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Particle Therapy Market 2024 - By Size, Drivers, Trends, Competitors
Particle Therapy Market
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According to The Business Research Company's, 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 in the historic period can be attributed to clinical research and studies, increased cancer incidence, government support and funding, industry collaboration, 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 growth in the forecast period can be attributed to increasing healthcare expenditure, emerging applications beyond cancer, rise in geriatric population, healthcare infrastructure development, ai and data analytics integration. Major trends in the forecast period include advancements in particle accelerator technology, hypofractionation techniques, proton and carbon ion combination therapy, improved patient comfort, biology-driven treatment protocols.
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Market Drivers and Trends:
The growing prevalence of cancer is expected to propel the growth of the particle therapy market going forward. Cancer refers to a complex and diverse group of diseases characterized by the abnormal growth and proliferation of cells in the body. Particle therapy primarily treats cancer with precise and effective radiation, where positively charged particles (protons) are accelerated to high speeds and then focused on the tumor. For instance, in February 2021, according to the reports shared by John Wiley & Sons Inc., a US-based publishing company, globally, an estimated 19.3 million new cancer cases and almost 10.0 million cancer deaths occurred in 2020. Furthermore, in May 2022, according to the Centers for Disease Control and Prevention., a US-based government agency, in the US in 2020, 1.60 million new cancer cases were recorded, and 602,347 people died of cancer. 403 new cancer cases and 144 cancer-related deaths were recorded for every 100,000 people. Therefore, the growing prevalence of cancer is driving the growth of the particle therapy market.
Advanced particle therapy platforms are a key trend gaining popularity in the particle therapy market. Major companies operating in the particle therapy market are developing innovative particle therapy platforms to sustain their position in the market. For instance, in October 2021, Ion Beam Applications S.A. (IBA), a Belgium-based medical technology company, launched the world's first online proton therapy platform. This innovative web-based platform provides users access to a wide range of resources, including proton therapy educational materials, discussion forums, and clinical trials. The platform also features a virtual reality (V.R.) tour of a proton therapy center, which allows users to experience what it is such as to receive proton therapy. Additionally, this platform provides users access to a wide range of information about proton therapy. It is a valuable tool for clinicians, researchers, and patients working to improve the lives of people with cancer.
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Major Key Players of the Market:
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.
Particle Therapy Market 2024 Key Insights:
• 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%.
• Rising Cancer Prevalence Fueling Growth In The Particle Therapy Market
• Advanced Particle Therapy Platforms Gain Traction In The Market
• North America was the largest region in the particle therapy market in 2023
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