Global Radiation Oncology Market Size & Outlook, 2020-2028
Global radiation oncology market, 2017-2028 (US$M)
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Global radiation oncology market highlights
- The global radiation oncology market generated a revenue of USD 7,581.3 million in 2020 and is expected to reach USD 13,558.6 million by 2028.
- The market is expected to grow at a CAGR (2021 - 2028) of 7.5% by 2028.
- In terms of segment, external beam radiationtherapy accounted for a revenue of USD 5,237.3 million in 2020.
- Internal Beam Radiation Therapy is the most lucrative type segment registering the fastest growth during the forecast period.
- In terms of region, North America was the largest revenue generating market in 2020.
- Country-wise, Germany is expected to register the highest CAGR from 2021 to 2028.
Global data book summary
| Market revenue in 2020 | USD 7,581.3 million |
| Market revenue in 2028 | USD 13,558.6 million |
| Growth rate | 7.5% (CAGR from 2020 to 2028) |
| Largest segment | External beam radiationtherapy |
| Fastest growing segment | Internal Beam Radiation Therapy |
| Historical data covered | 2017 - 2019 |
| Base year for estimation | 2020 |
| Forecast period covered | 2021 - 2028 |
| Quantitative units | Revenue in USD million |
| Market segmentation | External Beam RadiationTherapy, Internal Beam Radiation Therapy |
Other key industry trends
- In terms of revenue, the North America accounted for 45.5% of the global radiation oncology market in 2020.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2028.
- By country, Germany is the fastest growing regional market and is projected to reach USD 713.0 million by 2028.
External beam radiationtherapy was the largest segment with a revenue share of 69.08% in 2020. Horizon Databook has segmented the Global radiation oncology market based on external beam radiationtherapy, internal beam radiation therapy covering the revenue growth of each sub-segment from 2017 to 2028.
North America radiation oncology market is expected to be driven by factors such as rising incidence of cancer, growing geriatric population, high healthcare expenditure, and supportive government funding. In addition, presence of organizations such as the American Society for Radiation Oncology (ASTRO), world’s largest radiation oncology society with over 10,000 members including radiation therapists, biologists, nurses,
The society aims to improve patient care through training and education. It also promotes continuous cancer research and new approaches involved in radiation treatment and encourages adoption of radiation oncology.
Governments in North American countries are focusing on increasing the production of medical isotopes and therefore, are creating opportunities for manufacturers of nuclear medicines to expand their distribution networks.
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Radiation Oncology Market Scope
Radiation Oncology Market Companies
| Name | Profile | # Employees | HQ | Website |
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Global radiation oncology market size, by regions, 2017-2028 (US$M)
Top 10 countries: Radiation oncology market size, 2020 (US$M)
Global radiation oncology market share, by type, 2020 & 2028 (%, US$M)
Radiation oncology market: Opportunity assessment by country
Global radiation oncology market, by region, 2020 (US$M)
| Type | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 3,180.8 | 3,370.4 | 3,619.3 | 3,448.2 | 3,613.7 | 3,891.1 | 4,227.4 | 4,532.9 | 4,896.4 | 5,282.6 | 5,695.3 | 6,097.0 | 7.4% |
| Europe | 1,835.8 | 1,920.2 | 2,042.3 | 2,006.1 | 2,113.1 | 2,279.0 | 2,464.9 | 2,663.0 | 2,874.6 | 3,101.7 | 3,345.2 | 3,607.7 | 7.6% |
| Asia Pacific | 1,454.0 | 1,507.0 | 1,557.0 | 1,527.4 | 1,632.1 | 1,732.8 | 1,854.8 | 1,982.0 | 2,144.4 | 2,336.1 | 2,558.1 | 2,803.8 | 7.9% |
| Latin America | 341.6 | 353.3 | 364.4 | 355.3 | 385.4 | 409.7 | 437.8 | 468.3 | 501.7 | 538.4 | 578.5 | 622.7 | 7.3% |
| MEA | 230.8 | 240.3 | 251.7 | 244.4 | 261.7 | 277.3 | 296.0 | 314.6 | 335.3 | 360.9 | 394.2 | 427.4 | 7.2% |
| Overall | 7,042.9 | 7,391.2 | 7,834.6 | 7,581.3 | 8,005.9 | 8,589.9 | 9,280.8 | 9,960.8 | 10,752.4 | 11,619.7 | 12,571.3 | 13,558.6 | 7.5% |
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