Medical Cyclotron Market Report by Type (Ring Cyclotron, Azimuthally Varying Field (AVF) Cyclotron), Product Type (Cyclotron 10-12 MeV, Cyclotron 16-18 MeV, Cyclotron 19-24 MeV, Cyclotron 24 MeV and Above), End User (Hospitals, Diagnostic Centers, Research and Academic Institutes, and Others), and Region 2024-2032
The global medical cyclotron market size reached US$ 230.0 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 453.4 Million by 2032, exhibiting a growth rate (CAGR) of 7.6% during 2024-2032.
Market Size in 2023
US$ 230.0 Million
Market Forecast in 2032
US$ 453.4 Million
Market Growth Rate 2024-2032
A medical cyclotron is a type of particle accelerator that is used in the diagnosis and treatment of cancer. It utilizes electromagnetic fields to propel charged particles, which produce radioactive isotopes for medical drugs. These isotopes are further used in positron emission tomography (PET) and single-photon emission computed tomography (SPECT) for cancer diagnosis and treatment planning. As compared to research reactors that produce radioisotopes, medical cyclotrons generate less hazardous waste.
Medical Cyclotron Market Trends:
The increasing geriatric population, which is more likely to develop cancer, represents one of the primary factors contributing to the market growth. Moreover, on account of changing lifestyles, inflating disposable incomes and increasing awareness about the use of medical cyclotrons in the diagnosis of tumors, there is a rise in the demand for diagnostics treatments with PET scan. This, in confluence with significant investments in the healthcare infrastructure and the increasing shift from nuclear reactors to medical cyclotrons, is creating a favorable outlook for the market. Besides this, the rising number of cancer cases has increased the demand for nuclear scans for accurate diagnosis across the world. In addition to this, medical cyclotrons are increasingly being utilized in cardiology, neurology, and oncology in hospitals and diagnostic centers. Furthermore, the leading players are introducing technologically advanced diagnostic devices, which is anticipated to expand their overall market reach and positively influence the demand for medical cyclotron around the world.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global medical cyclotron market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, product type and end user.
Breakup by Type:
Azimuthally Varying Field (AVF) Cyclotron
Breakup by Product Type:
Cyclotron 10-12 MeV
Cyclotron 16-18 MeV
Cyclotron 19-24 MeV
Cyclotron 24 MeV and Above
Breakup by End User:
Research and Academic Institutes
Breakup by Region:
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.
Base Year of the Analysis
Type, Product Type, End User, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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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Key Questions Answered in This Report
The global medical cyclotron market was valued at US$ 230.0 Million in 2023.
We expect the global medical cyclotron market to exhibit a CAGR of 7.6% during 2024-2032.
The rising demand for medical cyclotron, as if offers reduced equipment size and weight and generates higher intensity beams over nuclear reactors, is primarily driving the global medical cyclotron market.
The sudden outbreak of the COVID-19 pandemic had led to the postponement of elective cardiology, neurology, and cancer treatment procedures to reduce the risk of the coronavirus infection upon hospital visits and interaction with medical equipment, thereby negatively impacting the global market for medical cyclotron.
Based on the type, the global medical cyclotron market can be segmented into ring cyclotron and Azimuthally Varying Field (AVF) cyclotron. Currently, ring cyclotron holds the majority of the total market share.
Based on the product type, the global medical cyclotron market has been divided into cyclotron 10-12 MeV, cyclotron 16-18 MeV, cyclotron 19-24 MeV, and cyclotron 24 MeV and above. Among these, cyclotron 16-18 MeV currently exhibits a clear dominance in the market.
Based on the end user, the global medical cyclotron market can be bifurcated into hospitals, diagnostic centers, research and academic institutes, and others. Currently, hospitals account for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global medical cyclotron market include 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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