Particle Accelerator Market Outlook:
The global particle accelerators market was valued at USD 4,030.3 Million in 2020 and is likely reach to USD 6,917.4 Million by 2028, expanding at a CAGR of 7.4% during the forecast period 2021-2028. Increasing adoption of particle accelerators are anticipated to drive the market during the forecast period. The particle accelerators market is segmented into types, applications, and regions.
Particle accelerators are machines, which are used for accelerating elementary particles, including electrons or protons, to high energies. These machines use electromagnetic fields for boosting the charged particle to high energies and speeds and contain them in particular beams. Electrostatic and electrodynamic (or electromagnetic) accelerators are two basic classes of accelerators.
At an initial stage, particle accelerators produce beams of charged particles for different research purposes. Linear accelerators and circular accelerators are two types of particle accelerators. Linear accelerators are used to propel particles along a straight, linear, or beam line.
They are used in fixed-target experiments. Circular accelerators push particles around a circular track and are used for both fixed target experiments and colliding beam.
Particle Accelerator Market Market Dynamics
Major factor rising government expenditure on R&D. increasing initiatives for research activities by the healthcare industry, rising adoption of particle accelerators across different industries, and increasing prevalence of cancer patients.
Conversely, strict government regulations on Radioactive Material is one of factor expected to hinder the market growth. Moreover, technological advancement is expected to create opportunities in the market.
Drivers
Rising Government Expenditure on R&D
Rising government expenditure in the research sector of healthcare, medical applications, and others is anticipated to propel the particle accelerators market. Governments of several countries are heavily investing in research and development to improve healthcare technology.
This, is turn, is expected to drive the global particle accelerators market. Many countries are taking different initiatives for generating awareness about the use of particle accelerators among end-users, which in turn, is boosting the market.
Governments of developing countries are focusing on increasing their expenses for expanding the applications of particle accelerators in numerous fields such as medical, industrial, and scientific research, which is expected to fuel the market.
Surging healthcare expenditure, increasing government initiatives, and rising adoption of automation technologies is anticipated to fuel the particle accelerator market during the forecast period.
Restraints
Strict government regulations on Radioactive Material
The particle accelerators market is hampered, due to stringent rules and regulations by governments across the globe.
Particle accelerators are operated and built by following safety regulations. Particle accelerators are hazardous, as they release ionizing radiation at the time of operation and generate radioactive waste. Hence, governments are taking strict regulations for the use of particle accelerators, which is impeding the growth of the market in the coming years.
The environment for synchrotrons and accelerators is challenging, as they are required to be operated in high vacuum range including cryogenic temperatures or vicinity of high magnetic fields. Stringent government regulations are anticipated to hamper the market growth during the forecast period.
Particle Accelerator Market Segmental Outlook
By Type Segment
In terms of types, the particle accelerators market is segmented into low-energy particle accelerator and high-energy particle accelerator. The low-energy particle accelerator segment captured a significant market share in 2020 and the trend is anticipated to continue during the forecast period. The segment is projected to be propelled by its rise in availability along with increasing use of low-energy particle accelerator systems for treatment of breast cancer.
Low-energy particle accelerators are used in many industries such as geological sciences, biomedicines, and others. Hence, rising use of the low-energy particle accelerators in several industries is anticipated to boost the market in the coming years. The high-energy particle accelerators segment is projected to expand at a significant CAGR, due to its high average intensity which is used in many industries.
Moreover, it provides high beam energy, due to which large fraction of Galactic Cosmic Rays (GCR) energy spectrum is covered. High-energy particle accelerators are widely used in microscopy and biomedical imaging, which is anticipated to drive the segment in the coming years.
By Application Segment
Based on applications, the particle accelerators market is segmented into healthcare, scientific research, and industrial. The healthcare segment held a major share of the global market in 2020, owing to increasing use of particle accelerators in healthcare. Particle accelerators are used for cancer therapy, X-Ray therapy, radiation treatment, electron beam therapy, and Hadron beam therapy.
Increasing use of radiation therapy for cancer treatment is projected to drive the healthcare segment over the forecast period. The scientific research segment is anticipated to grow at a rapid pace, as particle accelerators used in research institutes for different purposes such as nuclear physics experiments, nuclear physics, materials science, particle scattering, biological research, drug development, and others.
The industrial segment is expected to hold a significant share of the market, due to rising use of particle accelerators for ion implantation for electronics and hardening surfaces. Electron beam material processing and electron beam material irradiation are some industrial applications of the particle accelerators, which are expected to propel the industrial segment in the coming years.
Particle Accelerator Market Region Wise Outlook
Based on regions, the global particle accelerators market is segmented into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for a significant share of the market in 2020 and the market in Asia Pacific is anticipated to expand at a substantial CAGR during the forecast period.
The particle accelerators market is growing in North America, owing to increasing investments in research and development of advanced particle accelerators in the region.
Moreover, rising demand for integrated treatment solutions in oncology and inclination towards latest linear types of particle accelerators are propelling the market in North America. The market in Asia Pacific is anticipated to grow at a rapid pace, due to increasing applications of particle accelerators in the medical sector and growing geriatric population in this region.
Increasing incidence of breast cancer and high adoption of novel technology systems are driving the particle accelerators market in Europe. According to the Cancer Research U.K., around 53% of all new cancer cases are found in people aged between 50 and 74, with more cases in males as compared to females.
Key Benefits for Industry Participants & Stakeholders
- In-Depth Analysis of The Global Particle Accelerator Market.
- Historical, Current and Projected Market Size in Terms of Value.
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in The Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on From Global Particle Accelerator Market Performance
Segments
By Types
- Low-energy Particle Accelerator
- High-energy Particle Accelerator
By Application
- Healthcare
- Scientific Research
- Industrial
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Market Players Profiled in the Report
Competitive Landscape
- Key players in the global Particle Accelerator market are MITSUBISHI HEAVY INDUSTRIES, LTD, Varian Medical Systems, Inc, Elekta AB, ACCURAY INCORPORATED, General Electric, Altair Technologies, Inc., Siemens Healthcare GmbH, Toshiba Corporation, Varex Imaging Corporation, Shinva, VIEWRAY TECHNOLOGIES, INC. These companies are considered as key market players of global Particle Accelerator market, based on their revenue, research & development (R&D) activities in the areas of improving offerings, and regional presence.
- The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition and many other strategies to cater the increasing demand for global Particle Accelerator market.
- In March 2020, Toshiba Energy Systems & Solutions Corporation announced that the National Medical Radiology Research Centre signed a general framework agreement for the implementation of a heavy-ion therapy system for Russia. Toshiba ESS continues to contribute to supply advanced treatment facilities, such as the heavy-ion therapy system, as an option to provide quality treatment for cancer patients.
Request For Customization
Enquiry Before Buying
Speak With Analyst
