“Global medical cyclotron market is anticipated to reach USD 486.36 Million by 2030”, says Visiongain
29 November 2019
Visiongain has launched a new pharma report ‘’Medical Cyclotron Market Report 2020-2030’’ by Product Type (Cyclotron 10-12 MeV, Cyclotron 16-18 MeV, Cyclotron 19-24 MeV, Cyclotron 24 MeV & above), and Geography.
The global medical cyclotron market is anticipated to grow at a lucrative CAGR of 10.7% and anticipated to reach USD 486.36 Million by 2030.
Cyclotrons are one of the most common forms of accelerators used in the development of radioisotopes (radioactive atoms) that can be used in medical imaging and science. A prominent field of cyclotron application involves the manufacture of short-lived neutron deficient radiotracers for use in emission tomography, especially positron emission tomography (PET). Medical cyclotrons are used in medical isotopes such as Fluorine-18 and Carbon-11 all over the world. Cyclotron's significant advantage is that cyclotrons produce significantly less radioactive waste than large nuclear reactors.
To promote demand for medical cyclotrons, increasing the acceptance of PET medical accelerators for cancer treatment and diagnosis is expected. It is anticipated that the growing demand for nuclear scans and growing cancer awareness will further boost market growth over the forecast period.
It is further projected that developments in medical imaging technologies such as PET will drive market growth further. Radiotherapy is one of the widely used methods in cancer cell diagnosis and treatment. According to the World Nuclear Association, about 40 million nuclear medicine procedures are conducted worldwide each year, with an annual growth of 5% per year.
It is estimated that one in fifty patients in developed economies use nuclear drugs for treatment each year, and radioisotopes treat one-tenth of this population. Therefore, due to their reliability, the number of patients using nuclear diagnostics is expected to increase over the forecast period thus boosting medical cyclotron market growth.
There is projected to be an increase in the number of PET cyclotrons and the closure of nuclear reactors such as the Tomari nuclear plant in Japan. It is responsible for increasing the acceptability of these devices to introduce upgraded devices with a built-in shield and technological compatibility with PET & SPECT devices. Increasing the acceptance of cyclotrons is expected to increase the market growth.
Asia Pacific region holds the majority of market share in the global medical cyclotron market. Due to spiraling demand for nuclear scans and expanding cancer patient base, the region is anticipated to maintain its dominance over the forecast period from 2020 to 2030. Also, the shutdown of nuclear reactors, growing investment in healthcare infrastructure, and increasing demand for cost-effective options are leading to regional market growth.
Asia Pacific market is dominated by Japan with over 50% market share and the region is anticipated to grow with the highest CAGR over the forecast period owing to the easy availability of radioactive tracers in the region. Japan opened its last nuclear reactor at the nuclear power plant in Tomari in 2012. This nuclear facility was the origin of radioactive isotopes used in medical diagnosis as radioactive tracers. Japan has thus observed the construction of the largest number of new particle accelerators and is in the process of installing 49 new accelerators by 2025.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products to strengthen their position in the global medical cyclotron market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the Medical Cyclotron market.
The comprehensive market report features companies such as IBA., Advanced Cyclotron Systems, Alcen, Best Cyclotron Systems, Inc., GE Healthcare, Ionetix, Isosolution Inc., Siemens Healthineers, Sumitomo Heavy Industries, Ltd., Team Best., Varian Medical Systems, Inc., Sumitomo Heavy Industries. Ltd., Nuclear Healthcare Limited, BV Cyclotron VU among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Latin America, Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Japan, China, Australia, ASEAN, GCC and South Africa.
Notes for Editors
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Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.
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