by Proton therapy is a type of external beam radiation therapy that uses proton beams to precisely deliver high doses of radiation to cancer tumors. Proton therapy works by using accelerated protons to destroy cancer cells while minimizing radiation doses to surrounding healthy tissues. The treatment offers significant advantages compared to traditional photon-based radiation therapies by reducing unwanted exposure of adjacent healthy tissue to radiation. Proton therapy is most commonly used in cancer treatment for tumors close to critical structures like optic nerves, spinal cord and brain stem. It plays an important role in the treatment of pediatric cancers, gastrointestinal cancers, genitourinary cancers, lung cancers, central nervous system cancers, head and neck cancers and others. The global proton therapy market offers significant growth opportunities owing to favorable clinical evidence, reduced side-effects and improved cure rates compared to traditional radiation treatments.
The global 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 key trends:
One of the key trends in the proton therapy market is the emergence of compact and cost-effective proton therapy systems. Major players are focused on developing proton therapy systems that occupy less floor space and are more affordable for healthcare providers compared to traditional room-sized systems. This is expected to boost the adoption of proton therapy, especially in emerging markets. Another major trend is the increasing use of proton therapy for conditions beyond cancer. Recent clinical studies have demonstrated potential of proton therapy in treatment of ocular diseases, cardiovascular diseases and other non-oncological applications. This expanding scope of applications is anticipated to present lucrative growth opportunities over the forecast period.
Porter’s Analysis:
- Threat of new entrants: The threat of new entrants is low as proton therapy requires highly advanced technology and large capital investments to build proton therapy centers. This poses high entry barriers for new players.
- Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for proton therapy in cancer treatment is growing. However, the high costs associated with proton therapy limits the bargaining power of buyers to some extent.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate. This is because the suppliers of key components and technologies for proton therapy systems have some bargaining power due to patented technologies and high switching costs for buyers.
- Threat of new substitutes: The threat of new substitutes is low given the clinical advantages of proton therapy over traditional radiation therapies. No significant substitutes are available currently that can replicate the benefits of proton therapy.
- Competitive rivalry: The competitive rivalry is high among the existing players in the market. Players compete based on technology advances, geographic expansion, and partnerships to strengthen their market position.
Key Takeaways:
The Global Proton Therapy Market Size is expected to witness high growth over the forecast period driven by the increasing incidences of cancer and advantages of proton therapy.
Regional analysis – North America dominated the proton therapy market in 2020 due to supportive government policies, high healthcare spending, and availability of proton therapy centers in the region. Asia-Pacific is expected to grow at the fastest pace during the forecast period supported by growing healthcare infrastructure and rising medical tourism in countries such as India, China and Japan.
Key players – 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. Players are focusing on technological advancements to expand their product portfolio and strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
