Particle Therapy Market is projected to expand at a high CAGR of over 8.0% from
Posted by ankushraoaniket1tmr on May 16th, 2019
The global particle therapy market was valued at US$ 364.8 Mn in 2017 and is projected to expand at a compound annual growth rate (CAGR) of 8.0% from 2018 to 2026 according to a new report published by Transparency Market Research (TMR) titled “Particle Therapy Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. The report suggests that increase in number of cancer patients for particle therapy treatment and rise in demand for heavy ion radiotherapy due to biological advantage are expected to drive the particle therapy market in the near future (2018 to 2026). North America and Europe are projected to dominate the global market, owing to an increase in the demand for efficient and effective management of particle therapy and high rate of adoption of particle therapy for treatment planning by oncologist. The market in Asia Pacific is projected to expand at an exponential growth rate during the forecast period. This is attributed to a large base of specialty clinics and hospitals, rise in the geriatric population with brain and spine tumor diseases requiring proton therapy services, and increase in the rate of adoption of new therapies, such as carbon and proton therapy for the treatment of cancer patients. The market for particle therapy in Latin America is likely to expand at a moderate growth rate during the forecast period.
Proton therapy features in particle therapy to fuel global market
The global particle therapy market is projected to be potentially driven by the features and characteristics of proton therapy. Proton therapy is being offered by various particle therapy producing companies in order to streamline day-to-day work flow and increase the revenue of the practices. Proton therapy provides diverse features and benefits, ranging from patient pain heeling remedies to treatment procedures. These features help physicians and nurses to streamline the tumor treatment therapy activity required for patients in order to maintain their daily workflow efficiently and effectively. The key players offering the particle therapy are introducing value added features, such as set up labs with services such as cyclotrons, synchrotrons, effective modality features, along with imaging modules, thereby reducing the overall operating cost and thus, improving the overall effectiveness and efficiency of proton therapy practices. Companies are focusing on the development of combined proton and carbon therapy facilities in their system in order to effectively integrate the therapy or treatment procedure and patient education and awareness programs on particle therapy. These value added features save the operational time of physicians and help improve its pain management performance among cancer patients.
Cyclotrons in projected to be highly lucrative segment for services
Cyclotrons are non-reactor sources that are used to produce other radioisotopes or electrons or protons. High energy consumption and disintegration machinery produce half-life radioisotopes or protons that are utilized in the treatment of different types of cancer. Cyclotrons enable the user to practice low frequency clinical applications, thereby allowing the healing of extreme cases of tumor disintegration, which in turn is likely to propel the segment during the forecast period. The practice of nuclear medicine in Middle East & Asia has been expanding significantly in the last few years. For instance, most cyclotrons installed in India are between 12 and 18 MeV and only few of 30 MeV; comparatively most cyclotrons installed in Japan are between 12 and 18 MeV as well as 30 MeV.
Brain and spinal cord tumors (BSCT) and pediatric cancer segments lead the particle therapy market
The report offers the detailed segmentation of the applications of particle therapy in pediatric cancer, lung cancer, bladder cancer, brain and spinal cord tumors (BSCT), breast cancer, gastrointestinal (GI) cancers, hepatocellular carcinoma (HCC), head and neck cancers (HNC), and others. BSCT and pediatric cancer segments are likely to account for a leading share of the market during the forecast period. This is due to the rising incidence of cancer patient admission to clinics or hospitals, prevalence of different types of cancer among the global population, and the rise in demand for particle therapy by physicians and patients. Various reimbursement and Medicare benefits available for patients in treating diseases led BSCT and pediatric cancer segments to hold a key share of the global market.
Hospitals segment dominates the market and the specialty clinics segment is estimated to expand significantly during the forecast period
In terms of end-user, the hospitals segment accounted for a leading share of the global particle therapy market in 2017. It is estimated to gain market share and expand at a CAGR of more than 7% during the forecast period. Expansion of specialized pain management services, increase in number of cancer patient footfall in hospitals, and adoption of reimbursement program for the marketing of proton therapy practices led the hospitals segment to account for a prominent share of the global particle therapy market. Increase in number of multinational hospital chains and high digitization budgets are likely to drive the hospitals segment during the forecast period. High prevalence and incidence rates of lung cancer and other prominent cancer diseases in the global population and introduction of new radiotherapy techniques such as particle therapy treatment programs have led to a rise in the patient flow to specialty clinics. These factors are expected to fuel the specialty clinics segment between 2018 and 2026.
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Asia Pacific offers lucrative business development opportunity.
North America and Europe accounted for a key share of global particle therapy market in 2017. They are likely to gain market share by the end of 2026. High rate of adoption of cyclotron platforms for proton therapy and cancer treatment procedures, high submission of healthcare budgets, and government initiatives to promote radiation therapy techniques to treat cancer caused these regions to hold a major share of the global particle therapy market. Asia Pacific is projected to be a highly attractive market for particle therapy, and is likely to exhibit a prominent attractiveness index. The market in the Asia Pacific is projected to expand at a high CAGR of more than 6% during the forecast period due to a large number of specialty clinics in developing countries such as India and China, well-established healthcare facilities, and high rate of adoption of carbon therapy for cancer treatment in countries such as Japan, Australia & New Zealand, Malaysia, and Singapore. The market in Latin America is projected to expand at a moderate growth rate during the forecast period.Also See: Therapy Market, Proton Therapy, Particle Therapy, Forecast Period, Treatment, Therapy, ShareTop Searches - Trending Searches - New Articles - Top Articles - Trending Articles - Featured Articles - Top Members
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