Medical Cyclotron Market Analysis and Forecast to 2031: By Product Type (AVF Cyclotron, Ring Cyclotron), End User (Hospital, Specialized Clinics, Pharmaceutical Companies), and Region
The medical cyclotron market was valued at USD 205.3 million in 2021 and it is anticipated to grow further till USD 562.4 million by 2031, at a CAGR of 10.6% during the forecast period.
A particular kind of particle accelerator used in the detection and treatment of cancer is called a medical cyclotron. Charged particles are propelled by electromagnetic fields, creating radioactive isotopes that can be used to make medicines. Additional applications for these isotopes include positron emission tomography (PET) and single-photon emission computed tomography (SPECT) for the detection and planning of cancer. Medical cyclotrons generate less hazardous waste than radioisotope-producing research reactors.
Global Medical Cyclotron Market Scope and Report Structure
Market Trends and Drivers
medical imaging is driving up demand for cyclotron systems, and these systems may be used for various diagnostic procedures. Medical cyclotrons are more in demand as a result of the electrically driven device's ability to produce a beam of charge that is primarily employed in industrial, research, and medical procedures. Except for the negative charge, the hybrid atom that makes up water is held in the new cyclotron machine. The radioactive new element created by the collision of positive ions and neutrons is employed as a treatment in medical research, driving demand for medical cyclotrons.
Market Restraints and Challenges
Over the course of the forecast period, restrictions on the usage of cyclotrons for the manufacture of new radioisotopes are anticipated to hinder the global market for medical cyclotrons. For instance, solid targets are frequently utilized for the creation of novel radioisotopes in a cyclotron, but their employment has a variety of drawbacks, according to a review study published in the EJNMMI Radio pharmacy and Chemistry journal in February 2018. These restrictions consist of: Target materials, which are necessary for the creation of novel radioisotopes with high purity, are frequently pricy.
Global Medical Cyclotron Market Segmental Overview
The report analyses the global medical cyclotron market based on the product type, end user, and region.
Global Medical Cyclotron Market by Product Type
Based on the product type, it is segmented into AVF cyclotron, and Ring cyclotron. The AVF cyclotron segment is anticipated to dominate the market during the forecast period. The medical cyclotron's sales are increased by the AVF cyclotron, which stands for Azimuthally Varying Field. It features magnetic fields that alternate between strong and weak to focus the beam axially. One type of AVF cyclotron is the ring cyclotron; its magnets are segmented radially into various sectors.
Global Medical Cyclotron Market by End User
Based on the end user, it is segmented into hospitals, specialized clinics, and pharmaceutical companies. The hospital segment is anticipated to dominate the market during the forecast period. The increasing prevalence of cancer and growing inclination towards nuclear scans for accurate diagnosis is boosting the growth of the market.
Geographical Analysis of the Global Medical Cyclotron Market
Region-wise, it is studied across the North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. Due to the rising demand for nuclear scans and the growing population of cancer patients, the area is predicted to continue to dominate during the projection period. The closure of nuclear reactors, rising investments in healthcare facilities, and rising consumer demand for affordable solutions are also helping the regional industry expand.
Major Players in the Global Medical Cyclotron Market
The key players studied in the report are IBA Radiopharma Solutions, Advanced Cyclotron Systems, Best Cyclotron Systems, Inc., Best ABT Molecular Imaging, Inc., Siemens Healthineers, GE Healthcare, IONETIX Corporation, PMB-ALCEN, Sumitomo Heavy Industries, Ltd., and The Japan Steel Works, Ltd. among others.
COVID-19 Impact
The market share and demand for medical cyclotrons both benefited from COVID-19. Medical cyclotron technology is being used to estimate the frequency of the novel coronavirus (COVID-19), which is estimated to range from 30 kHz to 500 kHz. Companies in the medical cyclotron market are taking part in research projects in an effort to develop antiviral drugs that are thought to lessen the detrimental effects of the virus. Companies are placing more attention on genome sequencing to create COVID-19 medicines in order to increase the sales of medical cyclotrons.
Recent Developments
January 2022, IBA announced that it had launched a new low-energy and compact-size cyclotron, the Cyclone KEY. The new machine will enable small and medium-sized hospitals to produce their radiopharmaceutical products.
August 2020, The German Health company Siemens Healthineers acquired Varian Medical Systems Inc. in an agreement that values the U.S. manufacturer of cancer treatment equipment and software at $16.4 billion.
October 2019, IBA Radiopharma Solutions, a Belgium-based medical technology company, announced a collaboration with Azrieli Center for Neuro-Radiochemistry at the Center for Addiction and Mental Health (CAMH), a Canada-based mental health hospital and research center, in order to promote research & development in the field of nuclear medicine.
Frequently Asked Questions
Q1. How big is the Medical Cyclotron market?
Ans. The global Medical Cyclotron market size was USD 205.3 million in 2021 and it is anticipated to grow further till USD 562.4 million by 2031, at a CAGR of 10.6% from 2022 to 2031.
Q2. What is the Medical Cyclotron market growth rate?
