Particle Therapy Market 2020: Company Profiles, Segments, Recent Trends, Industry Growth, Landscape and Demand by Forecast to 2023
Industry Research Report – Particle Therapy forecast till 2023, is latest research report on Global Particle Therapy Industry Report published by MRFR
Particle Therapy Market Synopsis
The recent report by Market Research Future (MRFR) asserts that the global particle therapy market 2020 is poised to record a substantial market valuation of more than USD 790.45 million recorded in 2017, at a moderate 9.1% CAGR over the review period.
The increasing prevalence of cancer population, low risk of treatment-induced disorders, the impending for retreatment owing to low radiation dose, and the growing number of particle therapy centers across the world are anticipated to fuel the growth of the particle therapy market. Moreover, the augmented adoption of particle therapy in clinical trials, increasing R&D spending, and dynamic approaches adopted by the major players, such as new product launches, are boosting the growth of the market. Additionally, multiple advantages of particle therapy, the growing number of particle therapy hubs globally, increasing usage of tobacco in some regions, rising per capita healthcare expenditure, and rising geriatric population are likely to be the growth drivers of the global particle therapy market. The market is also expected to witness substantial growth opportunities from emerging economies of Asia pacific since the government of these countries are open to adopting new technological innovations, and best treatment option from a developed country.
On the other hand, the lack of adequate reimbursement policy and high costs associated with the creation of these centers may hamper the growth of the particle therapy market through the assessment period.
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Particle Therapy Market Segmentation
The global particle therapy market has been analyzed on the basis of type, cancer type, product & service, system, and application.
Based on the type, the market has been bifurcated as proton therapy and heavy ion therapy. The market has been segmented into products and services, wherein the Products segment comprises of synchrotrons, cyclotrons, and synchrocyclotrons.
Based on the cancer type, the market has been segmented into breast cancer, prostate cancer, head and neck cancer, pediatric cancer, lung cancer, and others. The pediatric cancer segment is anticipated to account for the largest market share of the particle therapy market through the review period.
The market, by the system, has been divided into multi-room systems and single-room systems.
On the basis of application, the particle therapy market has been bifurcated as treatment applications and research applications. Also, research applications to register the fastest CAGR in the global particle therapy market over the assessment period.
Particle Therapy Market Regional Overview
The geographical overview of the global particle therapy market has been conducted in four major regions, namely the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
The Americas are estimated to lead the global particle therapy market due to the expanding prevalence of cancer patients, growing capital & investments by manufacturer, and government focused for establishment of centers for treatment.
The European market is projected to be the second-largest particle therapy market. The market expansion in this region can be attributed to government funding and support of the healthcare sector, combined with increasing research and development. Additionally, favorable reimbursement policies in European countries are contributing to the growth of the market in this region.
Asia-Pacific is estimated to be the fastest-growing particle therapy market through the assessment period owing to the increasing prevalence of cancer, growing investments in healthcare, and expansions by market players in the region. Also, emerging economies such as India and China are considering the fastest growing region due to the presence of a vast patient population.
The global 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, the lack of technical knowledge, and inadequate medical facilities.
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Particle Therapy Market Competitive Landscape
The top market players identified by MRFR in the global particle therapy market are Danfysik A/S, Hitachi, Ltd., Advanced Oncotherapy PLC., Ion Beam Applications Sa (IBA), Optivus Proton Therapy, Inc., Mevion Medical Systems, Inc., Protom International, Inc., Sumitomo Heavy Industries, Ltd., Provision Healthcare, LLC, Varian Medical Systems, Inc., and others.
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