Cyclotron Market: Nuclear Waste Management Creates Business Opportunities for Companies
Cyclotron Market: Introduction
According to the report, the global cyclotron market was valued at US$ 215.5 Mn in 2019. It is projected to expand at a CAGR of ~3% from 2020 to 2030. Expansion activities of key radiopharma players; applications in clinical trials; increase in the geriatric population; pipeline assessment of new drugs; and disease indication mortality are major factors driving the cyclotron market.
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The shutdown of a few nuclear reactors has led to the development of cyclotron generator as an alternate source of production of radioisotopes. Increase in prevalence of cancer and rise in the demand for nuclear scans for precise diagnosis are key factors driving the cyclotron market.
Cost advantage over outsourced radioactive tracers and accessibility of technologically advanced diagnostic devices, such as positron emission tomography scan (PET/CT) and a single-photon emission computerized tomography (SPECT), are playing a crucial role in propelling the cyclotron market.
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Based on product, the cyclotron 16-18 MeV segment accounted for a major share of the global cyclotron market, in terms of revenue, in 2019. The segment is expected to expand at a moderate CAGR during the forecast period. Cyclotron 16-18 MeV has been installed in the last two decades, and the number is still increasing.
Its purpose is the production of medical radionuclides for in-house use, research, and commercial use. According to the Nuclear Energy Agency, the current global irradiation and processing capacity is insufficient to cater to the future demand for radioisotopes.
Cyclotron Market: Prominent Regions
North America held a prominent share of the global cyclotron market in 2019. The demand for medical devices and services continues to be high in the U.S. It is anticipated to increase in the future due to a rapid rise in the geriatric population. Additionally, the demand for advanced medical products and technologies is increasing. This is expected to further augment the cyclotron market in North America. Asia Pacific accounted for a significant share of the global cyclotron market in 2019.
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The market in the region is expected to expand at a rapid pace during the forecast period. Governments in Asia Pacific and the Middle East are making substantial investments to develop their respective healthcare sectors. They are focusing on establishing more specialized care centers and medical and research institutes. Furthermore, an increase in the total healthcare expenditure per capita has been observed in some countries.
Asia, India, China, and Japan play a major role in driving the market, as these countries have several research institutions that have installed PET/CT equipment supported by cyclotron. For instance, India has installed most of the cyclotrons between 12 MeV and 18 MeV and only a few of 30 MeV; comparatively, Japan has installed most of the cyclotrons between 12 MeV and 18 MeV as well as 30 MeV. The Middle East is a highly dynamic region and is categorized by a distinct combination of cultures. The region is undergoing rapid demographic and socioeconomic changes.
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Cyclotrons Market: Key Players
Key players are expanding their footprint to strengthen their position in the global cyclotron market. These players are collaborating with other companies to secure and strengthen their positions in the cyclotron market. Leading players in the global cyclotron market include GE Healthcare, Siemens Healthineers, IBA Radiopharma Solutions, and Sumitomo.
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