October 4, 2024
Proton Therapy Market

The Proton Therapy Market Is Expected To Be Flourished By Increasing Prevalence Of Cancer

The proton therapy is a nuclear medicine therapeutic technique which uses proton beams to treat cancer. In proton therapy, positively charged particles called protons are aimed at the tumor. Proton therapy is a type of external beam radiotherapy. It lowers the risk of damage to nearby healthy tissues compared with traditional X-ray radiation therapy. It is mainly used to treat cancerous tumors in the brain, spine, head and neck region, lung, prostate, and breast. Proton therapy delivers doses of radiation directly to the tumor with little effect on surrounding normal tissues. This ability to precisely target tumors makes proton therapy an effective treatment option for many cancers, especially cancers located near critical organs and tissues.

The global proton therapy market is estimated to be valued at US$ 2763.2 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The Proton Therapy Market is expected to be flourished by increasing prevalence of cancer. According to the World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. It is estimated that cancer incidence and mortality will further increase significantly by 2040. The rising cancer burden worldwide has significantly driven the adoption of advanced treatment options such as proton therapy. Proton therapy offers distinct advantages over conventional photon radiotherapy in reducing radiation exposure to surrounding healthy tissues and eliminating risks of secondary cancers. This has increased the preference for proton therapy among cancer patients and healthcare providers. Additionally, increasing investments by both private and public players for expanding proton therapy facilities worldwide are also contributing to the growth of the market. For instance, in April 2022, ProTom International signed an agreement with MedAxiom Proton Therapy to develop 10 new proton therapy centers across the U.S. by 2030 with an estimated investment cost of US$ 2 billion. These increasing investments are expected to augment the access to proton therapy and drive the market growth during the forecast period.

Segment Analysis

The proton therapy market can be segmented based on end user into hospital-based proton centers and private centers. Hospital-based proton centers hold the largest share due to the presence of established infrastructure and availability of well-equipped facilities. These centers provide therapy options for a wide range of patients. Private centers are emerging as they offer advanced services to patients who opt for private insurance. This segment is growing rapidly due to the expansion of private insurance coverage and establishment of new standalone private centers.

PEST Analysis

Political: Governments of various countries are supporting the set up of proton therapy centers through favorable policies and funding. This is facilitating market growth. However, reimbursement policies vary vastly across regions.
Economic: Rising healthcare spending globally is boosting investments in advanced cancer treatment technologies. Proton therapy is preferred over other therapies due to better clinical outcomes and cost-effectiveness.
Social: Growing cancer prevalence is driving demand for effective therapies. Support groups are increasing awareness about proton therapy benefits.
Technological: Vendors are developing compact proton therapy systems for installation in smaller facilities. Artificial intelligence and magnetic resonant imaging are being integrated to improve treatment accuracy and efficiency.

Key Takeaways

The global proton therapy market is estimated to be valued at US$ 2763.2 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030.

The global Proton Therapy Market Share is expected to witness high growth. The market in North America holds the largest share currently due to the presence of over 20 functioning proton therapy centers. Asia Pacific is projected to grow at the fastest pace led by countries like China, India, and Japan establishing new proton therapy facilities.

Key players operating in the proton therapy market are Bayer AG, Boehringer Ingelheim GmbH, Cargill Inc., Ceva Santé Animale, Eli Lilly and Company, DSM, Merck & Co., Inc., Novartis AG, Nutreco N.V., Sanofi S.A., SeQuent Scientific Ltd., Virbac S.A., Vétoquinol S.A., Zoetis Inc. These players are focusing on enhancing capabilities of proton therapy systems through strategic collaborations and new product launches.

Money Singh

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. 

Money Singh

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. 

View all posts by Money Singh →