Global Medical Cyclotron market size is expected to be worth around US$ 384.3 million by 2030 from valued at US$ 218.2 million in 2020 and is anticipated to grow at a CAGR of 20.9 % during forecast period 2021 to 2030.
Global Medical Cyclotron market size is expected to be worth around US$ 384.3 million by 2030 from valued at US$ 218.2 million in 2020 and is anticipated to grow at a CAGR of 20.9 % during forecast period 2021 to 2030.
Report Highlights
- Cyclotrons in the range of 16 to 18 MeV dominated the market and accounted for more than 55.23% of the overall market revenue in 2020.
- The 19 to 24 MeV segment is likely to witness the highest CAGR in terms of revenue from 2022 to 2030.
- The Asia Pacific accounted for the highest share of the market in 2021. The region is expected to maintain its dominance throughout the forecast period.
- As of 2021, Japan was at the forefront of the APAC market. The country will continue to be the leading revenue contributor with a share of about 77.22% by 2030.
- The European market is anticipated to exhibit a CAGR of 11.53% over the forecast period. Europe is estimated to hold the second-largest volume share throughout the forecast period.
Immediate Delivery Available | Get the sample copy of report@ https://www.visionresearchreports.com/report/sample/37741
Growth Factors
Increasing prevalence of cancer and surging demand for nuclear scans for accurate diagnosis are among the key factors stimulating the growth of the market. Apart from this, cost advantage over outsourced radioactive tracers and availability of technologically advanced diagnostic devices such as PET and SPECT are playing a pivotal role to escalate market growth.
Cancer is becoming the global pandemic as it causes one in eight deaths worldwide. According to the International Agency for Research on Cancer (IARC), in 2012, there were about 14.1 million new cancer cases and 8.2 million deaths due to cancer. With continuous increase in the incidence of chronic diseases, the number of new cancer cases is anticipated to reach 21.7 million and result in 13 million deaths by 2030. Due to mounting cases of cancer, the need for accurate diagnostics is increasing, which is estimated to fuel the demand for medical cyclotrons.
Nuclear scans for diagnosis use a smaller amount of radioactive material. Nuclear tracers help to find the exact location of growing tumors. Technetium-99m (Tc-99m), strontium, thallium, gallium, and radioactive iodine are some of the radioactive materials used in diagnosis and treatment of tumor. Increase in acceptability of particle accelerators for manufacturing tracer material is projected to trigger the growth of the market over the forecast period.
Product Insights
Based on product, the market has been segmented into 10-12 MeV, 16-18 MeV, 19 -24 MeV, and 24 MeV and above. Cyclotrons in the range of 16 to 18 MeV dominated the market and accounted for more than 55.23% of the overall market revenue in 2020. The growth of the segment can be attributed to the soaring demand for nuclear scans, the increasing prevalence of cancer, and raising cancer awareness. Cyclotrons ranging from 10-12 MeV also command a substantial share in the market. Their prominence can be attributed to their use in hospitals and diagnostic centers for nuclear scans.
Immediate Delivery Available | Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/37741
Cyclotrons in the range of 10 to 12 MeV are smaller in size as compared to other particle accelerators. They are available as shielded & unshielded, thus providing a wide range of options for healthcare professionals. These devices are equipped with dual-particle capability based on dual-target irradiations such as proton beam current of 60 μA to 130 μA and deuteron beam current of 60 μA. The Asia Pacific has the highest number of cyclotrons in the range of 16-18 MeV, owing to its higher demand in hospitals and diagnostic centers for nuclear scans.
Cyclotrons ranging from 19 to 24 MeV are cost-effective solutions for the production of SPECT & PET radioisotopes used for medical purposes and in research institutions. These accelerators are medium-energy and high-current accelerators used to produce commercial quantities of SPECT isotopes, for instance, Ga-67, Ge-68, I-123, In-111, as well as other traditional PET isotopes. Cyclotrons in the range of 19-24MeV are more suitable for various research, diagnostic, and treatment needs of customers. The 19 to 24 MeV segment is likely to witness the highest CAGR in terms of revenue from 2022 to 2030.
Growing acceptance for PET-associated medical accelerators for the treatment and diagnosis of cancer is anticipated to promote the demand for medical cyclotrons. With an upswing in cancer awareness, the number of nuclear scans is also increasing. Increasing demand for nuclear scans and an increase in cancer awareness are estimated to drive the global medical cyclotron market.
Regional Insights
The Asia Pacific accounted for the highest share of the market in 2021. The region is expected to maintain its dominance throughout the forecast period, owing to spiraling demand for nuclear scans and the widening base of cancer patients. Besides this, increasing investments in healthcare infrastructure, the shutdown of nuclear reactors, and the growing demand for cost-effective options are contributing to the growth of the regional market.
As of 2021, Japan was at the forefront of the APAC market. The country will continue to be the leading revenue contributor with a share of about 77.22% by 2030. Due to the easy availability of radioactive tracers, the number of nuclear scans is projected to increase in this region during the forecast period.
In 2012, Japan closed its last nuclear reactor at the Tomari nuclear plant. This nuclear plant was the source of radioactive isotopes used as radioactive tracers in medical diagnoses. Hence, Japan witnessed the installation of the highest number of new particle accelerators and is poised to install 49 new accelerators by 2025. With the high demand for medical cyclotrons in the Asia Pacific, the market is likely to witness a CAGR of 11.6% in terms of revenue over the forecast period.
The European market is anticipated to exhibit a CAGR of 11.53% over the forecast period. Europe is estimated to hold the second-largest volume share throughout the forecast period. The region will remain a prominent destination for market players owing to the high prevalence of cancer, increasing cancer diagnostic procedures, and rising awareness regarding nuclear scans.
The International Atomic Energy Agency (IAEA) is a regulatory body that authorizes the installation of particle accelerators. IAEA has stringent regulatory guidelines that must be considered while installing these devices in any European country. These well-defined regulatory guidelines help to maintain patient safety around these radioactive devices.
Key Players
IBA; GE Healthcare; Siemens Medical Solutions USA, Inc.; Advanced Cyclotron Systems; Sumitomo Heavy Industries, Ltd.; and TeamBest (Best Medical International, Inc.).
Market Segmentation
- Product Type Outlook
- Cyclotron 10-12 MeV
- Cyclotron 16-18 MeV
- Cyclotron 19-24 MeV
- Cyclotron 24 MeV & above
Immediate Delivery Available | Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/37741
You can place an order or ask any questions, please feel free to contact at sales@visionresearchreports.com | +1 9197 992 333