by Proton therapy is a type of radiation therapy that uses protons rather than X-rays to treat cancerous tumors. It allows for more precise targeting of tumors and less damage to surrounding healthy tissue. The need for proton therapy is increasing due to its advantages over conventional radiation therapy in treating certain types of cancers like brain and prostate cancer. The global Proton Therapy Market is estimated to be valued at US$ 2763.02 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:
Rapid adoption for cancer treatment- The key trend propelling the growth of the proton therapy market is its rapid adoption for cancer treatment. Proton therapy provides more targeted radiation treatment compared to conventional X-ray therapy, thereby reducing side effects. With rising cancer prevalence and increasing awareness about benefits of proton therapy, its adoption has increased manifolds over the past few years. Development of compact and portable proton therapy systems have further supported market growth by increasing accessibility to therapy.
SWOT Analysis
Strength: Proton therapy offers higher accuracy and more targeted treatment for cancer compared to traditional photon radiation therapy, resulting in less damage to surrounding healthy tissues.
Weakness: Proton therapy is a highly advanced and specialized treatment that requires expensive particle accelerators and dedicated hospital buildings. This makes the setup and operating costs significantly higher compared to traditional radiotherapy.
Opportunity: Rising prevalence of cancer worldwide is driving the need for improved treatment options. Proton therapy is being explored for treating a wider range of cancers beyond just tumours in the brain, head, and neck where it is commonly used now.
Threats: Stringent regulatory processes and long approval times for medical technologies impact the ability to commercialise new proton therapy systems quickly. Economic uncertainties and budget constraints in the healthcare industry can impact adoption of such high-cost treatment solutions.
Key Takeaways
The Global Proton Therapy Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 2,763.02 million by 2024, growing at a CAGR of 13%.
Regional analysis indicates that North America currently dominates the proton therapy market owing to the presence of several proton therapy centre operators and regular reimbursement for treatment costs in the region. Europe and Asia Pacific are witnessing rapid expansion of proton therapy facilities and emerging as lucrative markets. Countries like Japan, China and India are actively supporting research and development activities in this area.
Key players operating in the proton therapy market are Silicon Labs, Aeotec (formerly Aeon Labs), Fibaro, Qolsys, Zooz, HomeSeer, Leviton, Everspring, Vision Security, Jasco (GE/Jasco). These companies are focusing on launching new and advanced proton therapy systems to expand treatment applications. Partnerships with hospitals and healthcare providers are helping key players install new proton therapy centres worldwide.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
