Particle Therapy Market

The global particle therapy market in terms of revenue was estimated to be worth $0.7 billion in 2023 and is poised to reach $1.1 billion by 2028, growing at a CAGR of 8.2% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The rise of particle therapy can be seen due to the following drivers -particle therapy can reduce the risk of long-term side effects. The ability to spare healthy tissues from unnecessary radiation exposure is especially important for improving the quality of life for cancer survivors; Technological advancements have made particle therapy more accessible and cost-effective. The development of compact and less expensive proton therapy systems has contributed to the expansion of particle therapy facilities, and increased availability of treatment centers among others.

Attractive Opportunities in the Particle Therapy Market

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Particle therapy market: Market Dynamics

Driver: Growing global prevalence of cancer

Global demand for particle therapy (heavy-ion and proton therapy) is being driven largely by the rising incidence of cancer. The American Cancer Society estimates that there will be about 1.9 million new cancer cases diagnosed in the United States in 2021. According to estimates from the World Cancer Research Fund, there will be 19.3 million new cases of cancer worldwide in 2021; by 2035, this number is predicted to rise by 24 million. Consequently, the market for particle therapy will expand in tandem with the rising incidence of pediatric cancer.

Increasing number of particle therapy centers worldwide

The number of particle therapy centers is increasing globally. At the beginning of 2020, there were 37 proton therapy centers in the US alone and a total of 89 worldwide (Source: HealthPACT). From 2010 to 2016, 16 of a total of 23 proton treatment centers (70%) in the US began operations, showing an increase in the number of proton centers in the country.

Growing government initiatives toward establishing particle therapy centers across regions are also driving the adoption of particle therapy as an alternative to traditional radiation therapy for cancer. The second NHS center is currently being built at University College London Hospitals (UCLH), which will gradually ramp up proton beam therapy activity during 2021. When complete, the two centers will each treat up to 750 patients every year.

Restraint: Affordability and accessibility of treatments

Particle therapy demands sophisticated machinery in addition to additional services like dose management software, customized treatment planning, and patient positioning. The involvement of numerous healthcare professionals throughout the entire treatment cycle raises the procedure's overall cost. In addition to having extremely sophisticated features and functionalities for treating various cancers, particle systems are also highly expensive. It becomes challenging for small hospitals and institutions to make such a large capital investment in a particle therapy center, particularly in low- and middle-income nations. Consequently, despite the rising incidence of cancer, the adoption rate of these devices is low.

Unfavorable reimbursement policies and limited insurance coverage for particle therapy

Proton beam therapy and heavy-ion therapy are both increasingly gaining acceptance as either the first modes of treatment or combination therapies with other methods of cancer treatment, including chemotherapy, proton therapy, and surgery. However, particle therapy treatments lack proper reimbursements in developed and developing countries, which is a major factor restraining the growth of this market.

Opportunity: Rising healthcare expenditure across developing countries

In several developing nations, including China, India, Brazil, and Mexico, there is a likelihood that access to high-quality healthcare will increase due to their swift economic growth and rising healthcare spending. This is regarded as a sign of strength for the particle therapy industry. The need for different particle therapy tools and methods is increasing as a result of the increased cancer incidence in these nations. Furthermore, the governments of these nations are concentrated on expanding access to modern and cutting-edge healthcare services for greater segments of their populations and enhancing reimbursement coverage. The expansion of healthcare products (including oncology devices) across these nations is being driven by the quick increase in per-capita healthcare spending as well as the growing public demand for affordable healthcare services. The overall rise in healthcare spending serves as evidence of this. For instance, between 2019 and 2020, India's healthcare spending rose from 1.2% to 2.5% of GDP. Due to government spending increases in the healthcare sector during the COVID-19 pandemic, healthcare spending in China has increased by 12.6% to approximately USD 930 billion. [Source: Asia's Healthcare]

Challenge: Increasing risk of radiation exposure

The elevated risk of radiation exposure is one of the main obstacles to using particle therapy to treat cancer. The high radiation doses associated with therapeutic exposures carry the risk of harming not only the patients choosing the course of treatment, but also the medical staff and those in the immediate vicinity in the event of an unintentional radiation exposure. Nausea, vomiting, and diarrhea are just a few of the negative effects that could arise from this. Comparably, a high dose of radiation received all at once can result in radiation sickness and even death.

Particle Therapy Market Ecosystem

Major companies in this market include well-established and financially stable suppliers of particle therapy market. Prominent companies in this market include Varian Medical Systems, Inc.(US) IBA Worldwide(EU) and Hitachi (Japan), among several others.

The Products segment of the particle therapy industry is witnessed to grow at the highest CAGR during the forecast periods 2022-2028.

By Product& Services, the Product segment accounted for the largest share of the particle therapy market in 2022. Particle therapy is one of the most popular alternative treatment procedures for radiation therapy. With particle therapy systems, the precise delivery of the radiation dose to the required tumor site is achieved. Particle therapy products include particle accelerators that are used to deliver proton therapy or heavy-ion therapy.

The Pediatric cancer-type segment accounted for the highest CAGR of the particle therapy industry in 2022-2028

Based on the cancer type, the particle therapy market is segmented into pediatric cancers, prostate, cancer, lung cancer, head and neck cancer, and other cancers. Pediatric cancer accounted for the largest share in 2022 due to reasons like genetic predisposition, and immature immune system. In children, normal healthy cells are more vulnerable to ionized particles owing to the high rate of mitosis. It is, therefore, crucial to aim radiation beams only at the tumor to lower the risk of side effects, such as cognitive impairments, radiation-induced tumors, cardiac damage, and other complications later in the lifetime. As protons can be controlled precisely, proton therapy is ideal for pediatric tumors located near growing tissues in the spinal cord, brain, eyes, ears, or mouth.

Treatment application for the highest growth rate of the particle therapy industry in 2022-2028

The application segment of the particle therapy market is divided into treatment application and research application. Treatment applications accounts for the largest share in the particle therapy market in 2022. The growing number of cancer patients, increasing government initiatives aimed at equipping or upgrading hospitals with newer and advanced radiotherapy systems, increasing availability of funding for the adoption of advanced cancer treatment technologies, and the rising adoption of particle therapy devices & procedures as a primary treatment option globally are factors driving the growth of this segment

North America is expected to be the largest market for the particle therapy industry during the forecast period.

In 2022, the US and Canada accounted for the majority of the particle therapy market in North America. North America offers the perfect environment for the adoption of cutting-edge treatment methodologies like particle therapy market due to its robust healthcare infrastructure and availability of cutting-edge medical technologies. In the healthcare industry, research and development are prioritized heavily in North America. Proton therapy is one of the many medical technologies being advanced by a plethora of research institutes, medical schools, and private businesses.Access to cutting-edge treatments is made easier in North America by the widespread availability of health insurance and coverage. For patients seeking proton therapy and other cutting-edge medical services, this lowers financial barriers.

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As of 2022, prominent players in the market are IBA Worldwide (EU), Varian Medical Systems (US), and Hitachi (Japan), among others.

Scope of the Particle Therapy Industry

This report has segmented the global particle therapy market to forecast revenue and analyze trends in each of the following submarkets:

By Type

• Proton therapy
• Heavy-Ion therapy

By Product & Services

• Products
• Services

By System

• Multi-room systems
• Single-room systems

By Application

• Treatment application
• Research application

By Cancer-type

• Paediatric Cancer
• Lung Cancer
• Breast cancer
• Head and
• Other cancers

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
• MEA

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