The global medical cyclotron market is forecast to grow at a positive pace between 2018 and 2028.
The global medical cyclotron market is forecast to grow at a positive pace between 2018 and 2028. The increasing incidence of cancer and rising inclination towards using nuclear scans for precise diagnosis are chief drivers of the global medical cyclotron market. Besides these, the global market is likely to gain from the rising demand for technologically advanced devices for diagnosis. The rising use of radiotherapy in treatment and diagnosis of cancerous cells is likely to pave way for the market’s growth over the forecast period. As per the World Nuclear Association, nuclear medicines are to carry out nearly 40 million procedures around the world each year. This is indicative towards the favorable environment for the market’s growth.
Global Medical Cyclotron Market: Key Trends
In the coming years, the demand for medical cyclotron is likely to rise in response to the increasing incidence of cancer. Given the scenario, investment towards cancer research and advanced treatments has significantly risen. This is expected to create growth opportunities for the market in the coming years. According to the report, the market will greatly benefit from the increasing awareness about the availability and the use of cyclotrons in diagnosis of deep-lying tumors.
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An increasing number of patients are using nuclear medicines for diagnosis in developed regions. Furthermore, the demand for radioisotopes is increasing as well. Therefore, the rising demand for nuclear diagnostics will in turn give considerable push to the global medical cyclotron market in the coming years. On the downside, stringent government regulations, inadequate experience in using the procedure, and high cost associated with it may impede growth witnessed by the market to an extent.
Global Medical Cyclotron Market: Market Potential
Innovations by the market players will play a crucial role in enabling growth. Advent of novel therapeutics and procedures will bolster growth prospects for the market. As per the study, the market is slated to witness launch of novel products in the coming years. Besides this, an increasing number of treatment centers around the world are installing cyclotrons, which is expected enable growth in the market in the coming years. Recently, Varian announced the installation of cyclotron to facilitate Varian ProBeam® Compact proton therapy system at the center of cancer treatment on the Delray Medical Center campus in Florida at Delray Beach. Spurred by the rising demand from across the world, the global medical cyclotron market will exhibit growth at a positive pace.
Global Medical Cyclotron Market: Regional Outlook
Regionally, the market is likely to witness considerably high demand from Asia Pacific. The demand for medical cyclotron is likely to remain high in Asia Pacific through the course of the report’s forecast period. The rising investment to expand healthcare infrastructure and demand for cost-effect treatment procedures are significantly contributing towards the market’s growth. Other than this, North America is likely to exhibit high demand for medical cyclotron bolster by favorable government initiatives, high investment towards healthcare sector, and better economic condition.
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Global Medical Cyclotron Market: Competitive Landscape
Companies such as Siemens Medical Solutions USA, Inc., Advanced Cyclotron Systems; Sumitomo Heavy Industries, Ltd., IBA, GE Healthcare, and TeamBest (Best Medical International, Inc.) enjoy a stronghold in the global medical cyclotron market. It is currently witnessing fierce competition among the leading players. Stringent regulatory compliance and higher cost of manufacturing cyclotron create high entry barriers, which is why a fewer companies enjoy a larger share in the global market.
The report offers a detailed analysis of the various companies operating in the global medical cyclotron market. In addition to this, it also studies the nature of competition prevailing therein.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
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The 5-point growth formula includes the following points:
- Current and Future Threats
- Accurate Trend Analysis
- Regional Assessment
- Industrial Analogy
- COVID-19 Impact
The reports offer answers to the top 7 questions that revolve around the growth of the market
- What are the diverse growth parameters influencing the market?
- Which regions will contribute largely to the growth of the market
- What are the recent innovations and technological advancements in the market?
- What are the emerging trends across the market?
- How has COVID-19 affected the market?
- What will be the post-pandemic scenario of the market?
- What are the major threats that will dent the growth prospects of the market?
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