Medical Physics Market Size
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 5.23 Billion |
| Market Size (2029) | USD 7.15 Billion |
| CAGR (2024 - 2029) | 6.44 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Medical Physics Market Analysis
The Medical Physics Market size is estimated at USD 5.23 billion in 2024, and is expected to reach USD 7.15 billion by 2029, growing at a CAGR of 6.44% during the forecast period (2024-2029).
Major factors propelling the growth of the medical physics market are the rising prevalence of chronic diseases and technological advancements in the market.
The rising incidence of cancer across the world is one of the major factors propelling the growth of the medical physics market. As cancer cases rise, so does the need for radiation therapy, a common and effective treatment for many types of cancer. Medical physicists are essential in designing, planning, and ensuring the safety and effectiveness of radiation therapy treatments; for instance, a report published by the National Cancer Institute in May 2024 projects that approximately 2.0 million individuals in the United States would receive a cancer diagnosis in 2024. Breast cancer is expected to be the most prevalent form, expected to affect 310,720 women and 2,790 men. Prostate cancer ranks as the primary diagnosis among men and second overall, with an estimated 299,010 cases anticipated. Lung and bronchus cancer follows as the third most frequently diagnosed cancer, with approximately 234,580 new cases expected.
Similarly, according to the statistics published by the Australia Institute of Health and Welfare, in August 2023, about 162,000 new cancer cases were diagnosed in Australia in 2022, which rose to 165,000 in 2023. In addition, as per the same source, prostate cancer, colorectal cancer, and lung cancer were the most frequently diagnosed cancers in men. The huge prevalence of cancer cases around the world is likely to increase the utilization of medical physics to handle the diagnosis and therapies. Thus, the studied market is expected to grow significantly during the forecast period.
Major players in the market are also working on novel technologies and growth strategies to cater to the rising demand for medical physics, thereby propelling the market's growth. For instance, in January 2024, OncoRay initiated a scientific operation utilizing a prototype designed to facilitate real-time MRI tracking of moving tumors during proton therapy. This advanced technique enhances the precision of proton therapy, allowing for highly conformal dose targeting while minimizing exposure to surrounding healthy tissue.
Moreover, in December 2023, West Physics Consulting LLC completed the purchase of Radiation Protection Services Ltd, which is a regional provider of medical and health physics services based in Springfield, IL. This is driving the growth in the medical physics market by advancing precision treatment technologies, thereby increasing demand for specialized equipment and expertise.
In conclusion, the rising number of chronic diseases and technological advancements are propelling the growth of the medical physics market. However, the high cost and regulatory issues are restraining the growth of the medical physics market.
Medical Physics Market Trends
The Computed Tomography Segment is Expected to Register Considerable Growth During the Forecast Period
The computed tomography (CT) segment is expected to witness significant growth during the forecast period due to the increasing adoption of computed tomography, rising cases of chronic diseases, and the rise in research and developments that widen the applications of CT.
Ischemic stroke is a leading cause of disability and mortality across the world, and its incidence is increasing due to aging populations and lifestyle factors such as hypertension, diabetes, and obesity. The rising incidence of ischemic strokes, driven by aging populations and prevalent lifestyle-related risk factors, is fueling the expansion of the medical physics market as demand for advanced diagnostic and therapeutic technologies intensifies. For instance, according to the World Stroke Organization updated in 2022, there were over 7.6 million new ischemic strokes each year. Globally, over 62% of all incident strokes are ischemic strokes. Hence, as the number of ischemic stroke cases rises, there is a corresponding increase in the demand for imaging modalities like CT scans, which are crucial for rapid and accurate diagnosis, and this will be anticipated to fuel the segment's growth during the forecast period.
Additionally, CT scans are incredibly fast compared to other imaging techniques like Magnetic Resonance Imaging (MRI). This is crucial in diseases where timely diagnosis is essential for minimizing damage and improving patient outcomes. For instance, as per the article published by Contract Media and Molecular Imaging in May 2022, imaging is crucial for diagnosing chronic diseases like cancer and cardiovascular conditions. A CT scan is typically the first choice for suspected stroke screening, helping to differentiate between intracranial hemorrhage and nonvascular lesions.