Ans. The growth rate of the Medical Cyclotron market is 10.6%.
Q3. Which region holds a major market share for the Medical Cyclotron market?
Ans. North America holds a major market share of the Medical Cyclotron market in 2021.
Q4. Which segment accounted for the largest Medical Cyclotron market share?
Ans. By end user, the hospitals segment accounted for the largest Medical Cyclotron market share.
Q5. Who are the key players in the Medical Cyclotron market?
Ans. The global Medical Cyclotron market report includes players such as IBA Radiopharma Solutions, Advanced Cyclotron Systems, Best Cyclotron Systems, Inc., Best ABT Molecular Imaging, Inc., Siemens Healthineers, GE Healthcare, IONETIX Corporation, PMB-ALCEN, Sumitomo Heavy Industries, Ltd., and The Japan Steel Works, Ltd. among others.
Q6. What are the factors driving the Medical Cyclotron market growth?
Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.
Q7. What are the key growth strategies of Medical Cyclotron market players?
Ans. The key growth strategies of Medical Cyclotron market players are product launch and product approval.
Q8. Which region will provide more business opportunities for the Medical Cyclotron market during the forecast period?
Ans. The Asia-Pacific region will provide more business opportunities for the Medical Cyclotron market during the forecast period.
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- Chapter 1. Medical Cyclotron Market Overview
- 1.1. Objectives of the Study
- 1.2. Market Definition and Research & Scope
- 1.3. Research Limitations
- 1.4. Research Methodologies
- 1.4.1. Secondary Research
- 1.4.2. Market Size Estimation Technique
- 1.4.3. Forecasting
- 1.4.4. Primary Research and Data Validation
- Chapter 2. Executive Summary
- 2.1. Summary
- 2.2. Key Highlights of the Market
- Chapter 3. Premium Insights on the Market
- 3.1. Market Attractiveness Analysis, by Region
- 3.2. Market Attractiveness Analysis, by Product Type
- 3.3. Market Attractiveness Analysis, by End User
- Chapter 4. Medical Cyclotron Market Outlook
- 4.1. Medical Cyclotron Market Segmentation
- 4.2. Market Dynamics
- 4.2.1. Market Drivers
- 4.2.1.1. Driver 1
- 4.2.1.2. Driver 2
- 4.2.1.3. Driver 3
- 4.2.2. Market Restraints
- 4.2.2.1. Restraint 1
- 4.2.2.2. Restraint 2
- 4.2.3. Market Opportunities
- 4.2.3.1. Opportunity 1
- 4.2.3.2. Opportunity 2
- 4.3. Porter’s Five Forces Analysis
- 4.3.1. Threat of New Entrants
- 4.3.2. Threat of Substitutes
- 4.3.3. Bargaining Power of Buyers
- 4.3.4. Bargaining Power of Supplier
- 4.3.5. Competitive Rivalry
- 4.4. PESTLE Analysis
- 4.5. Value Chain Analysis
- 4.5.1. Raw Product Suppliers
- 4.5.2. Manufacturers
- 4.5.3. Wholesalers and/or Retailers
- 4.6. Impact of COVID-19 on the Medical Cyclotron Market
- 4.7. Impact of the Russia and Ukraine War on the Medical Cyclotron Market
- Chapter 5. Medical Cyclotron Market, by Product Type
- 5.1. Market Overview
- 5.2. AVF Cyclotron
- 5.2.1. Key Market Trends & Opportunity Analysis
- 5.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 5.3. Ring Cyclotron
- 5.3.1. Key Market Trends & Opportunity Analysis
- 5.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- Chapter 6. Medical Cyclotron Market, by End User
- 6.1. Market Overview
- 6.2. Hospitals
- 6.2.1. Key Market Trends & Opportunity Analysis
- 6.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 6.3. Specialized Clinics
- 6.3.1. Key Market Trends & Opportunity Analysis
- 6.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 6.4. Pharmaceutical Companies
- 6.4.1. Key Market Trends & Opportunity Analysis
- 6.4.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- Chapter 7. Medical Cyclotron Market, by Region
- 7.1. Overview
- 7.2. North America
- 7.2.1. Key Market Trends & Opportunity Analysis
- 7.2.2. North America Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.2.3. North America Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.2.4. North America Medical Cyclotron Market Size and Forecast by Country, 2021-2031, ($Million)
- 7.2.5. The U.S.
- 7.2.5.1. The U.S. Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.2.5.2. The U.S. Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.2.6. Canada
- 7.2.6.1. Canada Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.2.6.2. Canada Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.2.7. Mexico
- 7.2.7.1. Mexico Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.2.7.2. Mexico Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.3. Europe
- 7.3.1. Key Market Trends & Opportunity Analysis
- 7.3.2. Europe Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.3.3. Europe Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.3.4. Europe Medical Cyclotron Market Size and Forecast by Country, 2021-2031, ($Million)
- 7.3.5. Germany
- 7.3.5.1. Germany Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.3.5.2. Germany Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.3.6. France
- 7.3.6.1. France Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.3.6.2. France Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.3.7. U.K.
