Oncology and Radiology Device Market, By Technology (Linear Accelerators, Cobalt-60, High-Dose Radiation, and Low-Dose Radiation), By Therapy (External Radiation Therapy and Internal Radiation Therapy or Brachytherapy), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Oncology and Radiology Device Market was valued at US$ 88.7 billion in 2024 and is projected to grow at a CAGR of 9.30% to reach US$ 199.3 billion by 2034.

Oncology and radiology services include numerous cancer diagnosis and treatment methods. Nucleic acid-based vitro diagnostics and combination device solutions are examples of oncology devices that help patients and healthcare professionals identify, diagnose, treat, and track premalignant and malignant illnesses. Radiation therapy, a cancer treatment, kills cancer cells using high-energy X-rays or other particles. 

Devices, including proton treatment systems, brachytherapy apparatuses, and linear accelerators, are utilized to provide precise radiation to malignant tumors while preserving healthy tissue. The market will be driven throughout the forecast period by rising cancer incidence and prevalence, technological advancements in cancer diagnostic and treatment devices, an aging population, and encouraging initiatives to cut costs while providing patients with higher-quality care.

Furthermore, rapid advancements in technology have revolutionized cancer diagnosis and treatment. The market is expanding because new medical devices have improved patient outcomes and increased treatment alternatives, such as immunotherapies, targeted medicines, and molecular testing. However, the high cost of these devices could impede the target market growth over the forecast period.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Oncology and Radiology Device Market Key Drivers:

An increase in cancer cases worldwide  

• The rising cancer incidence is a crucial factor driving the target market's growth. The fast-increasing incidence of cancer worldwide is a result of changes in risk factor exposure, many of which are linked to socioeconomic development, as well as population expansion and aging. The rising rate of cancer is mostly caused by alcohol, tobacco use, and obesity; air pollution is still a significant contributor to environmental risk factors.
• For instance, in February 2024, according to a survey by The International Agency for Research on Cancer (IARC), a cancer research organization of the World Health Organization (WHO), has published the most recent estimates of the worldwide cancer burden. Based on the best data sources available in each country in 2022, the IARC estimates show how the cancer burden is rising, how underprivileged communities are disproportionately affected, and how vital it is to address cancer disparities globally. An estimated 20 million new cases and 9.7 million deaths from cancer were predicted for 2022. 53.5 million people were thought to still be alive five years after being diagnosed with cancer. In their lifetime, 1 in 5 people will have cancer; 1 in 9 men and 1 in 12 women will pass away from the illness. A 77% increase from the projected 20 million cases in 2022 to over 35 million new cancer cases is anticipated in 2050.

Recent advances in therapeutic approaches  

• The ongoing advancements in cancer treatment-related technologies are a significant element propelling the target market. Innovative technologies in brachytherapy and Linacs promise more accurate treatment choices, better patient results, and possibly even higher cure rates.

Oncology and Radiology Device Market Restrains:

Exorbitant equipment costs may hamper the target market growth

• A major restraining factor for the target market is the high costs of these devices. Modern radiology and oncology devices, including advanced Linacs, can be expensive to buy, install, and maintain. This is a problem for healthcare settings with limited resources, especially in developing nations.

Oncology and Radiology Device Market is segmented based on technology, therapy, and region.

Technology Insights

• Linear Accelerators: Linear accelerator devices are projected to dominate the market and are most frequently employed for external beam radiation treatments in the treatment of cancer. These treatments aim to eradicate the cancer cells while protecting the healthy tissue around them, which has helped the target market expand rapidly.
• Cobalt-60: Cobalt-60 is a radioactive kind of cobalt used as a radiation source to treat cancer. High-energy gamma rays are delivered by Co-60 units, which are used to shrink or kill cancer cells. In contrast to contemporary linear accelerators, the radiation beams could be more accurate.
• High-Dose Radiation: High-dose radiation is more than what is usually administered during radiation therapy. With high-dose radiation, more cancer cells may be killed in fewer sessions since it is precisely targeted at the tumor to prevent harm to healthy tissue. It is likewise known as HDR.
• Low-Dose Radiation: Low-dose radiation therapy has a lower overall radiation dose than conventional radiation therapy. Compared to regular radiation therapy, the total dose in low-dose radiation therapy may be administered in fewer treatments or over a shorter time span (fewer days or weeks). This might result in less harm to neighboring healthy tissue.

Therapy Insights

• External Radiation Therapy: External radiation therapy is a kind of radiation treatment where high-energy radiation is directed from outside the body at the malignancy using a machine. Also known as radiation therapy using external beams. As a local treatment, it targets a particular area of your body.
• Internal Radiation Therapy or Brachytherapy: Internal radiation therapy or brachytherapy can kill cancer cells and tumors by inserting radioactive sources directly into the patient. It also enables a doctor to treat a smaller region faster with a higher total radiation dose. Another name for internal radiation is brachytherapy. A radioactive implant is placed in or close to the tumor within the body. The implant placement process is typically painless. The user may have a temporary or permanent implant, depending on your cancer type and treatment strategy.

Regional Insights:

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Oncology and Radiology Device Market Regional Insights

• North America market is estimated to witness a significantly high revenue share over the forecast period, owing to increased procedure volume, improved product quality, and the introduction of new technologies for the target market.
• The Asia Pacific market is estimated to witness the fastest revenue share due to several variables, including rising cancer rates, especially in the region's developing nations, rising government measures to upgrade healthcare facilities, and rising disposable income.
• The European market is expanding steadily as the elderly population's increased cancer prevalence drives market expansion. Healthcare providers give cost-effective solutions a priority. Therefore, device manufacturers must present their value propositions.
• The Latin American market is an emerging region that is fueled by growing cancer awareness, rising healthcare costs, and government spending on infrastructure in the medical field.
• Middle East & Africa market is in its developmental stages and is observing expanding economic growth, rising healthcare costs, and growing consciousness about cancer.

