Mon, 02 Aug 2021

According to our new research study on "Medical Cyclotron Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type, Capacity, and End User" the medical cyclotron market was valued at US$ 180.00 million in 2019 and is projected to reach US$ 238.21 million by 2027; it is expected to grow at a CAGR of 3.6% during 2020–2027. The increasing prevalence of cancer and growing inclination toward nuclear scans for accurate diagnosis are the key forces driving the market growth. However, the high cost of procedures and lack of expertise may hinder the market growth.

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In 2019, North America dominated medical cyclotron market with more than one-third revenue share. Increasing developments in medical cyclotron devices and growing government support for triggering the production of radio materials are among the factors contributing to the growth of the market in this region. Also, the escalating number of product launches in North America is likely to influence the market growth in this region during the forecast period.

Growing Preference for Nuclear Scans for Accurate Diagnosis Fuels Medical Cyclotron Market Growth

Nuclear medicine is a highly specialized area that develops and uses instruments and radiopharmaceuticals to investigate the physiological processes of patients as well as diagnose diseases noninvasively. These medicines are used to cure cancer, heart disease, psychiatric conditions, and gastrointestinal diseases, among others. These medicines can be used to diagnose a number of disorders that may require surgery, biopsy, or other invasive diagnostic tests. 1 in 5 patients are said to be using nuclear medicines per year, and 1 in 10 are said to be using radioactive sources. The use of nuclear diagnostic tests is expected to increase in the coming years mainly due to their precision. The emergence of advanced devices with technical compatibility and in-built shield with PET/SPECT is boosting the acceptance toward these devices.

Further, the high prevalence of cardiovascular diseases (CVDs) propels the market for nuclear medicines. CVDs have been reported to cause more than 17.9 million deaths annually in the. Additionally, among differentiated cancer types, thyroid cancer is one of the most common types, and it is diagnostic as well as therapeutic. Molecular imaging plays an important role in the diagnosis and treatment of thyroid cancer as it aids visual representation, classification, and quantification of biological characteristics of cells and tissues in patients; using this method, healthcare providers can also provide personalized health management. The results of multimodal nuclear imaging could be used to develop a lesion-based strategy for patients with multiple heterogeneous metastatic lesions.

Medical Cyclotron Market: Segmental Overview

On the basis of type, the medical cyclotron market is segmented into ring cyclotron and azimuthally varying field (AVF). The ring cyclotron segment held a larger market share in 2019, and it is anticipated to register a higher CAGR in the market during the forecast period. The exponential growth of the market for this segment in the coming years is attributed to the fact that this type has fixed protons' energy, which allows sector magnets to have a minimum gap of ~1.5 cm for use. Ring cyclotrons are used for proton-led therapy, wherein high-energy beams of accelerated protons are used to treat cancer.

On the basis of capacity, the medical cyclotron market is segmented into 10–12 MeV, 16–18 MeV, 19–24 MeV, and 24 MeV and above. The 16–18 MeV segment held the largest market share in 2019 and is anticipated to register the highest CAGR in the market during the forecast period. The small medical cyclotrons with 16–18 MeV range are generally capable of producing considerable quantities of Technetium-99m (99mTc). For instance, GE Healthcare offers PETtrace 800 series cyclotrons that operate at 16.5 MeV protons and have maximum acceleration beam intensity of 130 μA. This range of energy is widely accepted as it offers maximum capacity with consistent yields.

On the basis of end user, the medical cyclotron market is segmented into hospitals, specialized clinics, pharmaceutical companies, and other end users. Hospitals segment held largest market share in 2019, and it is further expected to register the highest CAGR during the forecasted period. Medical cyclotrons are largely installed at hospitals. The growing numbers of public and private hospitals, especially in developing regions, is expected to support the market growth in the coming years.

Medical Cyclotron Market: Competition Landscape & Key Developments

General Electric Company; Varian Medical Systems, Inc; IBA; Sumitomo Heavy Industries, Ltd; Siemens AG; Advanced Cyclotron Systems; isoSolution Inc; ALCEN; Ionetix Corporation; and Best Cyclotron Systems, Inc. are key companies operating in the medical cyclotron market. The market leaders are continuously looking forward to expanding and diversifying their market presence and reaching out to new customers, thus tapping prevailing business opportunities.

In September 2019, IBA, one of the world's leading provider of proton therapy solutions for the treatment of cancer, made an announcement regarding the beginning of the development of the world's first cyclotron-based carbon therapy system, in collaboration with the Normandy Region along with several other private and public players, including SAPHYN, which is a reactor company based in France. NHa will be dedicated to the development, industrialization, and commercialization of hadron therapy equipment.

In July 2018, General Electric (GE) Healthcare announced that it had installed its cyclotrons with a comprehensive Positron Emission Tomography (PET) radiopharmacy suite at the Korea Institute of Radiological and Medical Sciences (KIRAMS), making the KIRAMS the World's 400th cyclotron production facility under the GE brand.

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See Campaign: https://www.theinsightpartners.com/reports/medical-cyclotron-marketContact Information:Contact Person: Sameer Joshi

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Contact Information:

Contact Person: Sameer Joshi

Phone: +1-646-491-9876

Email Id: sales@theinsightpartners.com

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