Medical Cyclotron Market Size, Share, Growth | Report 2022, 28

Medical Cyclotron Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type [Ring Cyclotron, and Azimuthally Varying Field (AVF)], Capacity (10-12 MeV, 16-18 MeV, 19-24 MeV, and 24 MeV and Above), and End User (Hospitals, Specialized Clinics, Pharmaceutical Companies, and Other End Users)

Publication Month : May 2022

  • Report Code : TIPHE100001233
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 174
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The medical cyclotron market is expected to grow from US$ 202.34 million in 2022 to US$ 332.49 million by 2028; it is estimated to grow at a CAGR of 8.6% from 2022 to 2028.

A cyclotron is a particle accelerator and is an electrically powered machine that produces a beam of charged particles used for industrial, research, and medical purposes. In medical applications, cyclotrons produce beams that are used to manufacture radioisotopes for medical imaging. Various medical cyclotrons are being used to produce Single-Photon Emission Computerized Tomography (SPECT) and Positron Emission Tomography (PET) isotopes used for therapeutic and other medical applications. Cyclotrons can be used in particle therapy to treat cancer with the help of ion beams that can penetrate the body and kill the tumors with the help of radiation. The increasing prevalence of cancer and growing inclination toward nuclear scans for accurate diagnosis is contributing to the growth of the medical cyclotron market

The medical cyclotron market is segmented based on type, capacity, end user, and geography. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The medical cyclotron market report offers insights and in-depth analysis of the market, emphasizing market trends, technological advancements, market dynamics, and the competitive analysis of the globally leading market players.      

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Medical Cyclotron Market: Strategic Insights

medical-cyclotron-market
Market Size Value inUS$ 202.34 million in 2022
Market Size Value byUS$ 332.49 million by 2028
Growth rateCAGR of 8.6% from 2022 to 2028.
Forecast Period2022-2028
Base Year2022
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Lucrative Regions for Medical Cyclotron Market

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Market Insights

Increasing Prevalence of Cancer to Drive Medical Cyclotron Market

Cyclotron therapy is commonly used to treat various types of cancer. The prevalence of cancer is increasing every year. According to the World Health Organization (WHO), cancer is the leading cause of death worldwide. Further, as per its estimates, in 2020, cancer was a cause of 10 million deaths worldwide. It also reported that about one in six deaths globally occurred due to cancer. Hence, the increasing prevalence of cancer is supporting the growth of the medical cyclotron market.

Type Insights

Based on type, the global medical cyclotron market is segmented into ring cyclotron and azimuthally varying fields (AVF). The ring cyclotron segment will hold the largest share of the market in 2022 and is estimated to register the highest CAGR during 2022–2028. Ring cyclotron is used for proton therapy; it utilizes high-energy beams of accelerated protons to treat cancer. Proton therapy targets only cancerous cells and maintains the biological property of other cells. Therefore, it is increasing the demand for ring cyclotrons in medical applications. Also, the growing incidence of cancer worldwide is influencing the market's growth.

Medical Cyclotron Market, by Type – during 2022–2028

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Capacity Insights

Based on capacity, the global medical cyclotron market is segmented into 10-12 MeV, 16-18 MeV, 19-24 MeV, and 24 MeV and above. In 2022, the 16-18 MeV suppression segment hold the largest market share; it is expected to register the highest CAGR during 2022–2028. Due to its compact size, it utilizes small space and is installed easily and quickly. The 16-18 MeV range is generally used to produce an 18F-Fluoride radio particle. These are also accounted for as compact medical cyclotrons with self-shielding to reduce neutron fluxes. Hence, these reasons are likely to boost the segment growth during the forecast period.

 

Product launches and mergers and acquisitions are highly adopted strategies by the global medical cyclotron market players. A few of the recent key market developments are listed below:

In January 2022, IBA announced that it had launched a new low energy and compact size cyclotron, the Cyclone KEY. The new machine will enable small and medium-sized hospitals to produce their radiopharmaceutical products in-house while providing more widespread global access to diagnostic solutions in oncology, neurology, and cardiology.

In August 2020, The German health company Siemens Healthineers acquired Varian Medical Systems Inc. in an agreement that values the U.S. manufacturer of cancer treatment equipment and software at $16.4 billion.

