Rising Incidences of Cancer to Shoot Up Demand in the Global Particle Therapy Market
Published On : Feb 24, 2019 | Category : Healthcare
About 9.8 million people across the world succumbed to cancer in 2018, the World Health Organization states. The number of people suffering from cancer has been on a rise for the past several years now. And, the incidence of this disease will only climb further in the future. Several factors like lifestyle, awareness about genetic inheritance, improved healthcare infrastructure, and higher literacy rates, collectively account for the growing incidence.
With the rising incidence of cancer, opportunities for players offering treatment opens up. One of the key treatment options for this deadly disease is radiation or particle therapy. The global particle therapy market has been witnessing stable growth in the past few years, and it is projected to grow at a progressive rate in the future.
Early Diagnosis of Cancer Promotes Particle Therapy as a Treatment
Early diagnosis in any disease is helpful. It improves the efficiency of treatment as doctors are able to arrest the infection when it is less harmful. It is exactly the same with cancer, where the risks are higher when it infection is in its third or final stage. Latest equipment are helping doctors detect cancer among patients at an early stage. This is expected to fuel growth in the global particle therapy market. Further, middle-aged and senior citizen population take up annual checkups to ensure a healthy life. This also promotes easy and early detection of cancer, propelling demand for particle therapy.
Innovation in Equipment Expands Scope for Particle Therapy
While there are existing equipment that offer excellent results, the demand for high precision and efficiency is growing. Doctors are expecting equipment that can cure cancer without affecting normal cells around the infected area. Large companies in the global particle therapy market are investing on research to identify high-end equipment that can meet doctors’ requirements.
Further, the identification of rare forms of cancer open up new opportunities for companies in the global particle therapy market. There is less or no treatment option available for some rare forms of cancer. Doctors struggle to help treat such patients, even if diagnosed at an early stage. Particle therapy could help doctors find solutions for these as radiation can reach internal organs without any issues. This gives advantage to the product, thus boosting potential in the particle therapy market.
High Cost of Treatment Worries Patients
While the particle therapy market has several drivers and opportunities that bestow potential for growth in the future, there are some challenges that could hamper consumption. Cost is one of them as it is expensive for people to afford particle therapy as treatment. This is a concern for most players in the global particle therapy market.
What comes in as a blessing is that most manufacturers are investing on reducing cost of the equipment make it affordable. At the same time, several private insurances and governments have included cancer treatment under the health insurance schemes. This is another relieving factor for players in the global particle therapy market.
North America to Remain Leader in the Particle Therapy Market
Among the several regions in the global particle therapy market, North America is expected to show the highest growth in the coming years. High awareness levels among people, technological advancements, and high end healthcare infrastructure support growth for particle therapy market. Europe at the same time is predicted to maintain steady growth in the particle therapy market. Further, Asia Pacific is projected to emerge as one of the prominent regions as developing economies like India and China are investing more healthcare infrastructure.