Report : Europe 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 12.8% CAGR, Europe Radiation Oncology Market is Projected to be Worth US$ 8,723.07 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Europe radiation oncology market was valued at US$ 3,317.21 million in 2023 and is expected to reach US$ 8,723.07 million by 2031, registering a CAGR of 12.8% from 2023 to 2031. Strategic initiatives in radiation oncology and technological advancement in radiation oncology are among the critical factors attributed to drive the Europe radiation oncology market growth.
Radiation Oncology holds tremendous potential in cancer treatment. Additionally, constant evolution in radiotherapy by the market players in terms of product development, innovation, product launch, product approval, merger, acquisition and partnerships, and others is expected to contribute the market growth. Some of the recent strategic initiatives taken place in the market are
- In May 2024, Elekta launched its latest linear accelerator (linac), Evo, a CT-Linac with new high-definition AI enhanced imaging, capable of delivering offline and online adaptive radiation therapy as well as improved standard image-guided radiation therapy treatments.
- In May 2024, GE HealthCare launched Revolution RT, a new radiation therapy computed tomography (CT) solution with innovative hardware and software solutions to help increase imaging accuracy, while simplifying simulation workflow for a more personalized and seamless oncology care pathway experience for clinicians and patients.
- In April 2024, Accuray Incorporated showcased advancement in hardware and software designed to improve the cancer treatment experience, at ESTRO 2024. The latest generation CyberKnife and Radixact platforms provide medical care teams with the technology necessary for expanding the curative power of radiation therapy and delivering on the focus of this year's congress, bridging the care gap.
- In September 2023, MVision AI launched the first comprehensive Guideline-Based Segmentation (GBS) solution for effective radiation therapy contouring. Guide facilitates clinical teams to accurately evaluate AI-generated structures, thus enabling them to refine their contouring skills. Verify allows visual and volumetric comparison of contours, facilitating clinics to observe similarities and differences. The combined implementation of Guide Verify and Contour+ encompasses all clinical needs in radiotherapy contouring.
Therefore, surging strategic initiatives among market players operating in radiation oncology market which are expected to amplify the market growth and create ample opportunities for the radiation oncology market.
On the contrary, high cost of radiotherapy equipment hampers the growth of Europe radiation oncology market.
Based on types, the Europe radiation oncology market is bifurcated into external beam radiation therapy and internal beam radiation therapy. The external beam radiation therapy segment held 61.0% market share in 2023, amassing US$ 2,024.10 million. It is projected to garner US$ 5,215.26 million by 2031 to register 12.6% CAGR during 2023-2031.
By application, the Europe 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 42.2% share of Europe radiation oncology market in 2023, amassing US$ 1,400.15 million. It is estimated to garner US$ 3,833.76 million by 2031 to expand at 13.4% CAGR during 2023-2031.
Based on country, the Europe radiation oncology market is categorized into Germany, the UK, France, Spain, Italy, and the Rest of Europe. Our regional analysis states that Germany captured 29.1% share of Europe radiation oncology market in 2023. It was assessed at US$ 964.65 million in 2023 and is likely to hit US$ 2,473.86 million by 2031, registering a CAGR of 12.5% during 2023-2031.
Key players operating in the Europe radiation oncology market are Varian Medical Systems Inc, Elekta AB, Accuray Incorporated, IBA Worldwide (Ion Beam Applications SA), Becton Dickinson and Co, Nordion, Mevion Medical Systems, NTP RADIOISOTOPES, Mallinckrodt Plc, and Curium, among others.
- In July 2024, Curium has submitted a new drug application (NDA) for its lutetium-177 (Lu-177) DOTATATE radiopharmaceutical for treatment of somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors (GEP-NETS). The radiopharmaceutical is designed to be injected into patients to deliver Lu-177 radiation directly to tumors.
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