Proton therapy is an advanced form of radiation therapy that uses proton beams to target cancer cells. Proton therapy directs proton beams at the tumor site and minimizes radiation exposure to surrounding tissues, offering potential advantages over conventional photon therapy for certain cancers, especially those located near critical structures like the brain, spine, and eyes. With the increasing prevalence of cancer globally, proton therapy provides a promising solution for targeted cancer treatments by delivering higher doses of radiation to tumors while protecting healthy tissues from damage. The most common cancer types treated with proton therapy include lung cancer, prostate cancer, brain tumors, head and neck cancers, and others. 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 from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand for targeted cancer treatments is one of the major drivers of growth for the proton therapy market. Proton therapy minimizes radiation exposure to nearby healthy tissues and offers an effective treatment option with fewer side effects. Another key driver is the growing acceptance and availability of proton therapy centers globally. Several countries in North America, Europe, Asia Pacific and other regions are establishing proton therapy centers to cater to the rising cancer patient pool. For instance, between 2020 to 2024, over 15 new proton therapy centers are expected to come online in various countries. Growing awareness about the benefits of proton therapy among patients and physicians is also driving increased adoption. Moreover, ongoing research and clinical trials are exploring the effectiveness of proton therapy for new cancer types, which is further expanding the potential market scope.
Segment Analysis
The global proton therapy market is dominated by the hospital sub segment. The hospital sub segment accounts for nearly 65% of the global market share. This is because proton therapy requires huge capital investments and hospitals are better equipped to provide the necessary infrastructure for proton therapy centers. Proton therapy is increasingly being used for treating cancer types such as brain tumors, spine tumors, skull-based tumors etc. Hospitals have dedicated oncology departments that provide end to end cancer care including radiation therapy like proton therapy.
PEST Analysis
Political: Governments globally are supporting initiatives to increase awareness about advanced cancer treatments like proton therapy. Some countries offer subsidies and tax incentives for setting up proton therapy centers. This is driving huge investments in this sector.
Economic: Rising healthcare expenditure across countries and growing disposable incomes are driving the demand for advanced treatment therapies. This presents significant growth opportunities for proton therapy market. However, the high setup and maintenance costs of proton therapy centers poses affordability challenges.
Social: Growing incidences of cancer due to changing lifestyles and increasing longevity is a major social driver. People are willing to spend significantly on advanced treatments to improve survival rates. This augurs well for proton therapy adoption.
Technological: Technological advancements are improving the efficacy and reducing the costs of proton therapy systems. Integration of AI and IoT is helping achieve higher precision and efficiency. Compact proton therapy solutions are also being developed to enable greater accessibility.
Key Takeaways
The Global Proton Therapy Market Size is expected to witness high growth over the forecast period till 2030.
North America region currently dominates the proton therapy market accounting for over 50% revenue share. This is attributed to presence of large number of proton therapy centers and support from research institutions and governments in the US.
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). Key players are focusing on developing economical proton therapy solutions to penetrate price sensitive developing markets. Players are also investing in increasing manufacturing capacities and network expansion to tap into the fast growing Asian region.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