As per the same source mentioned above, CT perfusion imaging is commonly used to evaluate diseases and injuries, allowing early detection of cerebral ischemia and distinguishing inactivated brain tissue from the ischemic penumbra. This is vital for timely diagnosis and treatment guidance. Thus, the increasing adoption of CT perfusion imaging in acute ischemic stroke diagnosis is driving the segment's growth by enhancing diagnostic accuracy, guiding precise treatment decisions, leveraging technological advancements, expanding healthcare facility capabilities, and benefiting from supportive regulatory and reimbursement environments.
The rising adoption of computed tomography in diagnosis, growing cases of chronic diseases, and growing research studies on CT for application in diagnosis are expected to impact the growth of the segment during the forecast period.
North America is Expected to Grow at a Significant Rate in the Market During the Forecast Period
North America is a well-established healthcare system with a high concentration of advanced medical facilities, research institutes, and a large pool of qualified medical professionals. Major factors such as the rising burden of chronic diseases, favorable reimbursement policies, a focus on early detection and minimally invasive procedures, and technological advancements are propelling the growth of the North American medical physics market.
The increasing prevalence of chronic diseases such as cancer, neurological disorders, and cardiovascular diseases in North America necessitates advanced medical imaging techniques and precise radiation therapy, underscoring the demand for skilled medical physics expertise. For instance, according to a report published by the National Institute of Health in August 2023, over 1 million people in the United States live with Parkinson鈥檚 Disease, and it is estimated that over 1.2 million by 2030 will be living with Parkinson鈥檚 disease in the country. According to the same source, over 90,000 people in the United States receive a Parkinson鈥檚 Disease diagnosis annually. The rising incidence of chronic diseases such as Parkinson's Disease in North America is driving demand for advanced medical imaging and precise radiation therapy, thereby significantly propelling the growth of the medical physics market due to the increased need for specialized expertise in these areas.
The trend toward early disease detection and minimally invasive procedures in the region is driving the adoption of advanced medical imaging modalities like PET/CT scans and image-guided therapies. For instance, in April 2024, CDL Nuclear Technologies launched a Mobile dedicated Cardiac PET/CT Trailer, which is designed to work on cardiac care by directly providing cardiac PET/CT imaging services to medical facilities on their schedule. Hence, this factor is propelling the growth of the medical physics market.
Similarly, in November 2023, Siemens Healthineers received approval from the US Food and Drug Administration (FDA) for its Biograph VisionX system. This shift is crucial for medical physicists to ensure accurate diagnoses, effective treatment planning, and safe radiation delivery.
Furthermore, North America serves as a medical physics hub for research and development, with leading companies and academic institutions continuously innovating in areas such as artificial intelligence-powered treatment planning, big data analytics for optimizing workflows, and novel radiation therapy techniques. For instance, in April 2024, Microsoft Corp. collaborated with NVIDIA to bring generative AI, the cloud and accelerated computing to healthcare and life sciences organizations. Through this initiative, companies are working on harnessing advanced methods and taking advantage of Flywheel and NVIDIA鈥檚 platforms and tools to scale the data curation process, allowing more time for research projects and training AI models. These ongoing advancements require a highly skilled workforce of medical physicists to implement and optimize new technologies, ensuring the highest standards of patient care and treatment efficacy.
In conclusion, the factors mentioned above, such as technological developments, the rising number of chronic diseases, and the increasing demand for minimally invasive procedures, are propelling the growth of the medical physics market in North America.
Medical Physics Industry Overview
The medical physics market is fragmented in nature. In the current market, the use of medical physics has become increasingly prevalent, with a number of global players focusing on differentiating themselves in a highly competitive space. Furthermore, there has been a recent influx of new entrants into the market who are rapidly gaining traction. Overall, it is expected that competitive rivalry within the industry will remain high during the forecast period.
Some of the major players in the medical physics market include Alliance Medical Physics Services LLC, Jaeger Corporation, Krueger-Gilbert Health Physics, Upstate Medical Physics, and Versant Medical Physics Services & Radiation Safety.
Medical Physics Market Leaders
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Alliance Medical Physics Services LLC
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Jaeger Corporation
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Krueger-Gilbert Health Physics
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Upstate Medical Physics
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Versant Medical Physics Services & Radiation Safety
*Disclaimer: Major Players sorted in no particular order
Medical Physics Market News
- June 2024: Accuray Incorporated entered into an agreement with TrueNorth Medical Physics LLC to provide radiation oncology departments with third-party support designed to enhance their department's capabilities.
