According to the latest report by IMARC Group, titled " Medical Cyclotron Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global medical cyclotron market reached a value of US$ 192.6 Million in 2021. Medical cyclotron represents a type of particle accelerator, wherein an alternating electric field propels a beam of charged units in a spiral pattern. This assists in producing protons and radioactive isotopes for medical imaging, diagnosis, and treatment of various cardiovascular disorders. As compared to nuclear reactors, medical cyclotron offers reduced equipment size and weight, and generates higher intensity beams, while ensuring minimal radioactive waste, thereby making them suitable for hospitals and clinical purposes. On account of these properties, the medical cyclotron is extensively employed in single-photon emission computed tomography (SPECT) and positron emission tomography (PET) to identify and plan cancer treatment.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Medical Cyclotron Market Trends:
The global medical cyclotron market is majorly driven by the increasing prevalence of cancer, especially amongst the growing geriatric demographics on account of the rising consumption of various tobacco-based products and evolving lifestyles. In line with this, the increasing demand for PET medical accelerators and scans in hospitals, diagnostic centers and research and academic institutions for diagnosing and treating cancer has resulted in the widespread adoption of medical cyclotron, which, in turn, is acting as another growth-inducing factor. This is further supported by significant healthcare expenditure, along with the escalating awareness amongst consumers regarding the availability and utilization of advanced medical equipment, such as medical cyclotrons, to effectively treat cancer. Additionally, rapid technological advancements, such as the introduction of nuclear scans for detecting various small radioactive substances, including strontium and thallium and accurately locating the growing tumor are contributing to the market growth. Apart from this, the favorable initiatives being undertaken by the government of several countries and non-governmental organizations (NGOs) for sensitizing the masses regarding the symptoms, available treatments, medications, and physiological effects of cancer is creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 323.7 Million by 2027, growing at a CAGR of 9.13% during 2022-2027.
- On the basis of the type, the market has been bifurcated into ring and azimuthally varying field (AVF) cyclotron.
- Based on the product type, the market has been divided into cyclotron 10-12 MeV, 16-18 MeV, 19-24 MeV, and 24 MeV and above.
- On the basis of the end-user, the market has been classified into hospitals, diagnostics centers, research and academic institutions, and others.
- On a regional basis, the market has been bifurcated into North America (United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players being Advanced Cyclotron Systems Inc., Alcen, Best Medical International Inc., General Electric Company, IBA RadioPharma Solutions, Ionetix Corporation, Isosolution Inc., Siemens AG, Sumitomo Heavy Industries Ltd. and Varian Medical Systems Inc.
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