Particle Therapy Global Market Report 2024

The particle therapy market size has grown rapidly in recent years. It will grow from $1.11 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth witnessed in the past period can be attributed to progress in clinical research and studies, an increase in cancer incidence rates, government support and financial backing, industry collaboration, and improvements in treatment planning.

The particle therapy market size is expected to see rapid growth in the next few years. It will grow to $1.95 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The anticipated growth in the forecast period can be linked to a surge in healthcare expenditure, the emergence of applications extending beyond cancer, a rise in the geriatric population, ongoing healthcare infrastructure development, and the integration of AI and data analytics. Noteworthy trends expected during this period encompass advancements in particle accelerator technology, the adoption of hypofractionation techniques, the exploration of proton and carbon ion combination therapy, enhancements in patient comfort, and the implementation of biology-driven treatment protocols.

The anticipated growth of the particle therapy market is poised to be propelled by the increasing prevalence of cancer. Cancer, a complex and diverse group of diseases characterized by abnormal cell growth and proliferation in the body, is expected to drive demand for particle therapy. This form of treatment utilizes precise and effective radiation, employing accelerated positively charged particles (protons) focused on the tumor. In February 2021, reports from John Wiley & Sons Inc., a US-based publishing company, indicated a global estimate of 19.3 million new cancer cases and almost 10.0 million cancer deaths in 2020. The growth of cancer cases, as highlighted by the Centers for Disease Control and Prevention in May 2022, with 1.60 million new cases and 602,347 cancer-related deaths in the US alone in 2020, underscores the pivotal role of particle therapy in addressing this health challenge. With 403 new cancer cases and 144 cancer-related deaths recorded per 100,000 people, the rising prevalence of cancer is a key driver for the growth of the particle therapy market.

The growth in the particle therapy market is expected to be further propelled by the increasing aging population. This demographic trend, characterized by a growing proportion of elderly individuals in society, is expected to boost demand for particle therapy. Particle therapy is particularly significant for the geriatric population, offering a precise and targeted approach to cancer treatment. This minimizes damage to surrounding healthy tissues, reduces the risk of long-term side effects, and enhances the overall quality of life for elderly patients undergoing cancer therapy. According to the World Health Organization in October 2022, projections indicate that by 2030, 1 out of every 6 individuals globally would be 60 years old or older. During this period, the proportion of the population aged 60 and over is expected to rise from 1 billion in 2020 to 1.4 billion. Furthermore, the global population of individuals aged 60 and older is anticipated to double, reaching 2.1 billion by 2050. Consequently, the aging population is a significant driver for the particle therapy market.

An emerging trend gaining traction in the particle therapy market is the adoption of advanced particle therapy platforms. Major players in the market are actively engaged in the development of innovative platforms to maintain and strengthen their market positions. Notably, in October 2021, Ion Beam Applications S.A. (IBA), a medical technology company based in Belgium, introduced the world's first online proton therapy platform. This web-based platform offers a diverse range of resources, including educational materials on proton therapy, discussion forums, and information on clinical trials. Additionally, the platform features a virtual reality (V.R.) tour of a proton therapy center, allowing users to experience the process of receiving proton therapy. This comprehensive platform serves as a valuable tool for clinicians, researchers, and patients dedicated to improving the lives of individuals affected by cancer.

Key companies in the particle therapy market are intensifying their efforts to develop innovative therapies, with a particular focus on proton therapy solutions, to gain a competitive advantage. Proton therapy technology, a sophisticated form of cancer treatment utilizing protons and positively charged particles, delivers precise and targeted radiation to cancer cells. For instance, in April 2023, P-Cure, an Israel-based high-med-tech company, obtained clearance from the United States Food and Drug Administration (USFDA) for its Adaptive Proton Therapy Solution, allowing sales in the USA. This affordable proton therapy technology is designed for targeted cancer treatment with significantly reduced treatment-related side effects. P-Cure's innovative upright solution, the world's first FDA-approved methodology for patient positioning, enables seated treatment, enhancing both patient comfort and clinical outcomes.

In May 2022, Brainlab AG, a Germany-based medical technology company, acquired a majority stake in medPhoton GmbH for an undisclosed amount. This strategic acquisition aims to expand Brainlab's intraoperative imaging portfolio, drive business growth, bolster product development, and accelerate innovation in the critical field of medical technology. medPhoton GmbH, an Austria-based medical equipment manufacturing company, specializes in providing particle therapy devices and services.

Major companies operating in the particle therapy market report are Hitachi Ltd., Mitsubishi Electric Corporation, Siemens Healthineers AG, Koninklijke Philips N.V, GE Healthcare, Sumitomo Heavy Industries Ltd., Varian Medical Systems Inc., Elekta AB, Shinva Medical Instrument Co. Ltd., Toshiba Medical Systems Corporation, Brainlab AG, Accuray Incorporated, IBA Worldwide, Mevion Medical Systems Inc., Avante Health Solutions, Provision Healthcare LLC, ViewRay, Panacea Biotec Ltd., PTW Freiburg GmbH., ProNova Solutions LLC, Optivus Proton Therapy Inc., Xstrahl Inc., Protom International Inc., Danfysik AS, SAH Global LLC, Advanced Oncotherapy PLC, Particle Therapy Co-Operative Group, Best Particle Therapy Inc.

North America was the largest region in the particle therapy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the particle therapy market report during the forecast period. The regions covered in the particle therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the particle therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Two primary types of therapies fall under the umbrella of particle therapy, proton therapy and heavy ion therapy. Proton therapy is a specialized form of radiation therapy employed in cancer treatment. It encompasses both single-room systems and multi-room systems, providing versatility in its application. Proton therapy is utilized for the treatment of various cancers, including but not limited to pediatric cancer, prostate cancer, lung cancer, breast cancer, and cancers affecting the brain and spinal cord. The primary end users of particle therapy are hospitals, academic institutions, and research centers. Particle therapy offers a targeted and precise approach to cancer treatment, minimizing damage to surrounding healthy tissues and enhancing the therapeutic effectiveness of radiation.

The particle therapy market research report is one of a series of new reports that provides particle therapy market statistics, including particle therapy industry global market size, regional shares, competitors with a particle therapy market share, detailed particle therapy market segments, market trends and opportunities, and any further data you may need to thrive in the particle therapy industry. This particle therapy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The particle therapy market includes of revenues earned by entities by providing particle therapy services such as treatment planning, particle beam delivery, imaging and simulation, treatment sessions, patient monitoring, and support services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.