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The medical cyclotron market size is forecast to increase by USD 47.8 million at a CAGR of 4.46% between 2023 and 2028. The market is experiencing significant growth, driven by the rising prevalence of cancer and the increasing use of medical cyclotron technology in nuclear medicine. Medical cyclotrons are essential devices for producing radioisotopes, which are crucial in diagnosing and treating various types of cancer. The market is experiencing growth as advancements in security protocols ensure the safe handling and use of isotopes in radiopharmaceuticals for diagnostic imaging, addressing concerns about radiation safety and regulatory compliance. The high cost and complex operation of medical cyclotrons pose challenges to market growth, but advancements in technology and increasing investments in research and development are expected to mitigate these challenges. Furthermore, the growing demand for personalized medicine and the potential for medical cyclotrons to produce isotopes on-site are additional growth factors. Overall, the market is expected to grow steadily, driven by the increasing demand for accurate and timely cancer diagnosis and treatment.
The market is a significant segment of the Nuclear Medicine industry, focused on producing Radioisotopes for various diagnostic tools and Radiopharmaceuticals. Cyclotrons, a type of Particle Accelerator, play a crucial role in this market by generating Radioisotopes for applications like SPECT, PET-CT, Gamma cameras, and Theranostics. These technologies are essential in molecular imaging, particularly in the diagnosis and treatment of cancer, chronic diseases, cardiovascular diseases, neurological disorders, infectious diseases, and diabetes. The market caters to hospitals and diagnostic centers, offering solutions like nuclear scans and radiotherapy. Neurodiagnostics also benefit significantly from these advancements. Ring cyclotrons and AVF cyclotrons are the primary types used in this healthcare equipment market. The advent of Diagnostic Imaging Methods: Artificial Intelligence (AI) and Machine Learning (ML) is expected to revolutionize the market. This market report covers the latest trends, growth drivers, challenges, and opportunities in the market for the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market share growth by the cyclotron less than 20 MeV segment will be significant during the forecast period. The market has witnessed significant growth over the last decade, with an increasing number of installations of these particle accelerators in hospitals and diagnostic centers. Approximately 1,220 cyclotrons are currently in operation worldwide, with around 80% of them being small medical cyclotrons (SMCs) producing radioisotopes for radiopharmaceuticals.
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The cyclotron less than 20 MeV segment in the global market has steadily grown by USD 151.90 million in 2018. These SMCs have a proton energy of less than 20 MeV. The majority of these cyclotrons are located in developed countries, but there is a growing trend in developing countries as well. Key manufacturers of less than 20 MeV cyclotrons also own advanced cyclotron systems inc. The production of short-lived radioisotopes using medical cyclotrons plays a crucial role in molecular imaging modalities such as single photon emission computed tomography (SPECT), positron emission tomography-computed tomography (PET-CT), and gamma cameras. These imaging techniques are essential in the diagnosis and treatment of various chronic diseases, including cancer, cardiovascular diseases, neurological disorders, infectious diseases, diabetes, heart disease, and gastrointestinal disorders. Moreover, the aging and geriatric population's increasing prevalence in developed and developing countries has further fueled the demand for these diagnostic tools. The integration of medical technology, such as machine learning (ML), into cyclotron systems has led to advancements in personalized medicine, targeted therapies, and radionuclide therapy. Nuclear scans and radiotherapy are also essential components of nuclear medicine, which benefits from the production of radioisotopes using cyclotrons. As healthcare technology continues to evolve, patient care and diagnostic imaging will remain at the forefront of medical innovation.
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Europe is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market encompasses the production and application of Cyclotron systems for the production of radioisotopes, which are essential components in radiopharmaceuticals used for various medical imaging modalities and theranostic applications. These include single photon emission computed tomography (SPECT), positron emission tomography-computed tomography (PET-CT), and gamma cameras. The demand for these technologies is driven by the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, neurological disorders, infectious diseases, diabetes, heart disease, and gastrointestinal disorders, particularly in the aging and geriatric population. Molecular imaging technologies, including nuclear scans, play a crucial role in personalized medicine and targeted therapies. These technologies enable precise diagnosis and treatment planning, leading to improved patient care. Healthcare technology advancements, such as machine learning (ML) algorithms and on-site radioisotope production, have further enhanced the capabilities of Cyclotron systems. Short-lived radioisotopes produced using Cyclotron systems are increasingly used in radionuclide therapy, expanding the scope of nuclear medicine as a diagnostic tool and a therapeutic modality. Hospitals and diagnostic centers are major end-users of Cyclotron systems, reflecting their indispensable role in patient care.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising prevalence of cancer is notably driving market growth. The market is witnessing significant growth due to the increasing prevalence of cardiovascular disorders (CVD) and cancer. Diagnostic imaging plays a crucial role in identifying and treating various health conditions, including cancer. Procedures such as X-ray, magnetic resonance imaging (MRI), computed tomography (CT), PET, and SPECT are essential in clinical decision-making, which includes therapy and follow-up.
