Medical Cyclotron Market

Medical Cyclotron Market Outlook

The medical cyclotron market is likely to register an average momentum in the global market at a CAGR of 4.8% between 2022 and 2032.

The market is valued at US$ 26 Bn in 2022 and is projected to reach US$ 41.5 Bn by 2032. Historically, the market was thriving at a comparatively higher CAGR of 5.4% (2015-2021), resulting in market size of US$ 25 Bn in 2021.

“The global medical cyclotron market share is expected to be driven by rising demand for nuclear scans and rising cancer awareness. The demand for medical cyclotron is projected to grow due to advancements in medical imaging technologies such as PET.”

Increased cancer prevalence, a growing preference for nuclear scans for reliable detection, a cost advantage over outsourced radioactive tracers, and the availability of technologically sophisticated diagnostic systems are some of the important aspects driving medical cyclotron market expansion.

The rising use of PET medical accelerators for cancer therapy and diagnosis is expected to boost the sales of medical cyclotrons. The number of nuclear scans is increasing in tandem with the rise in cancer awareness.

As a result, manufacturers are expanding their manufacturing capabilities in order to produce unique radiopharmaceuticals for medicinal and research purposes, which further boosts the demand for medical cyclotrons during the forecast period.

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What is the COVID-19 Impact on the Medical Cyclotron Market?

COVID-19 had a positive impact on the demand for medical cyclotrons and overall market share.

The frequency of the novel coronavirus (COVID-19), which is predicted to vary from 30 kHz to 500 kHz, is being calculated using medical cyclotron technology. Companies in the medical cyclotron market are participating in research operations in an attempt to create antiviral medications that are anticipated to reduce the virus's negative consequences.

To boost the sales of medical cyclotrons, companies are putting more emphasis on genome sequencing to develop COVID-19 therapies.

Low-frequency magnetic fields (LFMF) are being used by medical cyclotron companies in transdisciplinary research to identify therapies for the deadly virus.

As a result of this factor, the demand for medical cyclotrons is predicted to grow rapidly from 2022 to 2032.

The COVID-19 outbreak has been linked to a high rate of morbidity and mortality. R&D activities in healthcare companies have been accelerated as a result of this. Medical cyclotron technology is a key part of the research, as scientists develop antiviral medications and vaccines to combat the unusual infection.

The increased adoption of medical cyclotrons to measure the prevalence of COVID-19 pathogens has resulted from the enormous demand for medical cyclotrons and antiviral medications.

Medical cyclotrons, on the other hand, are linked to the production of high quantities of radiation, which can create health issues for scientists and researchers. This factor is likely to hamper the sales of medical cyclotrons during the forecast period.

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What Factors Contributes to the Growth of the Medical Cyclotron Market?

The sales of medical cyclotrons are projected to grow due to the rising number of cancer patients, the increasing prevalence of the geriatric population, and rising levels of investment in the development of better medical techniques.

Furthermore, the rising demand for diagnostic treatments with PET scans, rising levels of disposable income, and changes in consumer lifestyle are some of the major and vital factors that are likely to augment the growth of the medical cyclotron market outlook.

On the other hand, cost advantages resulting from economies of scale in the number of nuclear medicine scans, as well as a growing number of technological improvements, would further contribute to the growth of the medical cyclotron market share by creating massive opportunities during the projected timeframe.

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Which factor Limits the Growth of the Medical Cyclotron Market?

Lack of technical experience, as well as strict regulatory rules for cyclotron installation, is likely to function as market barriers for the medical cyclotron market expansion in the above-mentioned anticipated timeframe.

The growing demand for significant capital investment, combined with the commercial availability of isotopes, is likely to be an influential restraint to the medical cyclotron market growth.

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What are the Opportunities Prevailing in the Medical Cyclotron Market?

Each year, one in fifty patients in industrialized economies uses nuclear medicine for diagnosis, and one-tenth of this population is treated with radioisotopes.

As a result of their precision, the number of patients receiving nuclear diagnostics is likely to rise in the near future, providing a considerable boost to the sales of medical cyclotrons.

One of the most highly advanced approaches for diagnosing and treating malignant cells is radiotherapy.

The latest advancements in the medical cyclotrons market are one of the primary reasons propelling the demand for medical cyclotrons.

As per medical device market analysis, companies in the medical cyclotrons market are gaining a reputation thanks to automated technologies.

The advantages of lightweight medical cyclotrons in terms of ease of use and installation are well known in the radiopharmaceutical industry. Users benefit from an intuitive and user-friendly interface thanks to automated procedures.

As a result of this tendency, there is a requirement for qualified and trained personnel to produce radiopharmaceuticals. Furthermore, automated activities are linked to medical cyclotrons maintenance that is simple and rapid.

In nuclear waste management applications, companies are unlocking value-grab potential. Companies are developing high-power medical cyclotrons to do this.

Companies are seizing this chance to create high-power medical cyclotrons for nuclear waste disposal as accelerator-driven systems (ADS) are linked to substantial long-term radiological concerns.

To develop nuclear waste management applications, they are integrating their accelerator knowledge with new concepts in nuclear physics. Companies are stepping up their attempts to automate nuclear waste management operations.

What are the Challenges in the Medical Cyclotron Market?

Over the forecast period, limitations associated with the adoption of medical cyclotrons for the generation of new radioisotopes are projected to serve as a restraint for the global medical cyclotron market.

