten precision and optimized results. As per the UK’s National Health Service, in October 2024, there were 346,217 new cancer cases in 2022, realizing an average of 948 per day, an increase from 329,664 in 2021, symbolizing a 5% hike. Hence, the increasing cancer prevalence drives the radiation oncology market’s growth.

How Is the Radiation Oncology Market Segmented?

The radiation oncology market covered in this report is segmented –

1) By Type: External Beam Radiation Therapy, Internal Beam Radiation Therapy

2) By Application: Prostate Cancer, Breast Cancer, Lung Cancer, Head And Neck Cancer, Colorectal Cancer, Cervical Cancer, Gynecological Cancer, Other Applications

3) By End-User: Hospitals, Cancer Research Institutes, Other End-Users

Subsegments:

1) By Internal Beam Radiation Therapy, Brachytherapy, Endocavitary Brachytherapy, Interstitial Brachytherapy, Intraluminal Brachytherapy

2) By External Beam Radiation Therapy, 3D Conformal Radiation Therapy (3DCRT), Intensity-Modulated Radiation Therapy (IMRT), Stereotactic Radiosurgery (SRS), Stereotactic Body Radiation Therapy (SBRT), Image-Guided Radiation Therapy (IGRT)

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Which Regions Are Driving the Next Phase of the Radiation Oncology Market Growth?

North America was the largest region in the radiation oncology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the radiation oncology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Key Market Trends and Innovations Are Shaping the Future of the Radiation Oncology Industry?

Significant players in the radiation oncology market are concentrating their efforts on creating innovative radiation therapy systems. These systems integrate AI-enabled imaging and adjustive technologies with the goal to amplify treatment precision, minimize adverse effects, and boost patient results across a wide spectrum of cancer therapy applications. AI-driven radiotherapy entails the utilization of artificial intelligence technologies to augment various radiology therapy components, such as treatment planning, imaging, execution, and supervision. For example, in May 2024, Elekta, a medical technology firm based in Sweden, introduced Evo, its latest CT-Linac that boasts high-definition AI-boosted imaging aimed to refine radiation therapy methods. This multi-faceted system provides offline and online adaptive radiation therapy and also enhances the standard image-guided radiation therapy. It offers medical practitioners increased precision and adaptability in customizing treatments on a per-patient basis. The main objective of this innovation is to amplify patient outcomes by maximizing treatment precision and flexibility.

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How Is the Radiation Oncology Market Defined and What Are Its Core Parameters?

Radiation oncology refers to a specialized area of medicine where high-energy radiation is used to treat cancer by damaging the deoxyribonucleic acid (DNA) of malignant cells, thereby preventing their growth and spread. This approach utilizes advanced methods to provide precise treatment, focusing on targeting the affected area while minimizing harm to surrounding healthy tissues.

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