The factors that are driving the market growth include advantages offered by particle therapy and the growing global prevalence of cancer.
The number of people suffering from various cancers has been found to be a major driving factor for this market. Cancer is one of the major life-threatening diseases of our times. According to the WHO, cancer is the second leading cause of death, globally, and was responsible for an estimated 9.6 million deaths in 2018. Globally, about one in six deaths are due to cancer. Approximately 70% of deaths from cancer occur in low and middle-income countries. Since particle therapies are used to treat cancer, the growing prevalence of the same is expected to be the major driver of the growth of this market.
Key Market Trends
Application of Particle Therapy in Lung Cancer is Expected to Hold a Significant Share Over the Forecast Period
When treating lung cancer with traditional radiation, it can be difficult to deliver an effective dose without risking damage to healthy tissue. By using proton therapy for lung cancer treatment, physicians may be able to deliver highly effective and very precise doses of protons to the exact location of lung cancer. Proton therapy for lung cancer has proven to be a reasonable treatment for patients whose cancer is limited to the chest.
Moreover, lung cancer is the leading form of cancer and cause of death globally, as per a 2018 report by the World Health Organization. As per the report, there were 2.09 million cases and 1.76 million due to lung cancer which was the highest among all the cancers. This factor is expected to increase the demand for more effective therapies like particle therapy, which will boost the market growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America has dominated the global market studied, in 2018. Almost half of all cancer patients in the region, especially in the United States receive cancer treatment. The United States has the largest market for radiotherapy.
The market is driven by factors, such as increasing incidences of cancer, replacements of older therapies with newer ones, and the availability of reimbursements for radiation therapy. A few states in the United States have passed laws compelling the personnel performing radiologic procedures to hold licenses. The changes in legislature and availability of reimbursement policies have led to incentivizing the providers to improve patient care and outcomes of treatment while controlling the costs. With large investments being made in R&D of innovative technologies for particle therapy, the market is expected to grow during the forecast period.
The global Particle Therapy market is moderately competitive and consists of a number of major players. Companies like Danfysik A/S, Hitachi, Ltd., Ion Beam Applications Sa (IBA), Mevion Medical Systems, Inc., Optivus Proton Therapy, Inc., Protom International, Inc., Provision Healthcare, LLC, Sumitomo Heavy Industries, Ltd., Varian Medical Systems, Inc., among others, hold the substantial market share in the Particle Therapy market.
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