Solid targets, for example, are frequently utilized for the creation of new radioisotopes in a cyclotron. According to a study, the usage of medical cyclotrons is connected with a variety of constraints.

Some of the challenges in the medical cyclotron market are:

• The target materials necessary for the manufacture of high-purity new radioisotopes are frequently costly.
• Due to the limited heat conductivity of solid targets, overheating issues arise during the radioisotope manufacturing process. As a result, an effective cooling system is essential to prevent the solid from melting.
• In comparison to liquid or gas targets, solid target materials necessitate more complex chemical separation procedures and recycling steps.
• When using solid targets, there is a higher risk of radiation exposure since more manual handling is necessary throughout the radioisotope generation process.

Comparative View of Adjacent Medical Cyclotron Market

Comparative View of Adjacent Medical Devices Market

Comparative View of Adjacent Oncology Devices Market

Cancer, Alzheimer's, multiple sclerosis, and Parkinson's disease are among the disorders for which radiopharmaceuticals are being used to improve diagnosis and therapy. As a result, these factors are anticipated to boost the sales of medical cyclotrons.

Scientists are using radioisotopes to tag specific biomolecules in order to track the activities of these radiopharmaceuticals in specific organs based on how they are absorbed.

As a result, medical cyclotron companies are increasingly engaging with such scientists to enhance cancer and Alzheimer's treatments. This trend in medical cyclotron market is expected to continue as university students, and faculty members increase the availability of solutions to complex health problems.

Furthermore, health practitioners are receiving advanced imaging and treatment methods which are projected to aid the development of the medical cyclotron market size.

Companies in the medical cyclotron market, on the other hand, are increasing their research in physics related to the generation of new radioisotopes in order to design more sensitive radiation detectors.

Photon therapy has the potential to be useful in the treatment of cancer. However, this branch of medical cyclotron technology has downsides, which explains why the global medical cyclotron market is expected to grow at an average growth rate of 4.8% over the forecast period.

As a result, companies in the medical cyclotron industry are changing the magnetic field to properly shape the poles of a magnet in a cyclotron to address this difficulty.

What is the Segmentation Outlook for the Medical Cyclotron Market?

On the basis of technology, joint replacement technology dominated the global medical cyclotron with a CAGR of 4.5% through 2032.

More than 300,000 persons aged 65 and older are anticipated to be hospitalised each year for hip fractures, according to a report published by the United Health Foundation in 2015.

The demand for joint replacement medical cyclotron has risen dramatically as a result of the introduction of robotic surgery and patient-specific 3-D printed implants, which is bolstered by regulatory support. Joint replacement technology has been the most popular treatment option for osteoarthritis, resulting in increased patient acceptance of joint implants.

On the basis of type, the knee segment dominated the medical cyclotron market with a CAGR of 4.8% during the forecast period.

Which is the Leading Region in the Medical Cyclotron Market?

With a CAGR of 4.6%, the U.S. is anticipated to dominate the medical cyclotron market with a market value of approximately US$ 15 Bn during the forecast period.

Due to the high prevalence of cancer, expanding cancer diagnostic procedures, and rising knowledge about nuclear scans, the region is likely to be a popular location for medical cyclotron market players.

The Asia Pacific region is anticipated to hold the second-largest share in the medical cyclotron market, valued at US$ 3.1 Bn by 2032. Due to the rising demand for nuclear scans and the growing number of cancer patients, the region is likely to maintain its dominance during the projection period.

Aside from that, the regional market is developing due to increased investments in healthcare infrastructure, the shutdown of nuclear reactors, and the growing demand for medical cyclotron.

China is the medical cyclotron market leader in the Asia Pacific. By 2032, the country is likely to be the major source of revenue, with a share of roughly US$ 3.1 Bn. The frequency of nuclear scans in this location is expected to rise during the projection period due to the simple availability of radioactive tracers.

Due to the strong demand for medical cyclotrons in the Asia Pacific, the market is expected to grow at a revenue CAGR of 11.6 per cent over the forecast period.

How does Competition Influence the Medical Cyclotron Market?

The latest study on the medical cyclotron market at PMR points out that the market holds diversified interests as cutting edge technology expands, allowing key players to compete.

Regulatory approvals, the introduction of technologically sophisticated goods, acquisitions, and collaboration agreements with other companies are all activities that key players in the global medical cyclotron market are involved in.

The medical cyclotron market is expected to be fueled by major developments by leading players. The following are a few methods used by players in the medical cyclotron market:

• In September 2019, IBA signed a contract to establish a Cyclone 70 system in Cape Town, South Africa, with iThemba Laboratory for Accelerator-Based Sciences (iThemba LABS), an official research institute of the National Research Foundation (NRF) South Africa.
• In July 2018, GE Healthcare Korea erected a cyclotron with a full PET radiopharmacy suite at the Korea Institute of Radiological & Medical Sciences (KIRAMS), making it the world's 400th GE cyclotron production facility.
• Siemens Health, based in Germany, announced its intention to buy Varian Medical Systems Inc., a US-based developer of cancer treatment equipment and software, in August 2020. Siemens Health intends to buy all of Varian's shares as part of this deal, bringing the total value of the deal to US$ 16.4 billion.

Report Scope

Key Segments:

By Technology

• Joint replacement
• Osteotomy
• Arthroscopy
• Resurfacing
• Arthrodesis
• Others

By Type

• Knee
• Hip
• Shoulder
• Ankle
• Others

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)