Report : Asia Pacific Radiation Oncology Market Forecast to 2031 - Regional Analysis - by Types (External Beam Radiation Therapy and Internal Beam Radiation Therapy) and Application (Breast Cancer, Prostate Cancer, Lung Cancer, Head & Neck Cancer, Cervical Cancer, and Others)
At 15.1% CAGR, Asia Pacific Radiation Oncology Market is Projected to be Worth US$ 3417.89 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific radiation oncology market was valued at US$ 1,105.74 million in 2023 and is expected to reach US$ 3,417.89 million by 2031, registering a CAGR of 15.1% from 2023 to 2031. Initiatives to support developments in radiation oncology and technological advancement in radiation oncology are among the critical factors attributed to drive the Asia Pacific radiation oncology market growth.
The governments and organizations are introducing missions and programs for the quick and effective treatment of cancer with the use of radiotherapy. In September 2023, the International Atomic Energy Agency (IAEA) announced the "Rays of Hope"-flagship cancer initiative for the development of radiotherapy infrastructure. In middle-income countries 60% of the patient population and 1 in 10 patients in low-income countries have access to radiotherapy. The "Rays of Hope Cancer Care for All" focuses on the development of radiotherapy services all over the world. Since, launch of the initiative, various countries have received radiotherapy equipment and training required to operate the equipment for timely diagnosis and treatment. All the five continents are involved in the initiative and contributed US$ 45.5 million for the initiative and the private sector invested US$ 768,902 for support. Moreover, manufacturers such as Elekta signed a partnership with IAEA for the improvement of cancer treatment by providing radiotherapy equipment around the world. Additionally, IAEA started training healthcare professionals from different field this includes 14 radiation oncologist, 13 medical physicist, 4 nuclear medicine technologist, 7 nuclear medicine physician, 7 radiopharmacist, 16 radiation therapy technologist, 7 oncology nurses, 4 medical imaging technologist, and 7 radiologists. Therefore, surging initiatives for radiotherapy is expected to increase the penetration in low-income countries along with trained professionals and development in radiotherapy infrastructure is driving the growth of radiation oncology market in coming years.
On the contrary, high cost of radiotherapy equipment hampers the growth of Asia Pacific radiation oncology market.
Based on type, the Asia Pacific radiation oncology market is bifurcated into external beam radiation therapy and internal beam radiation therapy. The external beam radiation therapy segment held 60.7% market share in 2023, amassing US$ 671.05 million. It is projected to garner US$ 2,033.29 million by 2031 to register 14.9% CAGR during 2023-2031.
By application, the Asia Pacific radiation oncology market is categorized into breast cancer, prostate cancer, lung cancer, head and neck cancer, cervical cancer, and others. The breast cancer segment held 43.5% share of Asia Pacific radiation oncology market in 2023, amassing US$ 480.91 million. It is estimated to garner US$ 1,546.76 million by 2031 to expand at 15.7% CAGR during 2023-2031.
Based on country, the Asia Pacific radiation oncology market is categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 28.7% share of Asia Pacific radiation oncology market in 2023. It was assessed at US$ 317.68 million in 2023 and is likely to hit US$ 916.34 million by 2031, registering a CAGR of 14.2% during 2023-2031.
Key players operating in the Asia Pacific radiation oncology market are Varian Medical Systems Inc, Elekta AB, Accuray Incorporated, IBA Worldwide (Ion Beam Applications SA), Becton Dickinson and Co, Mevion Medical Systems, NTP RADIOISOTOPES, Mallinckrodt Plc, Panacea Medical Technologies Pvt. Ltd, and Curium, among others.
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