Proton therapy is an advanced form of external beam radiotherapy used to treat cancerous tumors. It works by utilizing proton beams to precisely deliver high doses of radiation to cancer cells while minimizing exposure of surrounding healthy tissues to radiation. Proton therapy offers an advantage over conventional photon-based radiotherapy by significantly reducing unnecessary radiation exposure to nearby organs and tissues, thus resulting in fewer side effects for cancer patients.
The global proton therapy market is estimated to be valued at US$ 2763.2 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The need to reduce side effects of cancer treatment presents a major market opportunity for proton therapy. Proton beam therapy causes much less damage to surrounding tissues compared to traditional radiation therapy. This results in fewer short-term and long-term side effects such as fatigue, nausea, vomiting and secondary cancers. It allows higher and more effective radiation doses to be used for treating tumors without increased risk of side effects. The reduced side effects translate to improved quality of life for cancer patients undergoing treatment. With increasing cancer prevalence worldwide, the demand for advanced treatment options that minimize side effects is growing significantly. This growing need to reduce complications during and after cancer treatment through precision radiotherapy techniques like proton therapy will support the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the proton therapy market is low due to requirements for major capital investment for setting up proton therapy centers and lack of reimbursement in some regions.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of alternative treatment options for cancer patients.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to presence of a large number of suppliers providing components for proton therapy systems.
Threat of new substitutes: The threat of substitutes is low as proton therapy provides highly targeted cancer treatment with less side effects compared to other radiation therapy options.
Competitive rivalry: The competition in the proton therapy market is high as the key players are focusing on expanding their product portfolio and geographical presence through mergers and acquisitions.
SWOT Analysis
Strengths: High precision and targeted cancer treatment with proton therapy. Growing clinical evidence for the efficacy of proton therapy compared to other radiation therapies. Weaknesses: High costs associated with proton therapy system and treatment. limited reimbursement in some regions.
Opportunities: Increasing incidence of cancer globally. Growing demand for non-invasive cancer treatments especially in developing countries. Threats: Slow market adoption due to lack of awareness. Presence of alternative treatment options for cancer patients.
Key Takeaways
The global Proton Therapy Market Share is expected to witness high growth during the forecast period of 2023 to 2030. The market size for proton therapy in 2023 is estimated to be US$ 2763.2 Mn.
Regional analysis of the proton therapy market comprises fastest growth in the Asia Pacific region majorly attributed to increasing awareness and expanding healthcare infrastructure. Countries like China, India, and Japan are likely to offer significant opportunities in the proton therapy market.
Key players operating in the proton therapy market are Bayer AG, Boehringer Ingelheim GmbH, Cargill Inc., Ceva Santé Animale, Eli Lilly and Company, DSM, Merck & Co., Inc., Novartis AG, Nutreco N.V., Sanofi S.A., SeQuent Scientific Ltd., Virbac S.A., Vétoquinol S.A., Zoetis Inc. These players are focusing on new product launches and gaining regulatory approvals to strengthen their market position.
For more insights, read- https://www.newsanalyticspro.com/proton-therapy-market-trends-size-and-share-analysis/