Report Scope:

Attribute	Details
Market Size 2024	US$ 88.7 billion
Projected Market Size 2034	US$ 199.3 billion
CAGR Growth Rate	9.30%
Base year for estimation	2023
Forecast period	2024 – 2034
Market representation	Revenue in USD Billion & CAGR from 2024 to 2034
Market Segmentation	By Technology - Linear Accelerators, Cobalt-60, High-Dose Radiation, and Low-Dose Radiation By Therapy - External Radiation Therapy and Internal Radiation Therapy or Brachytherapy
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the Oncology and Radiology Device Market report based on technology, therapy, and region:

Oncology and Radiology Device Market, By Technology:

• Linear Accelerators
• Cobalt-60
• High-Dose Radiation
• Low-Dose Radiation

Oncology and Radiology Device Market, By Therapy:

• External Radiation Therapy
• Internal Radiation Therapy or Brachytherapy

Oncology and Radiology Device Market, By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating in the Oncology and Radiation Device Market include Fluke Biomedical, IBA Dosimetry, Modus Medical Devices Inc., PTW Freiburg GmbH, Standard Imaging Inc., Sun Nuclear Corporation, The Phantom Laboratory, Inc., GE Healthcare, Medtronic plc, and Philips Healthcare.

Recent Development:

• In July 2023, IBA established a relationship with Apollo Proton Cancer Centre (APCC) in India, marking a significant step towards collaboration. Offering proton beam therapy-focused training sessions to physicians was intended to show the radiation oncology community's dedication to professional growth and knowledge exchange.
• In October 2023, Accuray Incorporated reached a significant milestone when the Chinese National Medical Products Administration (NMPA) approved its Tomo C radiation therapy system. The company's strategic decision reflects its dedication to increasing its market share and meeting China's growing need for cutting-edge radiation oncology solutions.
• In May 2021, Zionexa was purchased by US-based medical equipment company GE Healthcare for an unknown sum. The purchase would assist GE Healthcare in creating more individualized cancer treatments. The French company Zionexa develops biomarkers for neurology and cancer.

• Fluke Biomedical*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• IBA Dosimetry
• Modus Medical Devices Inc.
• PTW Freiburg GmbH
• Standard Imaging Inc.
• Sun Nuclear Corporation
• The Phantom Laboratory, Inc.
• GE Healthcare
• Medtronic plc
• Philips Healthcare

“*” marked represents similar segmentation in other categories in the respective section.

Research Objective and Assumption

• Preface
• Research Objectives
• Study Scope
• Years Considered for the study
• Assumptions
• Abbreviations

Research Methodology

• Research data
• Primary Data
  • Primary Interviews
  • Primary Breakdown
  • Key data from Primary Sources
  • Key Thickness Insights
• Secondary Data
  • Major Secondary Sources
  • Secondary Sources
• Market Estimation
• Top-Down Approach
  • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
• Bottom-Up Approach
  • Approach for estimating market share by Bottom-up Analysis (Demand Side)
• Market Breakdown and Data Triangulation
• Research Assumptions

Market Preview

• Executive Summary
• Key Findings—Global Outlook for medical carts Strategies
  • Key Questions this Study will Answer
  • Market Snippet, By Technology
  • Market Snippet, By Therapy
  • Market Snippet, By Region
• Opportunity Map Analysis
• Executive Summary—3 Big Predictions

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restrains
  • Market Opportunities
  • Market Trends
• DR Impact Analysis
• PEST Analysis
• Porter’s Five Forces Analysis
• Opportunity Orbit
• Market Investment Feasibility Index
• Macroeconomic Factor Analysis

Market Segmentation, By Technology, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Linear Accelerators
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Cobalt-60
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Linear Accelerators
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• High-Dose Radiation
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Low-Dose Radiation
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Therapy, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• External Radiation Therapy
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Internal Radiation Therapy or Brachytherapy
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Global Market, By Region, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (US$ Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Therapy, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • U.S.
    • Canada
• Europe
  • Market Size and Forecast (US$ Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Therapy, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • UK
    • France
    • Germany
    • Russia
    • Italy
    • Rest of Europe
• Asia Pacific
  • Market Size and Forecast (US$ Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Therapy, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Latin America
  • Market Size and Forecast (US$ Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Therapy, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
• Brazil
• Mexico
• Rest of Latin America

 

• Middle East & Africa
  • Market Size and Forecast (US$ Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Therapy, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
• GCC
• Israel
• South Africa
• Rest of Middle East

Competitive Landscape

• Heat Map Analysis
• Market Presence and Specificity Analysis

Company Profiles

• Fluke Biomedical
  •   Company Overview
  • Technology Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• IBA Dosimetry, Modus Medical Devices Inc.
  • Company Overview
  • Technology Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• PTW Freiburg GmbH
  •  Company Overview
  • Technology Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Standard Imaging Inc.
  •   Company Overview
  • Technology Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Sun Nuclear Corporation
  •  Company Overview
  • Technology Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• The Phantom Laboratory, Inc.
  •  Company Overview
  • Technology Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

The Last Word

• Future Impact
• About Us
• Contact