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 | No. of Pages: 174 | Category: Medical Device | Status: Published
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 marketThe 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.
Strategic Insights
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.
Frequently Asked Questions
The List of Companies - Medical Cyclotron Market
- 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.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Medical Cyclotron market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global Medical Cyclotron market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution
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