The latest market report published by Credence Research, Inc. “Proton Therapy Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global proton therapy market was valued at US$ 767.3 Mn in 2017 and expected to reach US$ 2,834.8 Mn by 2026, expanding at a CAGR of 15.6% from 2018 to 2026.
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Since its first approval in 1988, proton therapy has been used for treating over 160,000 patients worldwide. It is expected that this number will more than double by 2030. As reported by the National Association for Proton Therapy (U.S.) the number of proton therapy centers more than doubled during the period from 2012 to 2016, with a 70% increase in the number of patients during the same period. Even with the rapid pace of establishments, until recently, this treatment has been inaccessible for most of the patients. Hospitals and oncology centers have struggled to bear the costs of the sophisticated particle accelerators, while some institutions have faced space constraint.
However, a more sophisticated method of building proton therapy systems has been developed. Facilities are considering incorporation of proton therapy in the standard treatment options are finding potential benefit from the flexible and more affordable synchrotron systems. The conventional barriers to offering patients the access to proton therapy in terms of cost and space are being overcome by the modern modular construction and growing affordability in treatments.
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Proton therapy though expensive is an attractive modality of modern radiation therapy. Protons have beneficial physical properties with minimizing the radiation dose to the adjacent healthy tissue while allowing for augmenting the delivered dose. Proton therapy is also critical in treating pediatric cancers, and rare situations such as recurrent chordomas, tumors in the midline central nervous system structures and craniospinal cancers. The enthusiasm associated with use of proton therapy for treatment of prostate cancer was based on the theory of superiority as against photon therapy in sparing healthy organs such as rectum, bladder, and femoral head. Historically, a majority of the investment in proton therapy centers was made with expecting that significant return on investment will come from prostate cancer treatment.
The development of proton therapy has led to expanding treatment capabilities therefore augmenting the number of potential patients. At present, over half of the total cancer patients are administered radiation therapy as a part of their treatment. As the market players continue to improve the administration and delivery of proton therapy, the treatment is set to evolve as a primary radiation treatment, especially in pediatric and inoperable cancers. However, high cost of investment, and uneven reimbursements are restraining the market growth.
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The global proton therapy market is highly competitive in nature and is characterized by the presence of limited number of players. Continuous regulatory approvals, and collaborations are the key feature of this market resulting in stronger position of the existing market players. The players are signing collaborative agreements with major hospital chains and other players to incorporate novel technologies in the already established systems and development of advanced treatment solutions. Some of the prime market players in this industry are Ion Beam Applications SA, Varian Medical Systems, Hitachi Ltd., ProNova Solutions LLC, Sumitomo Heavy Industries Ltd., Mitsubishi Electric Corporation, ProTom International, Inc., Optivus Proton Therapy, Inc., Mevion Medical Systems and Advanced Oncotherapy.
Key Market Movements:
- Growing prevalence of pediatric tumors to open expansion opportunities
- Increasing evidence supporting the safety and advanced efficacy of proton therapy
- High installation costs and large space requirement to restrain the market growth
- Increasing demand for single room systems, especially in emerging economies where large investments for multiple room systems is a prominent challenge
- Technological innovations ensuring improvement in safety profile of proton therapy as against X-ray therapy
- Increasing demand for advanced radiation therapies in emerging economies of Asia Pacific
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Name: Chris Smith