by The proton therapy market is estimated to be valued at US$ 2,763.2 Mn 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.
Market overview:
Proton therapy is an advanced form of external beam radiation therapy that uses protons rather than x-rays to treat cancerous tumors. It delivers a higher radiation dose to tumors while protecting surrounding normal tissues from radiation exposure. Proton therapy offers distinct advantages over photon therapy, such as precision targeting, dose control, and reduction in size effects. It is most commonly used to treat cancers near critical structures like brain tumors and tumors close to the spinal cord.
Market key trends:
One of the major trends driving the proton therapy market growth is the increased adoption rate of proton therapy for cancer treatment. According to studies, proton therapy treatments may result in fewer side effects compared to traditional photon radiation treatments. With increasing cancer prevalence worldwide, the demand for advanced and effective cancer treatment options is growing substantially. Moreover, technological advancements in proton therapy systems allowing to treat more complex cancers are further supporting the market growth. Additionally, increasing healthcare investments by governments and expansion activities by key players are expected to promote the adoption of proton therapy in the coming years. For instance, major players are collaborating with hospitals and cancer care centers to establish new proton therapy centers. Worldwide which will drive the market growth during the forecast period.
Porter’s analysis:
Threat of new entrants: The threat of new entrants is moderate to high as the initial setup and maintenance costs of proton therapy centers are very high requiring massive capital investments. However, advancements in technology can reduce these barriers over time.
Bargaining power of buyers: The bargaining power of buyers is moderate as the availability of proton therapy centers is limited globally and it is an emerging therapy. However, the bargaining power will increase as more centers are established worldwide creating competition.
Bargaining power of suppliers: The bargaining power of suppliers is moderate because of the specialized nature of equipment and technologies required for proton therapy. Suppliers have significant control over pricing and supply due to limited number of players.
Threat of new substitutes: The threat of substitutes is low currently as there are limited treatment options for certain types of cancers that can be effectively treated with proton therapy. However, advancements in photon and particle therapy may pose a threat in future.
Competitive rivalry: is high owing to increasing number of proton therapy centers globally.
SWOT Analysis:
Strengths: Proton therapy provides non-invasive treatment with higher precision and fewer side effects compared to traditional photon therapy. Growing clinical evidence validating its efficacy is boosting adoption.
Weaknesses: High setup and maintenance costs restrict accessibility. Significant time is required for treatment complexities compared to traditional radiotherapy.
Opportunities: Increasing incidence of cancer presents significant growth opportunities. Emerging economies with improving healthcare infrastructure will drive future growth.
Threats: Reimbursement challenges, limitations of indications, and high costs continue to limit full market potential. Advancements in alternative radiotherapy may diminish advantages over time.
Proton therapy market Key Takeaways:
The Global Proton Therapy Market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing cancer incidence globally. According to WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.
Regionally, North America dominated the global market in 2023 and is expected remain the largest market during the forecast period. This is attributed to early adoption of proton therapy. Presence of large number of proton therapy centers in the US. However, Asia Pacific is expected showcase fastest growth during the forecast period. This owing to rising healthcare expenditure, improving access to advanced treatment options. And increasing focus of key industry players in countries like China and India.
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.
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
