APAC Radiation Oncology Market

APAC Radiation Oncology Market Size (2023 to 2028)

The size of the radiation oncology market in the APAC region is estimated to be growing at a CAGR of 7.89% from 2023 to 2028 and grow USD 2.00 billion by 2028 from USD 1.37 billion in 2023.

The growing incidence of cancer and technological developments in radiation therapy equipment are major factors driving the growth of the radiation oncology market in the APAC region. Technological developments in radiation and the increased incidence of cancer are further anticipated to accelerate the market growth in this region during the forecast period. In addition, the growing adoption of radiotherapy technologies for cancer treatment, the expanding usage of particle therapy for cancer treatment, and the increasing number of conferences and symposia focusing on radiotherapy breakthroughs are expected to support the market's growth rate.

Great conformity of radiation to the target with minimum exposure to normal tissue and dose escalation with improved tumor control has become possible with the move from 2D to 3D conformal radiotherapy and real-time imaging. Items that give these benefits are expected to develop rapidly in the near future, especially in mature economies where technologically advanced products are widely used. Furthermore, governments in this region are focusing their efforts on ensuring that a more significant proportion of their citizens have access to contemporary and advanced healthcare services and boost reimbursement coverage, which is predicted to act favorably to the radiation oncology market in this region.

Radiotherapy devices are more significant in size and require a lot of space to install. As a result, one of the significant barriers to radiotherapy system adoption in emerging and developing countries is a lack of sufficient healthcare infrastructure due to limited healthcare spending. Only a few healthcare facilities in developing and emerging countries are currently prepared to treat cancer using advanced radiotherapy technologies. The radiation oncology sector is growing due to increased cancer incidences around the world, an aging population, and technological advancements. However, high prices of equipment and therapy, adverse effects, and a scarcity of experienced technicians in developing countries are a few other factors limiting the market growth.

This report on the APAC radiation oncology market has been segmented and sub-segmented into the following categories.

By Type:

• External Beam Radiation Therapy

• Internal Radiation Therapy

• Systemic Radiation Therapy

By Application:

• Skin & Lip Cancer

• Head & Neck Cancer

• Breast Cancer

• Prostate Cancer

• Cervical Cancer

• Lung Cancer

• Spine Cancer

By End-User:

• Hospitals

• Cancer Research Institutes

• Ambulatory and Radiotherapy Centers

By Country:

• India

• China

• Japan

• South Korea

• Australia

• New Zealand

• Thailand

• Malaysia

• Vietnam

• Philippines

• Indonesia

• Singapore

• Rest of APAC

Geographically, Asia Pacific is one of the fastest-growing regions worldwide, with high healthcare spending, improved healthcare infrastructure, and significant R&D investments among the primary drivers driving market dominance. In countries like China, Japan, and India, increased per-capita healthcare spending and public desire for low-cost healthcare services fuel the expansion of healthcare products, notably cancer devices.

The Indian radiation oncology market is expected to grow at the quickest rate during the forecast period. Some of the primary reasons influencing the regional expansion of the radiation oncology market are rising government efforts to promote understanding about treatment alternatives, higher demand for sophisticated therapies, and the rising occurrence of cancer.

In low- and middle-income nations alone, more than 10,000 new pieces of treatment equipment will be required by 2030. In addition, China, Japan, and India will need 1,500 to 500 pieces of equipment.

KEY MARKET PLAYERS:

Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, Ion Beam Applications (IBA), C.R. BARD, INC. (BD), Isoray Medical, Mevion Medical Systems, Inc., Nordion Inc., NTP Radioisotopes SOC Ltd., Curium Pharma, and Viewray Technologies, Inc. are a few of the companies playing a key role in the APAC radiation oncology market profiled in this report.

Companies are pursuing strategic initiatives such as partnerships, distribution agreements, and new product launches to enhance their market share in this region.