(PharmaNewsWire.Com, August 14, 2021 ) The Key Growth Elements in Detailed?
The major factors driving the growth of the particle therapy market are the growing global prevalence of cancer, growing adoption of particle therapy in clinical trials, advantages offered by particle therapy over photon therapy, and the increasing number of particle therapy centers worldwide.
Worldwide Growth Opportunities in Terms of Revenue:
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%
The pediatric cancer segment is expected to account for the largest share of the particle therapy market.
Based on cancer type, segmented into pediatric cancer, prostate cancer, breast cancer, lung cancer, head & neck cancer, and other cancers. The pediatric cancer segment is expected to account for the largest share of the particle therapy market in 2018. The growing incidence of pediatric cancer and the high success rates and minimal long-term risks achieved with particle therapy are the major factors driving the growth of this market segment.
Research applications to register the highest CAGR in the global particle therapy market during the forecast period
Based on applications, segmented into treatment applications and research applications. The research applications segment is expected to witness the highest CAGR during the forecast period. Growing awareness about the research applications of particle therapy systems, development of cost-effective and technologically advanced diagnostic and therapeutic particle therapy systems, and increasing industry-academia collaborations in the field of research are the key factors driving the growth of this segment.
The particle therapy market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is expected to account for the largest share of the global market in 2018, and this trend is expected to continue during the forecast period. The Asia Pacific region is expected to offer significant growth opportunities for players operating in the particle therapy market owing to the increasing healthcare expenditure and growing initiatives to promote the use of advanced particle therapy technologies in Asia Pacific countries.
Major Key Players Mentioned in the research report are:
The major players operating in the particle therapy market are Ion Beam Applications SA (Belgium), Varian Medical Systems, Inc. (US), Hitachi, Ltd. (Japan), 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).
IBA is one of the leading players in the proton therapy market. The company’s Proton Therapy segment offers Proteus PLUS (a treatment room solution) and Proteus ONE (a single-room cancer treatment solution). IBA offers its products to various end users, such as hospitals and ambulatory radiotherapy centers. The firm focuses on strengthening its market position by adopting both organic (such as product development and approvals) as well as inorganic growth strategies (such as agreements, collaborations, and partnerships). During the last three years, the company has significantly invested in R&D. In 2017, the company spent 12% (USD 30 million) of its total revenue on R&D. The company is increasingly focusing on product approvals, partnerships, and collaborations as a major strategy to address the growing market demand for its products. With its increasing efforts to expand its presence in high-growth geographies, IBA is expected to witness continued growth in the coming years.
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