by Proton therapy, also known as proton beam therapy, is an advanced form of radiation therapy that uses protons rather than X-rays to treat cancer. It involves accelerating protons using a particle accelerator and directing them using magnets into the tumor. Proton therapy delivers its peak dose to the tumor while minimizing exposure of surrounding healthy tissue to radiation. This provides dosimetric advantages over photon radiotherapy. Major applications of proton therapy include treatment of cancerous tumors in brain and spinal cord, lung cancer, prostate cancer, breast cancer, head and neck cancer, liver cancer, eye cancer, and pediatric cancers. The global proton therapy market is fragmented based on technology with single-room systems and multi-room systems.
The global proton therapy market is estimated to be valued at US$ 2,763.2 million in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The increasing prevalence of cancer across the globe is a major factor driving the growth of the market. According to the World Health Organization (WHO), cancer burden rose to 19.3 million new cases and 10.0 million cancer deaths in 2020 worldwide. Proton therapy is being increasingly adopted for cancer treatment due to its considerable advantages over conventional photon therapy in terms of better dose distribution and reduced side effects.
Market Dynamics:
The growth of the global proton therapy market is primarily driven by the rising prevalence of cancer cases globally, as mentioned in the heading. According to WHO, cancer cases are expected to surge by 70% over the next two decades. Proton therapy provides more precise radiation and better targeting of tumors located close to vital organs and tissues. This provides an edge over conventional therapies and helps avoid damage to surrounding healthy tissues. In addition, growing research into expanding the use of proton therapy for treatment of various cancer types is expected to create new opportunities for market players. However, the high cost of procuring and installing proton therapy systems remains a major restraint to the market’s growth. The initial capital investment required to set up a proton therapy center ranges from $100 million to $250 million. Nevertheless, long term clinical benefits and cost-effectiveness over alternative treatments are gradually making proton therapy more affordable and accessible worldwide.
Segment Analysis:
The global proton therapy market is dominated by the clinical sub segment which has around 60% market share due to increasing instances of cancer worldwide. Within clinical sub segment, hospitals dominate with over 65% share due to availability of advanced technologies and skilled oncologists.
PEST Analysis:
Political: Governments across regions are supporting adoption of proton therapy centers by providing funding and reimbursement for treatment under public healthcare schemes which is promoting market growth.
Economic: Developing nations are witnessing higher economic growth which is increasing healthcare spending. This is driving demand for advanced cancer treatments such as proton therapy.
Social: Rising cancer incidence worldwide due to changing lifestyle and environmental factors is leading to increased patient base for proton therapy.
Technological: Major players are investing in R&D to develop more compact and portable proton therapy systems for expanding access to urban and rural areas.
Key Takeaways:
The Global Proton Therapy Market Demand is expected to witness high growth during the forecast period supported by rising geriatric population susceptible to cancer.
Regional analysis:
North America dominates currently with over 40% value share due to presence of large number of proton therapy centers and favorable reimbursement policies. Asia Pacific is expected to grow at fastest pace due to growing healthcare infrastructure and increasing patient population in countries like China and India.
Key players:
Key players operating in the proton therapy market are Hitachi Ltd., Ion Beam Applications S.A, Mevion Medical Systems, Mitsubishi Electric Corporation, Provision Healthcare, ProTom International, Sumitomo Heavy Industries, Varian Medical Systems, Optivus Proton Therapy, Inc., and Advanced Oncotherapy plc. Hitachi and Ion Beam Applications collectively account for over 30% market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
