According to Vision Research Reports, the global cyclotron market size is expected to surpass at US$ 305 million by 2027 and projected to expand at a CAGR of 3.1% from 2021 to 2027.
Expansion activities of key radiopharma players; applications in clinical trials; increase in the geriatric population; pipeline assessment of new drugs; and disease indication mortality are major factors driving the cyclotron market. The shutdown of a few nuclear reactors has led to the development of cyclotron generator as an alternate source of production of radioisotopes. Increase in prevalence of cancer and rise in the demand for nuclear scans for precise diagnosis are key factors driving the cyclotron market. Cost advantage over outsourced radioactive tracers and accessibility of technologically advanced diagnostic devices, such as positron emission tomography scan (PET/CT) and a single-photon emission computerized tomography (SPECT), are playing a crucial role in propelling the cyclotron market.
Based on product, the cyclotron 16-18 MeV segment accounted for a major share of the global cyclotron market, in terms of revenue, in 2019. The segment is expected to expand at a moderate CAGR during the forecast period. Cyclotron 16-18 MeV has been installed in the last two decades, and the number is still increasing. Its purpose is the production of medical radionuclides for in-house use, research, and commercial use. According to the Nuclear Energy Agency, the current global irradiation and processing capacity is insufficient to cater to the future demand for radioisotopes.
Advanced Imaging Techniques Solve Complex Health Issues of Alzheimer’s and Cancer
Radiopharmaceuticals are being used to improve the diagnosis and treatment of diseases such as cancer, Alzheimer’s, multiple sclerosis, and Parkinson’s. Scientists are tagging specific biomolecules with radioisotopes to track the processes of these radiopharmaceuticals in specific organs based on how the tagged molecules are being absorbed. Thus, companies in the cyclotron market should collaborate with such scientists to advance in the treatments for cancer and Alzheimer’s. This trend is anticipated to grow since students and faculty members in universities are increasing the availability of solutions to complex health problems. Moreover, health professionals are acquiring training in advanced imaging and treatment protocols.
On the other hand, companies in the cyclotron market are increasing their research in areas of physics, which is associated with the production of new radioisotopes in order to design more sensitive radiation detectors.
Modification of Magnetic Fields Helps in Diagnosis of Cancer
The photon therapy holds promising potentials in the treatment of cancer. However, this branch of cyclotron technology has its drawbacks, which explains why the global cyclotron market is estimated to register a sluggish CAGR of 3% throughout the assessment period. It has been found that the speed of the accelerating particle cannot be increased after a certain limit. Thus, to overcome this issue, companies in the cyclotron market are modifying the magnetic field to appropriately shape the poles of a magnet in a cyclotron.
Researchers in the market for cyclotron are tapping into incremental opportunities in the field of animal and human health imaging and research. For instance, the Sylvia Fedoruk Canadian Centre for Nuclear Innovation based in Canada is increasing its focus in crop/plant imaging and research activities. Cyclotrons are being highly publicized for the development of new compounds called radiopharmaceuticals that help in the detection of cancer.
Nuclear Waste Management Creates Business Opportunities for Companies
Automated technologies are bolstering the credibility of companies in the cyclotron market. These easy-to-use and easy-to-install attributes of lightweight cyclotrons are being highly publicized for radiopharmaceuticals production. Automated operations are facilitating an intuitive and user-friendly interface for users. This trend has led to the demand for skilled and trained professionals for radiopharmaceuticals production. Moreover, automated operations are associated with easy and quick maintenance of cyclotrons.
Companies are unlocking value-grab opportunities in nuclear waste management applications. In order to achieve this, companies are developing high-power cyclotrons. Since accelerator-driven systems (ADS) are associated with serious long-term radiological risks, companies are capitalizing on this opportunity to develop high-power cyclotrons for nuclear waste management. They are combining their accelerator expertise and new ideas in nuclear science to innovate in nuclear waste management applications. Companies are increasing efforts to introduce automated processes in nuclear waste management.