The companies engaged in the medical cyclotron market witnessed an adverse impact on their services in early 2020 due to the temporary shutdown of their laboratories. Supply chain and manufacturing activities have been disrupted globally due to lockdowns implemented by governments, restricted movement, and other COVID-19 safety precautions. According to the data by the International Atomic Energy Agency (IAEA) survey in April 2020, the production of medical radioisotopes continued during the COVID-19 pandemic as facilities in medical radioisotopes were considered essential service by the government. However, COVID-19 restrictions led to the disruption of transportation and distribution of these medical radioisotopes, which hampered the medical cyclotron market during the COVID-19 pandemic.

Medical Cyclotron– Market Segmentation

The global medical cyclotron market is segmented based on type, capacity, end user, and geography. Based on type, the market is segmented into ring cyclotron and azimuthally varying field (AVF). Based on capacity, the market is segmented into 10-12 MeV, 16-18 MeV, 19-24 MeV, and 24 MeV and above. Based on end user, the market is bifurcated into hospitals, specialized clinics, pharmaceutical companies, and other end users. By geography, the medical cyclotron market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.  

Company Profiles

  • General Electric Company
  • Best ABT Molecular Imaging, Inc.
  • IBA
  • Sumitomo Heavy Industries, Ltd.
  • Siemens AG
  • Advanced Cyclotron Systems
  • ISOSOLUTION
  • ALCEN
  • IONETIX Corporation
  • Best Cyclotron System, Inc.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Capacity, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What is the driving and restraining factors for the Medical Cyclotron market across the country?

The factors that are driving and restraining factors that will affect the Medical Cyclotron market in the coming years. Factors such as the rising prevalence of cancer and growing inclination toward nuclear scans for accurate diagnosis characterizes the growth of the market. However, high cost of procedures and lack of expertise is hindering the medical cyclotron market growth.

Who are the major players in market the Medical Cyclotron market?

The Medical Cyclotron market majorly consists of the players such as General Electric Company, Best ABT Molecular Imaging, Inc., IBA, Sumitomo Heavy Industries, Ltd., Siemens AG, Advanced Cyclotron Systems, ISOSOLUTION, ALCEN, IONETIX Corporation, and Best Cyclotron System, Inc.

What is the Medical Cyclotron market?

A cyclotron is a particle accelerator. It is an electrically powered machine that produces beam of charged particles used for industrial, research and medical purposes. In medical applications, cyclotrons produce beams that are used to manufacture radioisotopes for the purpose of medical imaging. Various medical cyclotrons are being used for the production of SPECT and Positron Emission Tomography (PET) isotopes used for therapeutic as well as other medical applications. Cyclotrons can be used in particle therapy to treat cancer with the help of ion beams that can penetrate the body and kill the tumors with the help of radiation.

Which segment is dominating the Medical Cyclotron market based on type of medical cyclotron?

The global Medical Cyclotron market based on type, is bifurcated into ring cyclotron and azimuthally varying fields (AVF). The ring cyclotron segment held the largest share of the market in 2022. The segment is estimated to register the highest CAGR of 9.1% during the forecast period.

What are future trends of medical cyclotron market?

The increasing acceptance of medical accelerators for cancer treatment and diagnosis is emerging as a prominent trend in the medical cyclotron market. With the mounting awareness related to cancer prevention, the number of radiation scans is also on the rise. The escalating demand for nuclear scans from 2022 to 2021 drove the medical cyclotron market growth. The demand for nuclear scans is due to the increasing incidences and prevalence of cancer, heart disease, gastrointestinal, endocrine, and neurological disorders. Such diseases are diagnosed in comparatively early stages by nuclear imaging equipment and other equipment. For instance, as per the American Cancer Society 2020, 1.8 million new cancer cases were diagnosed, and 606,520 cancer deaths were witnessed in the US, many of which were diagnosed by nuclear imaging devices. With this escalating demand, these innovations are likely to make rapid progress in the medical diagnostics industry. Furthermore, the demand for medical cyclotrons is expected to rise in the future.

The List of Companies - Medical Cyclotron Market

  1. General Electric Company
  2. Best ABT Molecular Imaging, Inc.
  3. IBA
  4. Sumitomo Heavy Industries, Ltd.
  5. Siemens AG
  6. Advanced Cyclotron Systems
  7. ISOSOLUTION
  8. ALCEN
  9. IONETIX Corporation
  10. Best Cyclotron System, Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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