(PharmaNewsWire.Com, August 14, 2020 ) The study involved four major activities to estimate the current market size for particle therapy. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
[138 Pages Report] The global particle therapy market is projected to reach USD 1,349 million by 2023 from USD 865 million in 2018, at a CAGR of 9.3%.
Growth in the particle therapy market is primarily driven by factors such as the various advantages offered by particle therapy over photon therapy, growing global prevalence of cancer, increasing adoption of particle therapy in clinical trials, and the increasing number of particle therapy centers worldwide.
The particle therapy market comprises several stakeholders such as particle therapy product manufacturers, suppliers and distributors, healthcare service providers, and research institutes. The demand side of this market is characterized by the increasing awareness about minimally invasive cancer treatment options and the global rise in the prevalence of cancer.
The growth of the global Particle Therapy Market is primarily influenced by the following factors:
# Advantages Offered By Particle Therapy Over Photon Therapy # Growing Global Prevalence of Cancer # Growing Adoption of Particle Therapy in Clinical Trials # Encreasing Number of Particle Therapy Centers Worldwide
Synchrotrons are used to accelerate both protons and heavy ions such as carbon and hydrogen. The growth of the synchrotrons segment is attributed to factors such as the increasing number of research activities as well as the increasing investments in the development of synchrotron facilities.
The large share of the proton therapy segment can be attributed to factors such as the high degree of precision, shorter treatment time, and reduced side-effects associated with proton therapy as compared to conventional photon therapies using X-rays. Other factors such as the increasing research activities in the field of radiation oncology using proton therapy systems, rising number of proton therapy centers, and longer equipment lifespan of proton therapy (30 years or more) in comparison to photon therapy (10 years) are expected to support the growth of this market in the coming years.
Recent Developments
# In 2017, Mitsubishi Electric signed an agreement to transfer its particle therapy systems business to Hitachi and integrate into one entity. This helped Hitachi to improve its position in the proton therapy market. # In 2017, Royal Philips (US) and Proton Partners International (UK) collaborated with IBA (Belgium) to build the first compact proton therapy system in the Middle East. # In 2016, Provision Asia (HK) Limited and Shenzhen Hairong International Medical Development Co., Ltd. entered into a joint venture to form Provision China. This company will be an exclusive distributor of the ProNova SC360 Proton Therapy System.
Geographical growth scenario of Particle Therapy Market:
The Asia Pacific is one of the major revenue generating regions in the particle therapy market. China and Japan are the major countries responsible for the high growth of this regional market owing to factors such as the increasing per capita income, improving healthcare infrastructure, and supportive government activities in these emerging countries. Furthermore, the increasing geriatric population, growing incidence of cancer, and rising acceptance of particle therapy procedures and devices are also driving the growth of this regional market.
Ion Beam Applications SA (Belgium), Varian Medical Systems, Inc. (US), and Hitachi, Ltd. (Japan) are the major players operating in the particle therapy market. Other players in this market include Provision Healthcare (US), Mevion Medical Systems, Inc. (US), Sumitomo Heavy Industries, Ltd. (Japan), Optivus Proton Therapy, Inc. (US), ProTom International, Inc. (US), Advanced Oncotherapy Plc. (UK), and Danfysik A/S (Denmark).
Hitachi, Ltd. (Japan) is one of the leading players operating in the particle therapy market. Hitachi’s proton beam therapy products have been used to treat more than 16,000 patients worldwide, and the company continues to perform joint research with advanced cancer hospitals in the US. Also, the company focuses on agreements with leading research organizations to strengthen its product development capabilities in the field of particle therapy.
Critical questions the report answers:
# What are the growth opportunities related to the adoption of heavy ion therapy across major regions in the future? # Emerging countries have immense opportunities for the growth and adoption of particle therapy. Will this scenario continue in the next five years? # Where will all the advancements in products offered by various companies take the industry in the mid- to long-term? # What are the various cancer types wherein particle therapy finds a high adoption rate? # What are the new trends and advancements in the particle therapy market? # To speak to our analyst for a discussion on the above findings, click Speak to Analyst
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