Particle Therapy Market will witness the highest growth rate of 9.1% during 2017-2023
This MRFR Market Perspective Examines the Historical Trends and Current Scenario of the “Global Particle Therapy Market” to Deliver a Highly Pertinent Growth Forecast. The Report Includes Key Trends, Drivers And Restraints That Are Likely To Influence The Market Over The Next Five Years.
Pune, India – January 21, 2019 /MarketersMedia/ —
Market Scenario:
The Global Particle Therapy Market is accounted for USD 790.45 million in 2017 and expected to register 9.1% CAGR during the forecast period (2018–2023). Particle therapy is one of the world’s most advanced areas of external beam radiation therapy applied to oncology. This technique saves healthier radiation tissue better than conventional photon therapy. These particles have more favorable physical intrinsic properties that reduce the intake dose to approximately 50% of the dose in a clinically relevant target.
The rising prevalence of cancer population, low risk of treatment induced disorders, potential for retreatment owing to low radiation dose, and rising number of particle therapy centers across the world are expected to drive the growth of the market. Moreover, rising R&D spending and aggressive strategies adopted by the top players such as new product launches are contributing to the growth of the market. For instance, in December 2017, Advanced Oncotherapy plc announced that it secures the fresh funding of USD 46.75 million from which USD 37.5 million of funds coming from a new Chinese investor. The lack of adequate reimbursement policy and high costs involved in the establishment of these centers may hamper the growth of the market during the assessment period.
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Segmentation:
The Global Particle Therapy Market has been segmented on the basis of type, product & service, cancer type, system, and application.On the basis of type, the market has been classified as proton therapy and heavy ion therapy. The market, by product and services, has been segmented into products and services. Products are further segmented into cyclotrons, synchrotrons, and synchrocyclotrons. Based on cancer type, the market has been segmented into prostate cancer, lung cancer, pediatric cancer, head and neck cancer, breast cancer, and others. The market, by system, has been segmented into multi-room systems and single-room systems. On the basis of application, the market has been classified as treatment applications and research applications. The pediatric cancer segment is expected to hold the largest market share of the particle therapy market, by cancer type, during the forecast period. Also, research applications to register the highest CAGR in the global particle therapy market during the forecast period.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The particle therapy market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada. The European particle therapy market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The particle therapy market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The particle therapy market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
The Americas are likely to dominate the global particle therapy market owing to the rising prevalence of cancer patient, increasing funding & investments by manufacturer, and government focused for establishment of centers for treatment. According to the U.S. Department of Health and Human Services, in 2018, around 1,735,350 new cases of cancer will be diagnosed in the United States and 609,640 people will die from the disease.
The European market is expected to be the second-largest Particle Therapy market. The market growth in this region can be attributed to government funding and support of the healthcare sector coupled with increasing research and development. Moreover, favorable reimbursement policies in European countries are contributing to the growth of the market in this region.
Asia-Pacific is expected to be the fastest-growing particle therapy market during the forecast period owing to the increasing prevalence of cancer, rising investments in healthcare and expansions by market players in the region. Also, country such as India and China are considering fastest growing region due to the presence of huge patient population. Moreover, the government of these countries are open to adopt new technology, and best treatment option from a developed country. According to the International Agency for Research on Cancer, in 2018, India has a prevalence of 173.5 cancer patients per 100,000 population. Moreover, in China, the prevalence rate of cancer was 377.6 patients per 100,000 population in 2018.
The market in the Middle East & Africa is expected to account for the smallest share of the global Particle Therapy market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
Key Players
Some of the key players in the global particle therapy market are Advanced Oncotherapy PLC., Danfysik A/S, Hitachi, Ltd., Ion Beam Applications Sa (IBA), Mevion Medical Systems, Inc., Optivus Proton Therapy, Inc., Protom International, Inc., Provision Healthcare, LLC, Sumitomo Heavy Industries, Ltd., Varian Medical Systems, Inc.
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