Lightweight Cyclotron Systems Being Integrated with Helium-free Magnets for Radiopharmaceutical Production
One of the oldest particle accelerators housed at the Panjab University, India, is gaining popularity for its contribution toward the development of nuclear medicines. Hence, companies in the cyclotron market in India are increasing their research in nuclear physics to develop nuclear medicines. On the other hand, there is an increasing demand for radiopharmaceuticals used in molecular imaging applications. For instance, PMB-Alcen— a provider of high-technology assemblies and systems for medical and research industries, is increasing its product portfolio to develop compact and lightweight 12 MeV cyclotron for PET radiopharmaceutical production.
High performance and reliability are preferred for the production of PET radiopharmaceutical. Companies in the cyclotron market are increasing efforts to make technological improvements in systems that use helium-free superconducting magnets. They are increasing efforts to install lightweight cyclotrons in facilities to boost the production of radiopharmaceuticals.
Commercial Unavailability of Tracers Leads to Development of Custom Radiopharmaceutical for Patients
The cyclotron market is expected to grow from a revenue of US$ 215.5 Mn in 2019 and reach US$ 304 Mn by the end of 2030. This can be ascribed to manufacturers increasing their production capabilities to produce custom radiopharmaceuticals that are being used in medical and research applications. The Cyclotron and Radiopharmaceutical Core is a cGMP-compliant facility in the Houston Methodist Hospital, which caters to the production of clinical grade and rare custom radiopharmaceuticals for medical applications. Companies in the cyclotron market are taking cues from such facilities to operate within the GE PETrace cyclotron that produces tracers for position emission tomography (PET) scans.
GE PETrace cyclotrons are being used to develop clinical grade tracers with half-lives ranging from a few minutes to up to a few hours. Since these tracers are not readily available, manufacturers are capitalizing on this opportunity to develop custom radiopharmaceuticals.
North America held a prominent share of the global cyclotron market in 2019. The demand for medical devices and services continues to be high in the U.S. It is anticipated to increase in the future due to a rapid rise in the geriatric population. Additionally, the demand for advanced medical products and technologies is increasing. This is expected to further augment the cyclotron market in North America. Asia Pacific accounted for a significant share of the global cyclotron market in 2019. The market in the region is expected to expand at a rapid pace during the forecast period. Governments in Asia Pacific and the Middle East are making substantial investments to develop their respective healthcare sectors. They are focusing on establishing more specialized care centers and medical and research institutes. Furthermore, an increase in the total healthcare expenditure per capita has been observed in some countries.
Asia, India, China, and Japan play a major role in driving the market, as these countries have several research institutions that have installed PET/CT equipment supported by cyclotron. For instance, India has installed most of the cyclotrons between 12 MeV and 18 MeV and only a few of 30 MeV; comparatively, Japan has installed most of the cyclotrons between 12 MeV and 18 MeV as well as 30 MeV. The Middle East is a highly dynamic region and is categorized by a distinct combination of cultures. The region is undergoing rapid demographic and socioeconomic changes.
Key players are expanding their footprint to strengthen their position in the global cyclotron market. These players are collaborating with other companies to secure and strengthen their positions in the cyclotron market. Leading players in the global cyclotron market include GE Healthcare, Siemens Healthineers, IBA Radiopharma Solutions, and Sumitomo.
Global Cyclotron Market: Segmentation
Cyclotron Market, by Application
Cyclotron Market, by Product
Cyclotron Market, by Region
Scope of the Report
VRR’s report on the global cyclotron market studies past as well as current growth trends and opportunities to gain valuable insights of the same indicators for the market during the forecast period from 2020 to 2030. The report provides revenue of the global cyclotron market for the period 2018–2030, considering 2020 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global cyclotron market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involves bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involves referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global cyclotron market.
Secondary research also includes Internet applications, statistical data from government agencies, websites, companies’ presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global cyclotron market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on changing competitive dynamics in the global cyclotron market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global cyclotron market.