- April 2024: West Physics Consulting LLC completed the purchase of the medical physics service division of Tricord Inc., a full-service provider of radiation safety, health, medical, industrial, and environmental physics services.
Medical Physics Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Acceptance of Nuclear Medicine
4.2.2 Rising Prevalence of Chronic Diseases
4.2.3 Technological Advancements
4.3 Market Restraints
4.3.1 High Cost and Regulatory Issues
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - in USD)
5.1 By Modality
5.1.1 Diagnostic Modality
5.1.1.1 X-ray
5.1.1.2 Computed Tomography
5.1.1.3 Magnetic Resonance Imaging
5.1.1.4 Ultrasound
5.1.1.5 Nuclear Medicine
5.1.1.6 Mammography
5.1.2 Therapeutic Modality
5.1.2.1 External Beam Radiation Therapy
5.1.2.2 Brachytherapy
5.1.2.3 Proton Therapy
5.1.2.4 Stereotactic Radiosurgery
5.1.2.5 Stereotactic Body Radiation Therapy
5.2 By Services
5.2.1 Radiation Protection
5.2.2 Quality Assurance
5.2.3 Regulatory Compliance
5.2.4 Medical Imaging
5.2.5 Nuclear Medicine Services
5.2.6 Radiation Therapy Services
5.3 By End User
5.3.1 Hospitals
5.3.2 Diagnostic Imaging Centers
5.3.3 Cancer Treatment Centers
5.3.4 Other End Users
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Alliance Medical Physics Services LLC
6.1.2 Alyzen Medical Physics
6.1.3 Jaeger Corporation
6.1.4 Krueger-Gilbert Health Physics
6.1.5 LANDAUER
6.1.6 Medical Physics Services LLC
6.1.7 Radiation Safety & Control Services Inc.
6.1.8 Upstate Medical Physics
6.1.9 Versant Medical Physics Services & Radiation Safety
6.1.10 West Physics Consulting LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Medical Physics Industry Segmentation
As per the scope of the report, medical physics is the application of physics to healthcare using physics for patient imaging, measurement, and treatment. It comprises the science of human health and radiation exposure.
The medical physics market is segmented by modality, services, end user, and geography. By modality, the market is segmented into diagnostic modality and therapeutic modality. By diagnostic modality, the market is segmented into X-ray, computed tomography, magnetic resonance imaging, ultrasound, nuclear medicine, and mammography. By therapeutic modality, the market is divided into external beam radiation therapy, brachytherapy, proton therapy, stereotactic radiosurgery, and stereotactic body radiation therapy. By services, the market is segmented into radiation protection, quality assurance, regulatory compliance, medical imaging, nuclear medicine services, and radiation therapy services. By end user, the market is segmented into hospitals, diagnostic imaging centers, cancer treatment centers, and other end users. Other end users include clinics, outpatient facilities, and other medical services providers. The geography segment is divided into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
For each segment, the market sizing and forecasts were made on the basis of value (in USD).
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Medical Physics Market Research FAQs
How big is the Medical Physics Market?
The Medical Physics Market size is expected to reach USD 5.23 billion in 2024 and grow at a CAGR of 6.44% to reach USD 7.15 billion by 2029.
What is the current Medical Physics Market size?
In 2024, the Medical Physics Market size is expected to reach USD 5.23 billion.
Who are the key players in Medical Physics Market?
Alliance Medical Physics Services LLC, Jaeger Corporation, Krueger-Gilbert Health Physics, Upstate Medical Physics and Versant Medical Physics Services & Radiation Safety are the major companies operating in the Medical Physics Market.
Which is the fastest growing region in Medical Physics Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Medical Physics Market?
In 2024, the North America accounts for the largest market share in Medical Physics Market.
What years does this Medical Physics Market cover, and what was the market size in 2023?
In 2023, the Medical Physics Market size was estimated at USD 4.89 billion. The report covers the Medical Physics Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Medical Physics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Medical Physics Industry Report
Statistics for the 2024 Medical Physics market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Medical Physics analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
