A modified innovative Leadership model was applied to assess the innovation capabilities and activities of Ion Beam Applications, Belgium, Hitachi, Japan, Varian Oncology Systems, USA, Accuray, USA and Siemens Healthineers, Germany in Proton Therapy and Radiation Oncology sector. The paper also contains Radiation Oncology market overview, financial market analysis and recommendations for Ion Beam Applications, Hitachi, Varian, Accuray and Siemens Healthineers. This paper forms part of PhD Portfolio and this study was carried out during course of PhD.