PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477132
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477132
Particle Therapy Market size was valued at USD 703.40 Million in 2023, expanding at a CAGR of 8.83% from 2024 to 2032.
Particle therapy is a specialized type of radiation therapy that offers potential advantages over conventional radiation therapy for certain patients and conditions. It involves the use of beams of radiation containing heavy particles, such as protons and carbon ions, as a form of external beam radiation therapy. This treatment approach is particularly effective for tumors located near critical structures like the brain or spine, and that have not metastasized to other parts of the body. Particle therapy may be particularly beneficial for young patients, as it reduces the risk of harming healthy, growing tissue and minimizes the long-term side effects associated with radiation therapy. By utilizing highly charged particles, particle therapy delivers a smaller dose of radiation along its path to the tumor, ensuring that the majority of the radiation is concentrated on the tumor itself before dissipating almost entirely.
Particle Therapy Market- Market Dynamics
Surge in number of cancer patients is projected to boost particle therapy market growth
The prevalence of cancer is on the rise globally due to factors such as the aging population and unhealthy lifestyle choices like smoking, poor diet, and lack of physical activity. As a result, there is an increasing demand for effective treatment options like particle therapy. According to data from the National Center for Health Statistics, it is projected that in 2023, there will be 1,958,310 new cancer cases and 609,820 cancer-related deaths in the United States alone. The continuous advancements in particle therapy technology, including enhancements in treatment planning software, beam delivery systems, and imaging techniques, offer promising opportunities for the market. However, the high cost of treatment may pose a challenge to the growth of the market.
Particle Therapy Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.83% over the forecast period (2024-2032)
Based on product type segmentation, Proton Therapy was predicted to show maximum market share in the year 2023
Based on Service segmentation, Cyclotrons was the leading type in 2023
Based on Cancer Type segmentation, Pediatric Cancer was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Particle Therapy Market is segmented on the basis of Product Type, Service, Cancer Type, System, End-User and Region.
The market is segmented into two groups according to the type of product: Proton Therapy and Heavy Ion Therapy. Proton Therapy holds the majority share in the market. In recent years, particle therapy, especially proton therapy, has garnered considerable interest in the field of cancer treatment. With the increasing global incidence of cancer, there is a rising need for accurate and efficient cancer treatment methods such as proton therapy.
The market is segmented into three categories according to Service: Cyclotrons, Synchrotrons, and Synchrocyclotrons. Cyclotrons are the leading force in the market, playing a crucial role in the particle therapy sector by facilitating the generation of proton beams for cancer therapy.
The market is categorized into three sections according to the type of cancer: Pediatric Cancer, Prostate Cancer, Lung Cancer, Breast Cancer, Brain and Spinal Cord Cancer, and Others. Pediatric Cancer holds the largest share in the market. Patient advocacy groups and organizations that focus on raising awareness about pediatric cancer play a vital role in advocating for advanced treatment options such as particle therapy. Their endeavors contribute to increasing awareness among families and healthcare providers regarding the advantages of particle therapy for treating pediatric cancer.
The particle therapy market is categorized into three distinct groups according to the type of service provided: Multi-Room Systems and Single-Room Systems. Both multi-room and single-room systems hold significant significance in the particle therapy market, as they offer unique benefits and cater to diverse healthcare settings and patient populations.
The particle therapy market is segmented into three distinct categories according to the end-users: hospitals, clinics, ambulatory surgery centers, and others. The presence of diverse end-users in this market signifies the extensive acceptance and increasing need for advanced cancer treatment alternatives. This, in turn, propels the growth and advancement of the market within different healthcare settings.
Particle Therapy Market- Geographical Insights
This market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The North America region dominates the market due to the increasing funding and investments by manufacturers, as well as the government's focus on establishing treatment centers. Manufacturers of particle therapy systems and related technologies have made significant investments in research and development to enhance the capabilities and accessibility of particle therapy. According to U.S. Investments in Medical and Health Research and Development, the industry accounted for nearly two-thirds (66%) of U.S. medical and health investment in R&D in 2020, reaching USD161.8 billion. Europe holds the second-largest region for market growth, primarily due to the increasing number of particle therapy centers.
The competitive landscape of the particle therapy market is driven by technological advancements. Companies are focused on investing in research and development to enhance the effectiveness, productivity, and safety of their particle therapy systems. Additionally, competition in this market is influenced by market reach and distribution channels. Manufacturers are vying to expand their global footprint by strengthening their sales and service networks, forging alliances with healthcare institutions, and securing agreements for the deployment and upkeep of particle therapy systems. To stay ahead in this fast-paced and ever-changing market, manufacturers and service providers are constantly seeking ways to set themselves apart and gain a competitive advantage.
Mevion Medical Systems, a top provider of compact proton therapy systems for cancer patients receiving radiation treatment, has unveiled the establishment of 'Mevion Capital' in the United States and Canada in October 2023.
On June 16, 2023, IBA, a renowned global company specializing in particle accelerator technology and the leading provider of proton therapy solutions for cancer treatment, joined forces with PARTICLE (Particle Therapy Interuniversity Center Leuven). This collaboration aims to establish a Research Partnership dedicated to advancing the development of Conformal FLASH.
GLOBAL PARTICLE THERAPY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Danfysik A/S
Hitachi, Ltd.
IBA
Mevion Medical Systems.
Optivus Proton Therapy, Inc.
ProTom International.
Provision Healthcare.
Sumitomo Heavy Industries, Ltd.
Siemens Healthcare GmbH
Others