Medical Cyclotron Market Size, Share, Growth | Report 2022, 28
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.
Market Insights
Increasing Prevalence of Cancer to Drive Medical Cyclotron Market
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Medical Cyclotron Market: Strategic Insights
Medical Cyclotron Market
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CAGR (2022 - 2028)
8.6%
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Market Size 2022
US$ 202.34 Million
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Market Size 2028
US$ 332.49 Million
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- General Electric Company
- Best ABT Molecular Imaging Inc
- IBA
- Sumitomo Heavy Industries Ltd
- Siemens AG
- Advanced Cyclotron Systems
- ISOSOLUTION
- ALCEN
- IONETIX Corporation
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- Ring Cyclotron
- Azimuthally Varying Field
Capacity
- 10-12 MeV
- 16-18 MeV
- 19-24 MeV
- 24 MeV
End User
- Hospitals
- Specialized Clinics
- Pharmaceutical Companies
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medical Cyclotron Market: Strategic Insights
-
CAGR (2022 - 2028)8.6% -
Market Size 2022
US$ 202.34 Million -
Market Size 2028
US$ 332.49 Million
Market Dynamics
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- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
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Key Players
- General Electric Company
- Best ABT Molecular Imaging Inc
- IBA
- Sumitomo Heavy Industries Ltd
- Siemens AG
- Advanced Cyclotron Systems
- ISOSOLUTION
- ALCEN
- IONETIX Corporation
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Ring Cyclotron
- Azimuthally Varying Field
- 10-12 MeV
- 16-18 MeV
- 19-24 MeV
- 24 MeV
- Hospitals
- Specialized Clinics
- Pharmaceutical Companies
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
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 $16.4 billion.
The companies engaged in the medical cyclotron market witnessed an adverse impact on their services in early 2020 due to the temporary shutdown of their laboratories. Supply chain and manufacturing activities have been disrupted globally due to lockdowns implemented by governments, restricted movement, and other COVID-19 safety precautions. According to the data by the International Atomic Energy Agency (IAEA) survey in April 2020, the production of medical radioisotopes continued during the COVID-19 pandemic as facilities in medical radioisotopes were considered essential service by the government. However, COVID-19 restrictions led to the disruption of transportation and distribution of these medical radioisotopes, which hampered the medical cyclotron market during the COVID-19 pandemic.
Medical Cyclotron– Market Segmentation
The global medical cyclotron market is segmented based on type, capacity, end user, and geography. Based on type, the market is segmented into ring cyclotron and azimuthally varying field (AVF). Based on capacity, the market is segmented into 10-12 MeV, 16-18 MeV, 19-24 MeV, and 24 MeV and above. Based on end user, the market is bifurcated into hospitals, specialized clinics, pharmaceutical companies, and other end users. By geography, the medical cyclotron market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Medical Cyclotron Market Report Scope
Report Attribute
Details
Market size in 2022
US$ 202.34 Million
Market Size by 2028
US$ 332.49 Million
Global CAGR (2022 - 2028)
8.6%
Historical Data
2020-2021
Forecast period
2023-2028
Segments Covered
By Type - Ring Cyclotron
- Azimuthally Varying Field
By Capacity - 10-12 MeV
- 16-18 MeV
- 19-24 MeV
- 24 MeV
By End User - Hospitals
- Specialized Clinics
- Pharmaceutical Companies
Regions and Countries Covered
North America - US
- Canada
- Mexico
Europe - UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Asia-Pacific - China
- India
- Japan
- Australia
- Rest of Asia-Pacific
South and Central America - Brazil
- Argentina
- Rest of South and Central America
Middle East and Africa - South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Market leaders and key company profiles
- General Electric Company
- Best ABT Molecular Imaging Inc
- IBA
- Sumitomo Heavy Industries Ltd
- Siemens AG
- Advanced Cyclotron Systems
- ISOSOLUTION
- ALCEN
- IONETIX Corporation
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Attribute | Details |
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Market size in 2022 | US$ 202.34 Million |
Market Size by 2028 | US$ 332.49 Million |
Global CAGR (2022 - 2028) | 8.6% |
Historical Data | 2020-2021 |
Forecast period | 2023-2028 |
Segments Covered |
By Type
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Regions and Countries Covered | North America
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Market leaders and key company profiles |
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Capacity, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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
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.
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 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.
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.
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.
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.