IBA Boston Consulting Group Matrix

IBA's proton therapy division is a star performer, evidenced by its impressive all-time high equipment and services backlog reaching €1.5 billion as of May 2025. This substantial figure translates directly into strong revenue visibility for the foreseeable future.

The backlog is bolstered by 38 active proton therapy projects, including numerous Proteus®ONE and Proteus®PLUS systems, showcasing the company's ongoing market penetration and successful project execution.

Robust commercial momentum, especially in key growth markets like Asia-Pacific and the United States, fuels a consistent conversion of its sales pipeline and the acquisition of new orders, ensuring sustained revenue generation for this high-growth segment.

IBA's proton therapy division is a clear star in the BCG matrix, demonstrating high market share in a rapidly growing industry. Its dominance is evident in the 2024 market, where it secured 60% of new system sales and holds 42% of all operational proton therapy rooms globally. This strong position is supported by a substantial backlog of €1.5 billion as of May 2025, stemming from 38 active projects.

The company's innovative Proteus®ONE and Proteus®PLUS systems, along with advancements like DynamicARC® and ConformalFLASH®, solidify its technological leadership and appeal. With the proton therapy market projected to grow significantly, IBA is well-positioned to leverage its star status for continued success.

Critical Quality Assurance Solutions, specifically dosimetry, represent a significant cash cow for IBA. These solutions are absolutely vital for the accuracy and safety of radiation therapy, a non-negotiable aspect of patient care. This fundamental need ensures a consistent demand for IBA's dosimetry products and services from hospitals and proton therapy centers worldwide.

The indispensable nature of dosimetry translates directly into a stable and high-margin revenue stream for IBA. For instance, the global market for radiation therapy is projected to grow significantly, with dosimetry playing a key role in ensuring its efficacy and safety. This steady demand, coupled with the essential function of these products, solidifies their cash cow status.

The Dosimetry segment, a cornerstone of IBA's operations, functions as a significant cash cow. Its vital role in ensuring the safety and accuracy of radiation therapy, including proton therapy, guarantees a consistent and reliable revenue stream.

This segment's indispensable nature within the healthcare ecosystem, coupled with a growing global demand for precise cancer treatments, underpins its stable financial performance.

IBA's strategic acquisitions, such as Radcal Corporation in February 2024, further bolster this segment's market position and revenue-generating capabilities, reinforcing its cash cow status.

The segment's resilience and consistent order intake, as evidenced by Q1 2025 results, highlight its dependable contribution to IBA's overall financial health.

IBA's strategic approach, as indicated by the absence of divestiture announcements in 2024 and early 2025, suggests a commitment to its entire product portfolio. This implies that all current business units are either meeting performance expectations, are deemed critical for future expansion, or are receiving dedicated investment to enhance their market standing.

In the context of the IBA BCG Matrix, 'Dogs' represent business units with low market share and low market growth. IBA's strategic imperative is to avoid such positions by focusing on innovation and market leadership in its core particle accelerator technologies. The company actively manages its portfolio to prevent the emergence of 'Dog' segments.

IBA's consistent investment in research and development, which was a significant portion of its 2023 revenue, fuels its expansion into high-growth areas, effectively sidestepping 'Dog' characteristics. For example, their 2024 order backlog highlights success in core, high-growth markets.

Any product within IBA that begins to show signs of stagnation, characterized by low market share and low growth, is subject to immediate strategic review. The company's objective is to prevent capital drain and maintain market dominance, thus avoiding 'Dog' classifications.

The recent introduction of products like the CASSY® compact synthesizer, which streamlines radiometal production, signifies IBA's strategic expansion into the wider radiochemistry sector. This move positions IBA to capitalize on a burgeoning market.

These new radiochemistry products are entering a dynamic and expanding field, with the global radiopharmaceutical market projected to reach approximately $13.9 billion by 2026, according to some industry analyses. Their market adoption and future market share remain in the developmental stages, classifying them as question marks within the BCG matrix.

Question Marks represent IBA's strategic ventures into emerging markets with high growth potential but currently low market share. These areas demand significant investment to build market presence and capitalize on future opportunities. The company's focus on advanced radiopharmaceuticals and novel industrial applications exemplifies this strategy.

IBA's investment in Actinium-225 and Astatine-211, facilitated by the PanTera joint venture, highlights a commitment to a high-potential radiotheranostics market. The substantial Series A funding for PanTera underscores market confidence in these nascent isotope segments.

Similarly, IBA's exploration of e-beam irradiation for polymer crosslinking and phytosanitary applications, evidenced by recent contracts, places these activities in the Question Mark category. These sectors offer significant growth prospects, but IBA is still in the early stages of establishing its foothold.

The global radiopharmaceutical market, projected to reach approximately $13.9 billion by 2026, provides a strong backdrop for IBA's Question Mark investments in this area. The success of these ventures hinges on continued R&D and market development to transform them into future market leaders.