Segmentation By Product Type (Multi Room Systems & Single Room Systems); By Application (Brain Cancer, Gastrointestinal Cancer, Breast Cancer, Lung Cancer, Prostrate Cancer, Pediatric Conditions & Others); By End-Use (Ambulatory Surgical Centers, Specialized Clinics & Hospitals) – Global Demand Analysis & Opportunity Outlook 2027
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Increased Population of Cancer Patients
Cancer is treated by different types of therapies which uses strong chemicals (chemotherapy) and powerful radiations (radio therapy and proton therapy) to destroy cancerous cells in the body. Cancer patients often undergo therapeutic treatments. The rise in the population of cancer patients is directly related to the use of therapies to treat cancer. According to the International Agency for Research on Cancer (IARC), in the year 2018, there were 17 million new cases of cancer along with 9.5 million cancer deaths around the globe. By the year 2040, the global burden is anticipated to rise to 27.5 million new cases of cancer and 16.3 million cancer deaths simply on account of aging of the population. These factors are anticipated to drive the growth of the market over the forecast period.
Increased Tobacco Consumption
Extreme consumption of tobacco in different forms may potentially lead to cancer such as lung, esophagus, throat and mouth cancer as it contains harmful carcinogens which have the potential to initiate cancer. For treating cancer, various types of therapies and surgeries are used. According to World Bank, it is reckoned that, more than 7 million people every year worldwide die on account of tobacco consumption as compared to tuberculosis and malaria combined. If this trend continues, the tobacco consumption will kill more than 8 million people globally by the year 2030. The increase in tobacco consumption and tobacco related deaths are anticipated to support the growth of the market.
The market is observing vibrant growth on account of increasing number of cancer patients coupled with the increase in tobacco consumption around the globe. Further, the rise in the expenditure of healthcare sector and various technological advancements along with numerous ongoing improvements in medical insurance and growing awareness among people are some of the factors which are helping the market to grow. Proton therapy is becoming a mainstream method to effectively treat various types of cancer. Minimally invasive property of proton therapy and the enhancement in the geriatric population are also anticipated to augment the growth of the market in upcoming years.The proton therapy market is anticipated to record a CAGR of around 15.4% over the forecast period i.e. 2019-2027. The market is expected to showcase a vibrant growth on the back of significant properties of proton therapy as compared to radiation therapy.
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High Treatment Cost Associated with Proton Therapy
Proton therapy is a new technology that is used to treat cancers with lesser side effects as compared to other therapies in the market. The average cost of proton therapy ranges approximately from USD 30,000 to USD 1,20,000. These factors are anticipated to limit the growth of the market over the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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