Particle therapy is a form of external beam radiotherapy that is used in the treatment of various types of cancers such as prostate cancer, brain, tumors near the spine, pediatric cancer, gastrointestinal cancer, and melanoma of the eye. Moreover, for the treatment of cancer, a beam of energetic neutrons, protons or other heavier positive ion particles are used at the target tumors. These particles damage the tissue of DNA cell.
Particle therapy is considered as safer and effective than the conventional radiation therapy, as particle therapy can deliver high dose to the specific area without affecting the surrounding tissue areas.
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The increasing prevalence of various types of cancers is a major factor driving the growth of the global particle therapy market. For instance, in 2018, according to the World Health Organization (WHO), cancer was the second leading cause of death and accounted for 9.6 million (about one in six deaths were due to cancer) deaths, globally. In addition, colorectal, stomach, lung, prostate, and liver cancer are common in men while breast, colorectal, lung, and thyroid cancer are common in women.
The increasing adoption of inorganic growth strategies such as collaboration by key players is another factor fueling growth of the global particle therapy market. For instance, in 2017, Royal Philips and Proton Partners International collaborated with Ion Beam Application (IBA). The main objective of the collaboration was to establish first compact proton therapy system in the Middle East. Hence, these factors are expected to drive the global particle therapy market growth over the forecast period.
High cost associated with particle therapy treatment of cancer is a major factor hampering growth of the market. For instance, in 2017, the cost of proton therapy is anywhere between US$ 30,000 to US$ 120,000. On the other hand, a course of treatment with radiosurgery is around US$ 8,000 to US$ 12,000. Therefore, high cost of cancer treatment using particle therapy is expected to result in low demand for particle therapy over conventional radiation therapy.
North America is expected to hold dominant position in the global particle therapy market over the forecast period. The increasing prevalence of various types of cancers such as prostate cancer is one of the major factors driving growth of the particle therapy market in this region. For instance, in 2018, in the U.S, according to the American Cancer Society (ACS), 164,690 new cases of prostate cancer and over 29,430 related deaths were reported. In addition, according to the same source, around 60% of the prostate cancer patients (men) of 65 years or older were diagnosed in 2018, in the U.S. Also, one in every nine men is expected to be diagnosed with prostate cancer.
Asia Pacific is expected to exhibit highest CAGR over the forecast period due to rising number of patients suffering from cancer. For instance, according to the WHO, around 70% of deaths are due to cancer in developing countries of Asia Pacific region.Increasing development of various cancer centers and proton therapy centers in the Asia Pacific region is expected propel Asia Pacific particle therapy market growth. For instance, in 2016, Shenzhen Hairong International Medical Development and Provision Asia entered into a joint venture to form Provision China and main objective of the company was to develop cancer center as well as proton center.
Some of the key players operating in the global particle therapy market include Ion Beam Applications, Provision Healthcare, Mevion Medical Systems, Inc., Optivus Proton Therapy, Inc., ProTom International, Inc., Advanced Oncotherapy Plc., Varian Medical Systems, Inc., Hitachi, Ltd., Danfysik A/S, Provision Healthcare, LLC, and IBA Worldwide.
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