Top 5 Companies in the Global Radiation Oncology Market in 2025

The global radiation oncology market was valued at USD 8.25 billion in 2024, driven by the rising global incidence of cancer. The market is projected to grow at a CAGR of 7.10% during the forecast period 2025–2034, reaching USD 16.38 billion by 2034. As per the analysis of Expert Market Research, the market is expected to be driven by the increasing incidences of cancer across the globe.

The market growth of radiation oncology can be attributed to the increasing cases of cancer, the rising disposable incomes in both developed and developing countries, the upgradation of healthcare infrastructure, and the surged accessibility to robust healthcare.

As radiation oncology eliminates or reduces cancer cells while protecting other organs, its preference for cancer treatment is significantly increasing. Moreover, the reduced risk of exposure to external beams during radiation therapy is propelling the demand for radiation oncology solutions. Innovations in radiation therapy and advancements in imaging technology are also expected to propel the market for radiation oncology.

The advent of 4D imaging, nanotechnology, (IMRT), and (SBRT), among others, and the introduction of adaptive treatments are likely to fuel the growth of the radiation oncology market. In addition, the surging personalisation of radiotherapy treatment is expected to improve patient care and treatment quality in the coming years.

In April 2022, Elekta collaborated with GE Healthcare to enhance access to precision radiation therapy solutions in both developing and developed markets. The collaboration aims to expand the availability of efficient, safe, and effective cancer care treatments. Under the collaboration, Elekta would deliver innovative techniques like SBRT and VMT and advanced motion management and patient monitoring technologies.

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Top Radiation Oncology Companies in the World

1. Accuray Incorporated

Accuray is a leading company that markets and develops radiotherapy systems for alternative cancer treatments. With above 900 employees across the globe, the company has manufacturing facilities in California, China, Madison, Wisconsin, China, and Chengdu. the company aims to design innovative radiotherapy solutions to offer radiotherapy treatments for diverse patient requirements. Its product line includes CyberKnife, TomoTherapy, and Radixact among others.

2. Elekta AB

Elekta is a leading precision radiation medicine company that offers various innovative solutions and products for particle therapy, radiotherapy, MR/RT oncology informatics, and stereotactic radiology, among others. With more than 4,700 employees, the company aims to enhance the efficacy and accessibility of cancer treatment. In March 2022, Elekta and IBA collaborated to optimise quality assurance in radiation therapy by improving access to measurement data and streamlining workforce.

3. Isoray Medical

Isoray is a company engaged in the designing and development of personalised and innovative brachytherapy products for affordable cancer treatment. With about 40 employees, the company has treated more than 17,000 patients. The company is the only producer of Cesium-131 brachytherapy sources and aims to develop a cost-effective cancer treatment.

4. Mevion Medical Systems

Mevion Medical Systems delivers proton therapy for cancer patients, centres, and clinicians. Its flagship product includes MEVION S250 Series, which delivers efficient and high-quality proton therapy treatments for cancer centres. In August 2022, the company’s MEVION S250i Proton Therapy System® was installed in Tongji Hospital, Wuhan, China, for use in radiation treatment of cancer patients.

5. Varian Medical Systems, Inc.

Varian Medical Systems is a Siemens Healthineers company that delivers and develops innovative cancer care solutions and technologies. The company utilises innovative technologies like data analytics, machine learning, and AI to advance cancer care and enhance the accessibility to cancer treatment. With an employee base of 11,000, the company has a wide presence in around 70 locations. In April 2022, it partnered with Icon Group to collaborate on new techniques and learnings in radiation therapy for accelerating the development of market-ready products and advancing patient-centric solutions.