Furthermore, medical cyclotrons, which accelerate proton beams to high energies, are extensively used in radiotherapy procedures for cancer treatment. In the United States alone, there were approximately 1,958,310 new cancer cases and 609,820 cancer deaths in 2023. The integration of Artificial Intelligence (AI) in medical imaging is also expected to boost the market growth by enhancing the diagnostic accuracy and efficiency. Thus, such factors are driving the growth of the market during the forecast period.
Use of medical cyclotron technology in nuclear medicine is the key trend in the market. Medical cyclotrons have significantly advanced nuclear medicine by enabling clear imaging and evaluation of human organs through molecular imaging techniques, such as positron emission tomography (PET). With over 1,200 cyclotrons in operation worldwide, this technology plays a pivotal role in disease management, particularly in cancer treatment through neutron irradiation and particle therapy. Nuclear medicine employs gamma rays, which are emitted by specific radioisotopes with sufficient energy.
Furthermore, cyclotrons are instrumental in producing these radioisotopes, leading to their increasing utilization in medical applications. The growth of the nuclear medicine industry, driven by the availability of more cyclotrons, has been substantial over the past decade. This trend is expected to continue as the medical community continues to explore the potential of nuclear medicine in diagnosing and treating various conditions, including cardiovascular disorders. Artificial Intelligence (AI) is also being integrated into medical cyclotron technology to enhance imaging accuracy and analysis capabilities. Thus, such trends will shape the growth of the market during the forecast period.
High cost and complex operation of medical cyclotrons is the major challenge that affects the growth of the market. The operation of a medical cyclotron facility for the production of radionuclides and manufacturing of radiopharmaceuticals involves intricate planning and significant financial investment. The production of short-lived radionuclides necessitates a regional network of cyclotrons and complex logistics, leading to substantial expenses. Establishing and maintaining the facility entails costs for supplies (chemicals, spare parts, kits, etc.), utilities (water and power), staff salaries, and maintenance and depreciation.
However, the cost of cyclotrons is lower than that of nuclear facilities, the expense for individual hospitals can still be considerable. In the field of cardiovascular disorders (CVD), positron emission tomography (PET) scans utilizing radiopharmaceuticals produced in cyclotrons play a crucial role in diagnosing and treating various conditions. The integration of artificial intelligence (AI) in PET imaging enhances the accuracy and efficiency of the diagnostic process, further emphasizing the importance of cyclotron facilities in healthcare. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ALCEN - The company offers medical cyclotron products such iMitrace cyclotron.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market encompasses the production, sales, and services of cyclotrons, a type of particle accelerator used in the production of Radioisotopes for various applications in molecular imaging and radiotherapy. Cyclotrons play a crucial role in the production of radiopharmaceuticals for SPECT, PET-CT, and gamma cameras, used in diagnosing and treating Cancer, chronic diseases, cardiovascular diseases, neurological disorders, infectious diseases, diabetes, heart disease, and gastrointestinal disorders. The geriatric population, a significant portion of American adults, benefit significantly from these diagnostic tools and personalized medicine approaches, including targeted therapies and radionuclide therapy. hospitals and diagnostic centers are the primary end-users of cyclotron systems, which also include ring cyclotrons and AVF cyclotrons.
Furthermore, the market for Medical Cyclotrons is driven by the increasing prevalence of chronic diseases, an aging population, and advancements in healthcare technology. On-site radioisotope production and the use of short-lived radioisotopes have gained popularity due to their convenience and improved patient care. Machine learning (ML) and other advanced technologies are being integrated into cyclotron systems to enhance their capabilities and efficiency. Additionally, immunodiagnostics are benefiting from these advancements, providing more precise and effective diagnostic options. Endocrine disorders are increasingly being studied with advanced imaging techniques, including the use of ring cyclotron and AFV cyclotron technologies. These cyclotrons provide high-precision isotopes for diagnostic imaging, enhancing the ability to diagnose and monitor endocrine conditions effectively. In conclusion, the market is a dynamic and evolving sector, with significant growth potential in the coming years. The market is expected to witness the expansion due to the increasing demand for diagnostic imaging, personalized medicine, and advanced healthcare technology.
Market Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.46% |
Market growth 2024-2028 |
USD 47.8 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.18 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
Europe at 36% |
Key countries |
US, Germany, UK, Canada, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALCEN, Atulaya Healthcare Pvt Ltd, Australian Nuclear Science and Technology, Best Medical International Inc., Ebco Industries Ltd, General Electric Co., Global Medical Solutions, IBA Radiopharma Solutions, Ion Beam Applications SA, Ionetix Corp, iThemba LABS, RIKEN Nishina Center, Siemens AG, Sumitomo Heavy Industries Ltd., The Japan Steel Works Ltd., Trasis SA, and TRIUMF |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for Market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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