- 7.3.7.1. U.K. Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.3.7.2. U.K. Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.3.8. Spain
- 7.3.8.1. Spain Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.3.8.2. Spain Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.3.9. Italy
- 7.3.9.1. Italy Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.3.9.2. Italy Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.3.10. Rest of Europe
- 7.3.10.1. Rest of Europe Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.3.10.2. Rest of Europe Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.4. Asia-Pacific
- 7.4.1. Key Market Trends & Opportunity Analysis
- 7.4.2. Asia-Pacific Medical Cyclotron Market Size and Forecast by Country, 2021-2031, ($Million)
- 7.4.3. Asia-Pacific Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.4.4. Asia-Pacific Medical Cyclotron Market Size and Forecast by Product, 2021-2031, ($Million)
- 7.4.5. China
- 7.4.5.1. China Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.4.5.2. China Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.4.6. India
- 7.4.6.1. India Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.4.6.2. India Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.4.7. Japan
- 7.4.7.1. Japan Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.4.7.2. Japan Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.4.8. South Korea
- 7.4.8.1. South Korea Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.4.8.2. South Korea Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.4.9. Rest of APAC
- 7.4.9.1. Rest of APAC Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.4.9.2. Rest of APAC Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.5. Rest of the World
- 7.5.1. Key Market Trends & Opportunity Analysis
- 7.5.2. Rest of the World Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.5.3. Rest of the World Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.5.4. Rest of the World Medical Cyclotron Market Size and Forecast by Country, 2021-2031, ($Million)
- 7.5.5. Latin America
- 7.5.5.1. Latin America Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.5.5.2. Latin America Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.5.6. Middle East
- 7.5.6.1. Middle East Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.5.6.2. Middle East Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- 7.5.7. Africa
- 7.5.7.1. Africa Medical Cyclotron Market Size and Forecast by Product Type, 2021-2031, ($Million)
- 7.5.7.2. Africa Medical Cyclotron Market Size and Forecast by End User, 2021-2031, ($Million)
- Chapter 8. Competitive Landscape
- 8.1. Market Overview
- 8.2. Market Share Analysis/Key Player Positioning
- 8.3. Vendor Benchmarking
- 8.4. Developmental Strategy Benchmarking
- 8.4.1. New Product Development
- 8.4.2. Product Launches
- 8.4.3. Business Expansions
- 8.4.4. Partnerships, Joint Ventures, and Collaborations
- 8.4.5. Mergers and Acquisitions
- Chapter 9. Company Profiles
- 9.1. IBA Radiopharma Solutions
- 9.1.1. Company Snapshot
- 9.1.2. Financial Performance
- 9.1.3. Product Offerings
- 9.1.4. Key Strategic Initiatives
- 9.1.5. SWOT Analysis
- 9.2. Advanced Cyclotron Systems
- 9.2.1. Company Snapshot
- 9.2.2. Financial Performance
- 9.2.3. Product offerings
- 9.2.4. Key Strategic Initiatives
- 9.2.5. SWOT Analysis
- 9.3. Best Cyclotron Systems, Inc.
- 9.3.1. Company Snapshot
- 9.3.2. Financial Performance
- 9.3.3. Product offerings
- 9.3.4. Key Strategic Initiatives
- 9.3.5. SWOT Analysis
- 9.4. Best ABT Molecular Imaging, Inc.
- 9.4.1. Company Snapshot
- 9.4.2. Financial Performance
- 9.4.3. Product offerings
- 9.4.4. Key Strategic Initiatives
- 9.4.5. SWOT Analysis
- 9.5. Siemens Healthineers
- 9.5.1. Company Snapshot
- 9.5.2. Financial Performance
- 9.5.3. Product offerings
- 9.5.4. Key Strategic Initiatives
- 9.5.5. SWOT Analysis
- 9.6. GE Healthcare
- 9.6.1. Company Snapshot
- 9.6.2. Financial Performance
- 9.6.3. Product offerings
- 9.6.4. Key Strategic Initiatives
- 9.6.5. SWOT Analysis
- 9.7. IONETIX Corporation
- 9.7.1. Company Snapshot
- 9.7.2. Financial Performance
- 9.7.3. Product offerings
- 9.7.4. Key Strategic Initiatives
- 9.7.5. SWOT Analysis
- 9.8. PMB-ALCEN
- 9.8.1. Company Snapshot
- 9.8.2. Financial Performance
- 9.8.3. Product offerings
- 9.8.4. Key Strategic Initiatives
- 9.8.5. SWOT Analysis
- 9.9. Sumitomo Heavy Industries, Ltd.
- 9.9.1. Company Snapshot
- 9.9.2. Financial Performance
- 9.9.3. Product offerings
- 9.9.4. Key Strategic Initiatives
- 9.9.5. SWOT Analysis
- 9.10. The Japan Steel Works, Ltd.
- 9.10.1. Company Snapshot
- 9.10.2. Financial Performance
- 9.10.3. Product offerings
- 9.10.4. Key Strategic Initiatives
- 9.10.5. SWOT Analysis
- *The list of company is subject to change during the final compilation of the report
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