Particle Therapy Market To Generate Revenue Worth $1,634.4 Million by 2030
- Published: June 2022
The global particle therapy market is projected to generate $1,634.4 million revenue by 2030, advancing at a CAGR of 8.3% during 2021–2030. This will be on account of the rising incidences of cancer and the promulgating number of particle therapy centers for cancer treatment all over the world.
The snowballing frequencies of prostate, lung, breast, head, and neck cancers coupled with the growing geriatric population and the surging awareness related to proton therapy for the treatment of vicious disorders drive the market growth. The vicious diseases led to the deaths of more than 10 million people in 2020 across the globe, and cancer accounted for one in six deaths.
Moreover, advancements in technologies such as motion tracking and spot scanning also intensify the market growth. The employment of motion tracking in particle therapy assists clinicians in keeping patients on a radiation path, and spot scanning substantially reduces the dose exposure to normal body cells. Considering these advancements, prominent players are actively involving themselves in enhancing their R&D activities, to launch various advanced particle therapy products. For instance, in October 2021, IBA Worldwide announced the launch of the Campus platform, which is the first global online proton therapy platform, to assist researchers and healthcare professionals in proton therapy.
Proton Therapy Is Higher Revenue Generator
Proton therapy held more than 90% share of the particle therapy market in 2021 and the category is expected to follow the same trend in the forecast period as well. The rising cancer cases and awareness regarding proton therapy and the promulgating R&D activities of key players drive the market growth in this category.
Presence of a Large Number of Particle Therapy Centers Driving the European Market
Globally, the European market is expected to register the fastest growth, advancing at a CAGR of around 9.0%, in the forecast period. This can be ascribed to the rising cancer patient pool, the increasing R&D activities of various pharmaceutical companies, and the presence of a large number of particle therapy facilities in the region. For instance, currently, the U.K. holds six particle therapy facilities that are in clinical operation, while Germany holds five. Moreover, the majority of the facilities in the region are offering proton therapy through cyclotron-based equipment.
Partnerships Are the Most-Effective Strategic Measures
Companies operating in the industry have been involved in partnerships to remain competitive and improve their market share. For instance, in October 2021, IBA Worldwide and RaySearch Laboratories AB announced the expansion of their partnership in proton therapy. Under this partnership, the latter will be benefitted from proton ARC therapy and FLASH radiotherapy for the treatment of cancer.
The major players in the global particle therapy market are IBA Worldwide, Mevion Medical Systems Inc., Optivus Proton Therapy Inc., Panacea, ProTom International Inc., Provision Healthcare, Sumitomo Heavy Industries Ltd., Toshiba Medical Systems Corporation, Varian Medical Systems Inc., and Hitachi Ltd.