Medical Cyclotron Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2022-2030

Global Medical Cyclotron market size is expected to be worth around US$ 384.3 million by 2030, according to a new report by Vision Research Reports.

The global Medical Cyclotron market size was valued at US$ 218.2 million in 2020 and is anticipated to grow at a CAGR of 20.9 % during forecast period 2021 to 2030.

Growth Factors

Increasing prevalence of cancer and surging demand for nuclear scans for accurate diagnosis are among the key factors stimulating the growth of the market. Apart from this, cost advantage over outsourced radioactive tracers and availability of technologically advanced diagnostic devices such as PET and SPECT are playing a pivotal role to escalate market growth.

Cancer is becoming the global pandemic as it causes one in eight deaths worldwide. According to the International Agency for Research on Cancer (IARC), in 2012, there were about 14.1 million new cancer cases and 8.2 million deaths due to cancer. With continuous increase in the incidence of chronic diseases, the number of new cancer cases is anticipated to reach 21.7 million and result in 13 million deaths by 2030. Due to mounting cases of cancer, the need for accurate diagnostics is increasing, which is estimated to fuel the demand for medical cyclotrons.

Nuclear scans for diagnosis use a smaller amount of radioactive material. Nuclear tracers help to find the exact location of growing tumors. Technetium-99m (Tc-99m), strontium, thallium, gallium, and radioactive iodine are some of the radioactive materials used in diagnosis and treatment of tumor. Increase in acceptability of particle accelerators for manufacturing tracer material is projected to trigger the growth of the market over the forecast period.

Report Highlights

Based on product, the market has been segmented into 10-12 MeV, 16-18 MeV, 19 -24 MeV, and 24 MeV and above. Cyclotrons in the range of 16 to 18 MeV dominated the market and accounted for more than 55.0% of the overall market revenue in 2016. The growth of the segment can be attributed to the soaring demand for nuclear scans, increasing prevalence of cancer, and raising cancer awareness. Cyclotrons ranging from 10-12 MeV also command a substantial share in the market. Their prominence can be attributed to their use in hospitals and diagnostic centers for nuclear scans.

Cyclotrons in the range of 10 to 12 MeV are smaller in size as compared to other particle accelerators. They are available as shielded & unshielded, thus providing a wide range of options for healthcare professionals. These devices are equipped with dual-particle capability based on dual-target irradiations such as proton beam current of 60 μA to 130 μA and deuteron beam current of 60 μA. The Asia Pacific has the highest number of cyclotrons in the range of 16-18 MeV, owing to its higher demand in hospitals and diagnostic centers for nuclear scans.

Cyclotrons ranging between 19 to 24 MeV are cost-effective solutions for the production of SPECT & PET radioisotopes used for medical purposes and in research institutions. These accelerators are medium-energy and high-current accelerators used to produce commercial quantities of SPECT isotopes, for instance, Ga-67, Ge-68, I-123, In-111, as well as other traditional PET isotopes. Cyclotrons in the range of 19-24MeV are best suitable for various research, diagnostic, and treatment needs of customers. The 19 to 24 MeV segment is likely to witness the highest CAGR in terms of revenue from 2017 to 2025.

Growing acceptance for PET-associated medical accelerators for the treatment and diagnosis of cancer is anticipated to promote the demand for medical cyclotrons. With an upswing in cancer awareness, the number of nuclear scans is also increasing. Increasing demand for nuclear scans and an increase in cancer awareness is estimated to drive the global medical cyclotron market.

The Asia Pacific accounted for the highest share in the market in 2016. The region is expected to maintain its dominance throughout the forecast period, owing to spiraling demand for nuclear scans and the widening base of cancer patients. Besides this, increasing investments in healthcare infrastructure, the shutdown of nuclear reactors, and the growing demand for cost-effective options are contributing to the growth of the regional market.

As of 2016, Japan was at the forefront of the APAC market. The country will continue to the leading revenue contributor with a share of about 77.0% by 2025. Due to the easy availability of radioactive tracers, the number of nuclear scans is projected to increase in this region during the forecast period.

In 2012, Japan closed its last nuclear reactor at the Tomari nuclear plant. This nuclear plant was the source of radioactive isotopes used as radioactive tracers in medical diagnosis. Hence, Japan witnessed the installation of the highest number of new particle accelerators and is poised to install 49 new accelerators by 2025. With the high demand for medical cyclotrons in the Asia Pacific, the market is likely to witness a CAGR of 11.6% in terms of revenue over the forecast period.

The European market is anticipated to exhibit a CAGR of 11.1% over the forecast period. Europe is estimated to hold the second-largest volume share throughout the forecast period. The region will remain a prominent destination for market players owing to the high prevalence of cancer, increasing cancer diagnostic procedures, and rising awareness regarding nuclear scans.

The International Atomic Energy Agency (IAEA) is a regulatory body that authorizes the installation of particle accelerators. IAEA has stringent regulatory guidelines that must be considered while installing these devices in any European country. These well-defined regulatory guidelines help to maintain patient safety around these radioactive devices.

Key Players

• IBA
• GE Healthcare
• Siemens Medical Solutions USA, Inc.
• Advanced Cyclotron Systems
• Sumitomo Heavy Industries, Ltd.
• TeamBest (Best Medical International, Inc.)
• IsoSolution Inc
• Alcen
• Ionetix Corporation
• Varian Medical Systems, Inc.

Market Segmentation

Product Type Outlook 

• Cyclotron 10-12 MeV
• Cyclotron 16-18 MeV
• Cyclotron 19-24 MeV
• Cyclotron 24 MeV & above

By Classification

• Low Energy Medical Cyclotron
• High Energy Medical Cyclotron

By Type

• Ring Cyclotron
• Azimuthally Varying Field (AVF) Cyclotron

By End User

• Hospitals
• Diagnostic Centers
• Commercial Radioisotope Manufacturers
• Research and Academic Institutes

Regional Outlook 

• North America

  • The U.S.

  • Canada

• Europe

  • Germany

  • U.K.

• Asia Pacific

  • Japan

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • South Africa

The Medical Cyclotron market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Medical Cyclotron market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Medical Cyclotron market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Medical Cyclotron market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Medical Cyclotron market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Medical Cyclotron capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Medical Cyclotron by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Medical Cyclotron market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Medical Cyclotron market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Medical Cyclotron market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Medical Cyclotron industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Medical Cyclotron market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Medical Cyclotron market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Medical Cyclotron market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Medical Cyclotron market. These factors have benefited the growth of the global market for Medical Cyclotron. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Medical Cyclotron. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Medical Cyclotron are as follows:

• Historic Year: 2017-2020
• Base Year: 2021
• Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

To strategically profile the key players and comprehensively analyze their growth strategies.