The global radiation oncology market size accounted for USD 6.5 billion in 2019 and is likely to record a CAGR of 7 per cent during 2019 and 2026. Some of the major drivers of this market include rising adoption of radiotherapy, technological improvements in radiotherapy, increasing prevalence of cancer as well as increasing healthcare expenditure. Technological advancements to develop efficient treatment options through medical oncology is likely to drive the market for global radiation oncology market. Comparative studies are executed by researchers to prove the effectiveness of one radiation therapy in oncology over other therapies.

Within the global radiation oncology market, external beam radiation therapy (EBRT) dominated market presently owing to lower side-effects and ease in delivery as radiologists can control the rate of radiotherapy. Brachytherapy is likely to gain a significant share through the forecast period owing to factors such as quicker recovery, reduction in Length of Stay (LoS) in hospital, and reduced risk of postoperative complications. Brachytherapy devices are also expected to witness treatments in various cancers. Apart from this, compact advanced radiotherapy systems such as CyberKnife, Gamma Knife, and tomotherapy have a wide range of applications. Gamma Knife is widely used for the treatment of brain tumors.

Technologically, intensity modulated radiotherapy (IMRT) is a next-generation radiation oncology treatment line of 3-D CRT and increasingly adopted in hospitals owing to its high efficiency as well as its ability to conform radiotherapy beams at complex tumor locations. Studies showed that IMRT technology held the largest market share in 2019. Applications of EBRT is also expanding. It includes treatment of prostate, breast, lung, colorectal, head, and neck cancer. Breast cancer treated using EBRT accounted for a significant share in 2019 due to high effectiveness and supportive awareness programs. Moreover, for lung cancer treatment, using EBRT is projected to witness the fastest growth rate over the forecast period owing to increasing safety approvals by various regulatory authorities. For instance, in June 2018, Accuray, Inc., a radiation oncology company, received approval from Atomic Energy Regulatory Board (AERB) for Radixact X9 System in India. This system is indicated for lung and various other cancers.

North America is likely to dominate the global radiation oncology market. This is attributed to advanced healthcare infrastructure, high healthcare expenditure, and significant research and development carried out in radiation oncology. Some of the key players present in North America like Accuray Incorporated and Nordion, Inc. are also expected to boost the regional market growth.

A recent report on the global radiation oncology market was published by Global Market Estimates Research and Consultants (GME) in March 2020. The market can be segmented on several grounds. On the basis of technology, the global market is segmented into image-guided radiotherapy (IGRT), intensity modulated radiotherapy (IMRT), stereotactic technology, proton beam therapy, 3D conformal radiotherapy (3D CRT), brachytherapy, volumetric modulated arc therapy (VMAT). On the basis of application, the global market is segmented into prostate cancer, breast cancer, colorectal cancer, cervical cancer, and penile cancer, among others. On the basis of type, the global market is segmented into internal beam radiation therapy, and external beam radiation therapy. On the basis of region, the global radiation oncology market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. The countries covered include: U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, China, India, Japan, South Korea, Australia, Brazil, Saudi Arabia, UAE, and South Africa among others. 

Some of the key players operating in the radiation oncology market are Varian Medical Systems, Inc., Elekta AB, Accuray Inc., Ion Beam Applications (IBA), C.R. Bard, Inc. (BD), Isoray Medical, Mevion Medical Systems, Nordion Inc., NTP Radioisotopes SOC Ltd., and Curium among others.