Cyclotron Market Growth by 2030: Increasing Prevalence of Cancer and Rising Demand for Radiopharmaceuticals
According to a latest report by Reports and Data, the cyclotron market size is expected to reach USD 359.8 million in 2030 and register a revenue CAGR of 5.1% over the forecast period. Increasing prevalence of cancer and rising demand for radiopharmaceuticals are factors driving market revenue growth during the forecast period. In addition, increasing demand for nuclear imaging in cancer detection is further expected to drive growth of the cyclotron market.
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Increasing prevalence of cancer is expected to contribute to growing demand for diagnosis and treatment of cancer. Growing incidence of cancer has led to increasing investments into research & development for development of new drugs and therapies to mitigate spread of cancer. Modern diagnostic imaging technologies, such as Positron Emission Tomography (PET), use radiopharmaceuticals to insight into tumor physiology down to molecular level. This has led to an increase in demand for nuclear imaging in cancer detection. In nuclear imaging, a radioactive tracer material is administered in body, which produces images by detecting radiation from different parts of body. The advantage of nuclear medicine imaging is that it evaluates functioning of organs and thereby helps physicians to make a diagnosis and plan treatments. This, in turn, is expected to increase demand of cyclotrons and thereby drive revenue growth of the market.
Rising demand for radiopharmaceuticals has led to an increased demand for cyclotrons in manufacturing of radiopharmaceuticals. For instance, in 2018 Lutetium Lu 177 dotatate was first radioactive drug approved by USFDA to treat these rare cancers. This new drug consists of a radioactive isotope, Lu-177, attached to dotatate—a molecule that binds to GEP-NET cells that have a molecule called a somatostatin receptor on their surface. This drug then enters these somatostatin receptor−positive tumor cells and radiations emitted by Lu-177 help to kill cells, Radiopharmaceuticals known as nuclear medicine involve use of radioactive isotopes in diagnosis and treatment of cancer and cyclotrons produce radioisotopes. This is thereby expected to boost revenue growth of the market considerably.
Increasing demand for nuclear imaging in cancer detection is expected to increase demand for cyclotrons significantly. Rapid growth of the IT industry has led to a rise in number of IT service providers providing various services and platforms at a competitive price. In addition, increasing investments by private healthcare facilities as well government expenditure to modernize healthcare facilities and facilitate digital transformation are expected to drive revenue growth of the market.
Some Key Highlights in the Report
• The medical segment is expected to account for larger market share over the forecast period. Increasing prevalence of cancer and rising demand for radiopharmaceuticals are expected to drive revenue growth of this segment.
• The 19-24 MeV segment is expected to expand at a rapid CAGR during the forecast period owing to increasing investments in scientific research and discoveries made in the field of nuclear physics. It is significant factor that is expected to boost growth of this segment.
• The North America market accounted for the largest revenue share in 2021. Increasing investments in research & development of new technologies for early detection and treatment of cancer has led to increasing demand for cyclotrons and thereby driving market revenue growth. Robust presence of market players and drug manufacturers in countries of the region is further expected to propel market revenue growth.
• In December 2021, Varian Medical Systems, Inc., announced an agreement with Indian Cooperative Oncology Network, to enhance access to cancer care through a value-based cancer treatment hub for the Southern Africa region. This strategic partnership includes investments in seven new linear accelerators including Halcyon and TrueBeam radiotherapy systems and associated software solutions. It is further expected to support skill development and local training of its professional staff and provide maintenance support for Varian machines.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
GE Healthcare (General Electric Company), IBA Radiopharma Solutions, Sumitomo Heavy Industries, Ltd., Advanced Cyclotron Systems, Inc., Siemens Healthcare GmbH, BV Cyclotron VU, Varian Medical Systems, Inc., Ionetix Corporation, CNMC Company Inc., and PMB Alcen
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Cyclotron Market Segmentation:
Application Outlook (Revenue, USD Million; 2019-2030)
• Medical
• Industrial
Product Outlook (Revenue, USD Million; 2019-2030)
• 10-12 MeV
• 16-18 MeV
• 19-24 MeV
• 24 MeV and Above
Regional Outlook:
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
• Latin America (Brazil, Rest of LATAM)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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