Particle Therapy Market

IBM and Varian Medical Systems, Inc. (US) are leading players in Particle Therapy Market

The global particle therapy market is projected to reach USD 1,349 million by 2023 from USD 865 million in 2018, at a CAGR of 9.3%. Growth in the particle therapy market can be attributed to factors such as the various advantages offered by particle therapy over photon therapy, increasing adoption of particle therapy in clinical trials, growing global prevalence of cancer, and the increasing number of particle therapy centers worldwide. On the other hand, issues related to the affordability and accessibility of treatments and the unfavorable reimbursement policies for particle therapy are the major factors that are expected to restrain the growth of this market in the coming years.

The major players operating in the particle therapy market include Ion Beam Applications SA (Belgium), Varian Medical Systems, Inc. (US), and Hitachi, Ltd. (Japan). Other players operating in this market include Provision Healthcare (US), Mevion Medical Systems, Inc. (US), Sumitomo Heavy Industries, Ltd. (Japan), Optivus Proton Therapy, Inc. (US), ProTom International, Inc. (US), Advanced Oncotherapy Plc. (UK), and Danfysik A/S (Denmark). The analysis of the market developments between 2015 and 2018 revealed that several growth strategies such as product launches and enhancements and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the particle therapy market. Among these business strategies, product launches and approvals were the most widely adopted growth strategies by market players.

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IBA is one of the leading players in the proton therapy market. The company’s Proton Therapy segment offers Proteus PLUS (a treatment room solution) and Proteus ONE (a single-room cancer treatment solution). IBA offers its products to various end users, such as hospitals and ambulatory radiotherapy centers. The firm focuses on strengthening its market position by adopting both organic (such as product development and approvals) as well as inorganic growth strategies (such as agreements, collaborations, and partnerships). During the last three years, the company has significantly invested in R&D. In 2017, the company spent 12% (USD 30 million) of its total revenue on R&D. The company is increasingly focusing on product approvals, partnerships, and collaborations as a major strategy to address the growing market demand for its products. With its increasing efforts to expand its presence in high-growth geographies, IBA is expected to witness continued growth in the coming years.

Varian Medical Systems is one of the leading providers of particle therapy systems across the globe. The company offers excellent sales and support services, such as equipment installation and custom services. With its strong product portfolio and wide geographic presence, the company is expected to grow at a high rate in the proton therapy market. Varian Medical Systems focuses on both organic and inorganic growth strategies to enhance its footprint in the global market. In the last three years, the company received approvals from various regulatory bodies to introduce its proton therapy products across various regions. Also, the company is focused on providing training and conducting workshops on proton therapy. In line with this, in 2017, Varian entered into a partnership with Penn Medicine (US) to launch and develop a proton therapy training and education program.

Related Reports:

Particle Therapy Market by Type (Heavy Ion, Proton Therapy), Products (Cyclotron, Synchrotron, Synchrocyclotron), Services, System (Single-room, Multi-room), Cancer Type (Pediatric, Prostate, Breast), Application (Treatment, Research) - Forecast to 2023

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