Proton Therapy Systems market Size Future Growth, Demands and Projected Industry Growths to 2024
Growing prevalence of cancer has prompted medical organizations towards development and adoption of advanced treatment procedures, such as proton radiotherapy. The effectiveness of proton therapy continues to gain trust of cancer patients across the globe. The procedure is known for successfully destructing tumor cells by damaging their DNA through a targeted deposition of high-energy radiation dosage onto the tumor. Furthermore, doctors treating cancer patients are also benefiting from the feasibility of proton therapy as it can be used in conjunction with other treatments. Factors as such continue to promote the adoption of proton therapy for curing cancerous abnormalities. Persistence Market Research projects that by the end of 2024, the global market for proton therapy will bring in more than US$ 2,926.7 Mn in revenues.
In the report, titled “Proton Therapy Market: Global Industry Analysis and Forecast, 2016-2024,” the global market for proton therapy is presently valued at closed to US$ 945 Mn and is projected to soar at a healthy CAGR of 15.2%. The report estimates that governments from all corners of the globe will continue to shore up their healthcare expenditure on cancer care facilities, which will incidentally boost the revenues in global proton therapy market. Additional benefits of availing proton therapy, compared to chemotherapy or radiation therapy, will also instrument a steadfast revenue growth for the market.
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Based on a regional analysis compiled in the report, North America is projected to account for a little less than one-third share of global proton therapy revenues throughout the forecast period. However, Europe’s proton therapy market will dominate with close to 38% share and showcase revenue growth at 15.7% CAGR. The report has also profiled leading players in the global proton therapy market, which include Hitachi Ltd., Mitsubishi Electric Corporation, Varian Medical Systems, Sumitomo Heavy Industries Ltd., ProTom International, Mevion Medical Systems, Ion Beam Applications SA, and ProNova Solutions, LLC.
Key highlights of the research report on global proton therapy market follow:
The market is likely to benefit from companies manufacturing compact set up used in proton beam therapy, which help in saving production costs without impairing product efficacy
Based on such set ups, multiple-room proton therapy will gain traction by accounting for more than three-fourth of global revenues towards the end of forecast period
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Among multiple cancer indications, the adoption of proton therapy will be relatively higher for treatment of lung cancer, gastro-intestinal cancer, pediatric cancer, head & neck cancer
Flexible payment options are also boosting the supply of proton therapy devices, while affordability of such devices continues to be a major challenge
The report also predicts that the demand for proton therapy will be impacted by the therapy’s side-effects which include fatigue, skin irritation, swelling and skin blistering
Nonetheless, the market will witness opportunistic growth in terms of rising preference to non-invasive treatment of cancerous tumors