The report delves into the competition landscape of the global cyclotron market. Key players operating in the global cyclotron market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global cyclotron market that have been profiled in this report.
Key Questions Answered in Cyclotron Market Report
A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global cyclotron market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global cyclotron market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers who contributed to the production of VRR’s study on the cyclotron market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the cyclotron market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global cyclotron market with accuracy. The study also uses the top-down approach to assess the revenue for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global cyclotron market more reliably and accurately.
Table of Content
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary
4. Market Overview
4.1.1. Type Definition
4.1.2. Industry Evolution / Developments
4.3. Market Dynamics
4.4. Global Cyclotron Market Analysis and Forecast, 2018–2030
4.4.1. Market Revenue Projections (US$ Mn)
4.5. Porter’s Five Force Analysis
5. Key Insights
5.1. Key Industry Developments
5.2. COVID 19 Impact Analysis
5.3. Typical cost for Establishing Cyclotron Radiopharmaceutical Center
5.4. Pricing Analysis
6. Global Cyclotron Market Analysis and Forecast, by Application
6.1. Introduction & Definition
6.1.1. Key Findings / Developments
6.2. Global Cyclotron Market Value Forecast, by Application, 2018–2030
6.3. Global Cyclotron Market Attractiveness, by Application
7. Global Cyclotron Market Analysis and Forecast, by Product
7.1. Introduction & Definition
7.1.1. Key Findings / Developments
7.2. Global Cyclotron Market Value Forecast, by Product, 2018–2030
7.2.1. Cyclotron 5-12 MeV
7.2.2. Cyclotron 16-18 MeV
7.2.3. Cyclotron 19-24 MeV
7.2.4. Cyclotron 24 MeV & Above
7.3. Global Cyclotron Market Attractiveness, by Product
8. Global Cyclotron Market Analysis and Forecast, by Region
8.1. Key Findings
8.2. Global Cyclotron Market Value Forecast, by Region
8.2.1. North America
8.2.3. Asia Pacific
8.2.4. Latin America
8.2.5. Middle East & Africa
8.3. North America Cyclotron Market Attractiveness, by Region
9. North America Cyclotron Market Analysis and Forecast
9.1.1. Key Findings
9.2. North America Cyclotron Market Value (US$ Mn) Forecast, by Application, 2018–2030
9.3. North America Cyclotron Market Value (US$ Mn) Forecast, by Product, 2018–2030
9.3.1. Cyclotron 5-12 MeV
9.3.2. Cyclotron 16-18 MeV
9.3.3. Cyclotron 19-24 MeV
9.3.4. Cyclotron 24 MeV & Above
9.4. North America Cyclotron Market Value (US$ Mn) Forecast, by Country, 2018–2030
9.5. North America Cyclotron Market Attractiveness Analysis
9.5.1. By Application
9.5.2. By Product
9.5.3. By Country
10. Europe Cyclotron Market Analysis and Forecast
10.1. Europe Cyclotron Market Value (US$ Mn) Forecast, by Application, 2018–2030
10.2. Europe Cyclotron Market Value (US$ Mn) Forecast, by Product, 2018–2030
10.2.1. Cyclotron 5-12 MeV
10.2.2. Cyclotron 16-18 MeV
10.2.3. Cyclotron 19-24 MeV
10.2.4. Cyclotron 24 MeV & Above
10.3. Europe Cyclotron Market Value (US$ Mn) Forecast, by Country/Sub-region, 2018–2030
10.3.6. Rest of Europe
