Global Cyclotron Market 2023-2030

Global Cyclotron Market 2023-2030

Global Cyclotron Market Size, Share & Trends Analysis Report by Product (Cyclotron 10-12MeV, Cyclotron 16-18MeV, Cyclotron 19-24MeV, and Cyclotron above 24MeV), by Application(Medical, and Industrial), Forecast Period (2024-2031)

The global cyclotron market is anticipated to grow at a CAGR of 11.2% during the forecast period (2023-2030).The market growth is attributed to factors such as the growing prevalence of cancer and the increasing use of diagnostic imaging procedures. According to the World Health Organization, cancer is a leading cause of death around the globe, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. In terms of new cases of cancer in 2020 included breast (2.26 million cases);lung (2.21 million cases);colon and rectum (1.93 million cases). Several lifestyle factors contribute to the development of cancer such as a high intake of processed meats and low intake of fruits and vegetables, a sedentary lifestyle, obesity, smoking, and excessive alcohol consumption.

Segmental Outlook

The global cyclotron market is segmented on the product and application. Based on the product, the market is sub-segmented into cyclotron 10-12MeV, cyclotrons 16-18MeV, cyclotron 19-24MeV, and cyclotron above 24MeV.Further, based on application, the market is sub-segmented into medical, and industrial. Among the products, the cyclotron 10-12 MeV sub-segment is anticipated to hold a considerable share of the market, owing to the cyclotron 10-12 MeV range being instrumental in the production of radioisotopes used for medical imaging, particularly in positron emission tomography (PET).

Medical Sub-Segment is Anticipated to Hold a Considerable Share of the Global Cyclotron Market

Among the applications, the medical sub-segment is expected to hold a considerable share of the global cyclotron market. The segmental growth is attributed to the increasing use in radiopharmaceutical production in various medical imaging techniques, such as positron emission tomography (PET), and increasing demand in nuclear medicine procedures for accurate disease diagnosis. Nuclear medicine procedures are vital for detecting and monitoring various medical conditions. According to the World Nuclear Association, about 40 million procedures are carried out each year globally with nuclear medicines, with an annual growth rate of 5.0% per annum. Over 10,000 hospitals globally use radioisotopes in medicine, and about 90% of the procedures are for diagnosis. The most common radioisotope used in diagnosis is technetium-99 (Tc-99m), accounting for about 80% of all nuclear medicine procedures and 85% of diagnostic scans in nuclear medicine around the globe.

Regional Outlook

The global cyclotron market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, Asia Pacific is anticipated to exhibit highest CAGR during the forecast period. The advancing medical technologies, rising disposable income, and improving healthcare infrastructure in emerging economies are driving the cyclotron market in the Asia-Pacific.

North America Held Considerable Share in the Global Cyclotrons Market

The rising prevalence of cancer, favorable government initiatives, and highly developed healthcare infrastructure is a key factor driving the regional market. According to the American Cancer Society 'Cancer Facts & Figures 2022', around 1,918,030 new cancer cases and 609,360 mortalities due to cancers are estimated in the US in the year 2022. Such a high incidence of cancers in this region is anticipated to increase the adoption of cyclotrons for the diagnosis of cancer, driving market growth in this region.

Market Players Outlook

The major companies serving the cyclotron market include Siemens Medical Solutions USA, Inc., IBA Radiopharma Solutions, GE HealthCare, Advanced Cyclotron Systems, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2023, Fusion Pharmaceuticals Inc., and BWXT Medical Ltd., a subsidiary of BWX Technologies, Inc. entered into a preferred partner agreement for the supply of actinium-225. Under the agreement, BWXT Medical offered predetermined amounts of Fusion's actinium supply needs at volume-based pricing.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global cyclotron market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.