CHICAGO, Nov. 9, 2023 /PRNewswire/ -- Particle Therapy Market in terms of revenue was estimated to be worth $0.7 billion in 2023 and is poised to reach $1.1 billion by 2028, growing at a CAGR of 8.2% from 2023 to 2028 according to a new report by MarketsandMarkets. Many factors, such as technological advancements, funding and reimbursement, strong healthcare funding, active research funding, a clear regulatory framework, growing minimally invasive procedure adoption, and the presence of key market players in developing regions are driving the growth of the particle therapy market. This amalgamation of drivers has engendered substantial market growth. Continued technological advancements, heightened emphasis on non-invasive cancer interventions, and a supportive healthcare ecosystem are anticipated to sustain this upward trajectory.
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Browse in-depth TOC on "Particle Therapy Market"
168 - Tables
55 - Figures
225 - Pages
Particle Therapy Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $0.7 billion |
Estimated Value by 2028 | $1.1 billion |
Growth Rate | Poised to grow at a CAGR of 8.2% |
Market Size Available for | 2020-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, system, type, application, cancer-type and region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America and Middle East & Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Rising healthcare expenditure across developing countries |
Key Market Drivers | Growing global prevalence of cancer |
The treatment application includes different application segments, The Paediatric application segment showed a significant share of the Particle therapy market in 2022-2027.
Based on the cancer types, the particle therapy market is segmented into pediatric cancer, Prostate cancer, Lung cancer, breast cancer, head and neck cancer, and other applications. The rising incidence of cancer worldwide is a significant driver for the particle therapy market. This is attributed to an enhanced level of patient comfort, particularly pertinent for individuals undergoing breast cancer treatment. This augmentation distinctly contributes to the advancement and attractiveness of the particle therapy market.
Product segment to register for the largest market share of the Particle therapy market 2022-2028.
The product segment is segmented into Products & Services. The products segment includes the machinery that the proton therapy system uses whereas the services include installation and maintenance of the system. The products segment is witnessed to have the highest growth during the forecast. The product segment is further divided into Cyclotrons, Synchrotrons, and Synchrocyclotrons. The Cyclotrons segment of products witnessed the highest growth during the forecast period.
North America to account for a significant market share in the Particle therapy market in 2022.
In 2022, the North America region is expected to register significant growth in the market during the forecast period. North America comprises US and Canada. North America has an advanced healthcare infrastructure, which is associated with a higher incidence of cancer. In North America, a highly developed healthcare infrastructure coupled with ready access to state-of-the-art medical technologies creates a conducive environment for the assimilation of progressive treatment modalities, such as particle therapy market.
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Particle Therapy Market Dynamics:
Drivers:
1. Growing global prevalence of cancer
Restraints:
1. Affordability and accessibility of treatments
Opportunities:
1. Rising healthcare expenditure across developing countries
Challenge:
1. Increasing risk of radiation exposure
Key Market Players of Particle Therapy Industry:
Varian Medical Systems,Inc.(US), IBA Worldwide (EU), Hitachi (Japan), Optivus Proton Therapy, Inc. (US), Protom International, Inc. (US), Advanced Oncotherapy PLC. (EU), Danfysik A/S (Denmark), Sumitomo heavy industries ltd.(japan), biosig Technologies, Inc., Toshiba medical systems corporation (japan), Provision healthcare, LLC (us)
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type: Tier 1-40%, Tier 2-30%, and Tier 3- 30%
- By Designation: C-level-27%, Director-level-18%, and Others-55%
- By Region: North America-50%, Europe-20%, Asia Pacific-15%, Latin America-10%, and the Middle East & Africa-5%
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Particle Therapy Market - Report Highlights:
- In this report, the Particle therapy market is considered, along with tables and accessories, used for healthcare applications and medical devices industries. In this report, there are six segments-Product, system, type, application, cancer type and region-for a better and deeper understanding of the market.
- The research study comprises the patent analysis of technologies/solutions used in the Particle therapy market.
- The market study consists of the trends/disruptions impacting customers' businesses.
- The market study consists of information on key conferences & events in 2020-2022.
- The market study consists of the region-wise regulatory landscape.
- The market study consists of Porter's Five Forces Analysis
- The market study provides details of the strategies of the top 13 players operating in the market.
- The competitive landscape chapter with the market evaluation matrix. The competitive landscape also includes the market share analysis of major global players (as of 2022), competitive leadership mapping, and competitive situations and trends.
- The market study comprises 13 players. These companies have emerged as key market players in recent years due to their products and various strategic investments undertaken in the Particle therapy market.
- Financial information/product portfolio of players: The report provides financial information in the context of the Particle therapy market from 2022 to January 2023 (depending on availability) for each listed company in graphical representation.
- Market developments of profiled players: The report includes the market developments from January 2020 to June 2023
Particle Therapy Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants/smaller firms in this market with investment evaluation viability within the Particle therapy market through a thorough analysis of comprehensive data, thereby facilitating robust risk assessment and enabling well-informed investment determinations. Benefit from meticulous market segmentation encompassing application, end-user, and regional dimensions, affording tailored insights for precise segment targeting. The report also provides an all-encompassing evaluation of encapsulating pivotal trends, growth catalysts, challenges, and prospects, thereby empowering strategic decision-making with astute discernment.
The report provides insights on the following pointers:
- Analysis of key drivers (increasing prevalence of cancer patient population, Increasing government initiatives for cancer management, advancements in non-invasive treatments through radiation therapy), restraints (Dearth of skilled radiologist/oncologist, high cost of particle therapy, Complexity of imaging technology for treatments), opportunities (Expansion of key players in emerging countries, Rising healthcare expenditure across developing countries), and challenges (Availability of alternative technology) influencing the growth of the Particle therapy market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the particle therapy market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the Particle therapy market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Particle therapy market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Varian Medical Systems, Inc.(US), IBA Worldwide(EU) and Hitachi (Japan) among others.
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