Proton Therapy Market to Receive Overwhelming Hike in Revenues by 2024

Proton therapy is a technologically advanced form of radiation treatment that can deliver required doses of radiation. It takes just minutes to deliver a high level of radiation in a number of treatment sessions. Proton therapy uses accelerated subatomic particles called protons to send a high level of energy directly to the tumor site through a magnetically-guided beam. In proton therapy, particles of proton are accelerated to about two-thirds the speed of light, or more than 100,000 miles per second, to destroy cancer cells. Proton therapy differs from traditional radiation therapy in the way energy is delivered to a patient. Advantages of proton therapy are lower risk of treatment induced disorders, better quality of life during and after treatment, precise dose delivery, and fewer side effects than intensity modulated radiotherapy (IMRT). Proton therapy is effective for both adult and pediatric patients. The two types of proton delivery systems are pencil beam scanning and passive scattering. Pencil beam scanning employs 3D images to determine the tumor's exact location, allowing therapy delivery to that precise shape, size, and depth. According to the World Health Organization, cancer is a leading cause of death worldwide and cancer deaths are expected to continue to rise to over 13.1 million by 2030.

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Rise in prevalence of cancer patients, growing awareness among people, improvement in insurance coverage for proton therapy, increase in consumption of tobacco, and surge in demand for proton therapy are factors driving the global proton therapy market. Tobacco use is associated with increased risk of several cancers including lung, oral cavity, pharynx, bladder, esophagus, kidney, liver, stomach, larynx, pancreas, bowel, cervix, leukemia, and ovarian. According to the World Health Organization, in 2015, over 1.1 billion people smoked tobacco and the number continues to rise. Technological advancements and increase in health care expenditure are the other factors fueling the growth of the global proton therapy market. However, high treatment cost is a major restraint of the global proton therapy market.

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The global proton therapy market can be segmented based on product type, application, end-user, and region. In terms of product type, the market can be classified into single room systems and multi room systems. Based on application, the global proton therapy market can be categorized into breast cancer, brain cancer, prostate cancer, lung cancer, and others. In terms of end-user, the market can be divided into hospitals, specialty clinics, and ambulatory surgery centers

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In terms of region, the global proton therapy market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

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North America dominates the global proton therapy market due to technological advancements, rise in prevalence of cancer patients, and growing adoption for treatment procedure. According to the American Cancer Society, about 1,688,780 new cancer cases are expected to be diagnosed in the U.S. in 2017. Europe is the second largest market for proton therapy. Increasing use of tobacco is the key factor driving the proton therapy market in the region. According to Eurostat, one in four EU citizens over 15 years old (24%) is a tobacco smoker. The market in Asia Pacific is expected to expand at a higher growth rate due to growing awareness among people, large target population, and increase in health care expenditure. According to the World Health Organization, nearly 70% deaths due to cancer occur in low- and middle-income countries.

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Major players operating in the proton therapy market include Mevion Medical Systems, Inc., IBA Worldwide, ProTom International, Inc., Varian Medical Systems, Inc., Hitachi, Ltd., and Mitsubishi Electric Corporation.

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