10.4. Europe Cyclotron Market Attractiveness Analysis
10.4.1. By Application
10.4.2. By Product
10.4.3. By Country/Sub-region
11. Asia Pacific Cyclotron Market Analysis and Forecast
11.1. Asia Pacific Cyclotron Market Value (US$ Mn) Forecast, by Application, 2018–2030
11.2. Asia Pacific Cyclotron Market Value (US$ Mn) Forecast, by Product, 2018–2030
11.2.1. Cyclotron 5-12 MeV
11.2.2. Cyclotron 16-18 MeV
11.2.3. Cyclotron 19-24 MeV
11.2.4. Cyclotron 24 MeV & Above
11.3. Asia Pacific Cyclotron Market Value (US$ Mn) Forecast, by Country/Sub-region, 2018–2030
11.3.4. Australia & New Zealand
11.3.5. Rest of Asia Pacific
11.4. Asia Pacific Cyclotron Market Attractiveness Analysis
11.4.1. By Application
11.4.2. By Product
11.4.3. By Country/Sub-region
12. Latin America Cyclotron Market Analysis and Forecast
12.1. Latin America Cyclotron Market Value (US$ Mn) Forecast, by Application, 2018–2030
12.2. Latin America Cyclotron Market Value (US$ Mn) Forecast, by Product, 2018–2030
12.2.1. Cyclotron 5-12 MeV
12.2.2. Cyclotron 16-18 MeV
12.2.3. Cyclotron 19-24 MeV
12.2.4. Cyclotron 24 MeV & Above
12.3. Latin America Cyclotron Market Value (US$ Mn) Forecast, by Country/Sub-region, 2018–2030
12.3.3. Rest of Latin America Latin America
12.4. Latin America Cyclotron Market Attractiveness Analysis
12.4.1. By Application
12.4.2. By Product
12.4.3. By Country/Sub-region
13. Middle East & Africa Cyclotron Market Analysis and Forecast
13.2. Middle East & Africa Cyclotron Market Value (US$ Mn) Forecast, by Application, 2018–2030
13.3. Middle East & Africa Cyclotron Market Value (US$ Mn) Forecast, by Product, 2018–2030
13.3.1. Cyclotron 5-12 MeV
13.3.2. Cyclotron 16-18 MeV
13.3.3. Cyclotron 19-24 MeV
13.3.4. Cyclotron 24 MeV & Above
13.4. Middle East & Africa Cyclotron Market Value (US$ Mn) Forecast, by Country/Sub-region, 2018–2030
13.4.1. GCC Countries
13.4.2. South Africa
13.4.3. Rest of Middle East & Africa
13.5. Middle East & Africa Cyclotron Market Attractiveness Analysis
13.5.1. By Application
13.5.2. By Product
13.5.3. By Country/Sub-region
14. Competition Landscape
14.1. Market Player - Competition Matrix (by Tier and Size of companies)
14.2. Market Share / Position Analysis, by Company (2018)
14.3. Competitive Business Strategies
14.4. Company Profiles
14.4.1. Advanced Cyclotron Systems, Inc.
22.214.171.124. Company Overview (HQ, Business Segments, Employee Strength)
126.96.36.199. Growth Strategies
188.8.131.52. SWOT Analysis
14.4.2. Sumitomo Heavy Industries, Ltd.
184.108.40.206. Company Overview (HQ, Business Segments, Employee Strength)
220.127.116.11. Growth Strategies
18.104.22.168. SWOT Analysis
14.4.3. Siemens Healthineers
22.214.171.124. Company Overview (HQ, Business Segments, Employee Strength)
126.96.36.199. Growth Strategies
188.8.131.52. SWOT Analysis
14.4.4. GE Healthcare
184.108.40.206. Company Overview (HQ, Business Segments, Employee Strength)
220.127.116.11. Growth Strategies
18.104.22.168. SWOT Analysis
14.4.5. IBA Radiopharma Solutions
22.214.171.124. Company Overview (HQ, Business Segments, Employee Strength)
126.96.36.199. Growth Strategies
188.8.131.52. SWOT Analysis
14.4.6. Best Cyclotron Systems, Inc.
184.108.40.206. Company Overview (HQ, Business Segments, Employee Strength)
220.127.116.11. Growth Strategies
18.104.22.168. SWOT Analysis