Global Particle Therapy Market Encompassing Impressive Growth– Projected to Reach Worth USD 2,014.9 million in 2027

Published | 30 July 2021

A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global particle therapy market was worth USD 1,093.2 million in the year 2020. The data generated by the study further reveals that the market is likely to grow at a CAGR of 9.2% during 2021-2027 (forecast period), earning around USD 2,014.9 million by the end of 2027.A growing number of cancer cases across the globe is responsible for the growth of the particle therapy market. With the increasing prevalence of cancer, there has been an increase in the need for effective cancer treatment. Particle therapy has created more promising outcomes in locally controlling prostate cancer, lung cancer, head and neck cancer, and pediatric cancer. Moreover, particle therapy involves giving precise radiation doses to a tumor without affecting the surrounding tissues. As a result, radiation oncologists are increasingly turning to particle therapy.

Advancements in particle therapy technology have also given it a broader set of applications in clinical studies, cancer diagnosis, and basic research studies. The U.S.is the biggest consumer of the particle therapy market. However, challenges like high product cost, large infrastructural budget, and inadequate reimbursement policies have been impeding the growth of the global particle therapy market.

Increased Cancer Cases Driving Market Growth

In present times, cancer is one of the major life-threatening diseases, and the number of cases is on the rise every year. Cancer is the second leading cause of death, and approximately 70% of cancer-related deaths occur in low- and middle-income countries. Cancer prevention has become a major public health concern of the 21st century because of the growing burden it carries in almost every country.The growing prevalence of cancer has led to the development of more advanced cancer treatments like particle therapy in the healthcare sector. Since particle therapy is more effective than X-ray therapy and has fewer side effects, the demand for particle therapy among its end-users is growing substantially, thereby driving the market growth.

Technical Breakthroughs in the Healthcare Sector Creating New Market Opportunities.

The healthcare sector has grown in importance in many countries over the past decade. It has resulted in technologically advanced equipment being incorporated into the treatment procedure. The number of research & development initiatives and technical breakthroughs in the biotechnology and healthcare sector has also multiplied. As a result, particle therapy is increasingly used in cancer treatment as a form of advanced radiation therapy. The Particle Therapy Co-operative Group estimates that 37 proton therapy facilities are scheduled to be built worldwide between 2017 and 2021.

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Lung Cancer Segment Leading the Market

Among all cancers, lung cancer registers the highest mortality rate. In 2019, there was an estimated 142,670 lung cancer deaths in the U.S., accounting for about 27% of all cancer deaths nationwide. Fortunately, advancements in healthcare have allowed particle therapy to be applied to lung cancer cases as well. Consequently, particle therapy has seen significant growth in the lung cancer market. As opposed to conventional radiation therapy, proton therapy has proved to be more effective in fighting lung cancer because it delivers precise doses directly to the cancerous tissues without causing any damage to the surrounding healthy tissues.

Impact of COVID-19 on the Global Particle Therapy Market

The outbreak of corona virus pandemic and rise in the risk of infection has led to many hospitals canceling or postponing many surgeries. Furthermore, it was reported that cancer patients are at a greater risk of getting exposed to the deadly coronavirus. As a result, many patients avoided visiting hospitals in the fear of contracting the virus. Due to this shortfall in demand, particle therapy market growth has been negatively affected due to the pandemic. Moreover, the growing number of COVID-19 cases, the reduction in resources, as well as the reduction in workforces have also shifted the focus of end-users of this market from particle therapy to COVID-19 and its associated treatments.

North America Dominates theGlobal Particle Therapy Market

The particle therapy market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Among these, North America held the highest market shares in 2020. A major driving force in this segment is the rapid adoption of modernized technology in healthcare machinery and increased investments in research and development. The U.S. has the highest number of proton therapy facilities globally, which has led to higher consumption of particle therapy in this region. However, Asia-Pacific is expected to contribute the highest share to the particle therapy market during the forecast period. The biggest consumers in this market are China, Japan, and India, mainly because of the advancements in their healthcare systems and favorable government policies. A high rate of cancer cases in this region has also caused the market for particle therapy to grow substantially.

Global Particle Therapy Market Competitive Landscape

The particle therapy market is highly competitive and fragmented and is composed of many large, small, and medium players. The key players dominating the particle therapy market are Varian Medical Systems Inc., Hitachi Ltd., IBA Worldwide, Sumitomo Heavy Industries Ltd., Advanced Oncotherapy plc., Mevion Medical Systems Inc., Provision Healthcare LLC, Optivus Proto Therapy Inc., ProTom International Inc., Danfysik A/S, Ion Beam Applications SA, Brainlab, Elekta AB, Mitsubishi Electric Corporation, Koninklijke Philips N.V., PTW- Freiburg GmbH, Panacea Biotec, Shinva Medical Instrument Co Ltd., Strategic Alliance Holdings Global LLC, andother prominent players.The market players are consistently investing in research & development programs in order to increase their productivity.They also employ a variety of strategies, such as mergers&acquisitions, new product launches, and expansion to gain a competitive edge in the market.

Don’t miss the business opportunity of the global particle therapy market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the global particle therapy market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global particle therapy market,­ along with industry insights to help decision-makers make sound strategic decisions. Furthermore, it also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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