The Medical Cyclotron Market Growth impelled by technological advancements in diagnostics, increasing developments in medical cyclotron devices and growing government support for triggering the production of radio materials; while North America dominated the market with more than one-third revenue share.
Pune, India., June 23, 2021 (GLOBE NEWSWIRE) -- Medical Cyclotron Market: Key Insights
According to our new research study on “Medical Cyclotron Market to 2027 – Global Analysis and Forecast – by Type, Capacity, End User, and Geography,” the Medical Cyclotron Market Size was valued at US$ 180.00 million in 2019 and is projected to reach US$ 238.21 million by 2027; it is expected to grow at a CAGR of 3.6% during 2019–2027. The growth of the market is attributed to increasing prevalence of cancer and growing inclination toward nuclear scans for accurate diagnosis.
Medical Cyclotron Market: Competition Landscape and Key Developments
General Electric Company; Varian Medical Systems, Inc; IBA; Sumitomo Heavy Industries, Ltd; Siemens AG; Advanced Cyclotron Systems; isoSolution Inc; ALCEN; Best Cyclotron Systems, Inc.; and Ionetix Corporation are among the key companies operating in the medical cyclotron market. Leading players are focusing on the new product launch, expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In September 2019, IBA (Ion Beam Applications S.A., EURONEXT) made an announcement regarding the development of the world's first cyclotron-based carbon therapy system. IBA is the world’s leading provider of proton therapy solutions for cancer treatment, and its subsidiary—Normandy Hadrontherapy (Nha)—developed this system in collaboration with the Normandy Region and several other private and public players, including SAPHYN, which is a reactor company based in France. According to the official news, NHa would be dedicated to the development, industrialization, and commercialization of hadron therapy equipment.
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In August 2020, Siemens Health, Germany, announced its plan to acquire Varian Medical Systems Inc., a US-based manufacturer of cancer treatment equipment and software. As a part of this acquisition, Siemens Health plans to acquire all shares of Varian, further completing the purchase at US$ 16.4 billion.
In 2019, North America dominated the global medical cyclotron market. The market growth in the region is credited to the ongoing developments in the medical cyclotron systems, increasing number of product launches, and growing government support for the production of radio materials. In August 2020, the US Department of Energy made an announcement regarding its plans of developing the Lawrence Berkeley National Laboratory (Berkeley Lab) R&D for more effective operations. Laboratory aims to upgrade the particle-beam system for cancer treatment to a compact system, along with improving the particle-beam performance by using artificial intelligence. Further, it is aiming to develop a high-power, rapid-fire laser system for both tabletop and large-scale applications.
Based on type, the medical cyclotron market is segmented into ring cyclotron, azimuthally, and varying field (AVF). The ring cyclotron segment held the largest share of the market in 2019. On the basis of capacity, the medical cyclotron market is segmented into 10–12 MeV, 16–18 MeV, 19–24 MeV, and 24 MeV and above. The 16–18 MeV segment held the largest market share in 2019. Further, the medical cyclotron market, by end user, is segmented as hospitals, specialized clinics, pharmaceutical companies, and other end users. The hospitals segment held the largest share of the market in 2019.
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The healthcare sector is highly dependent on the technologies sector for various diagnostic and therapeutic applications. In clinics and health centers, mobile devices, including smartphones and tablets, have begun replacing tracking and recording systems. Healthcare IT has enhanced the efficiencies of diagnostic processes by reducing diagnostic errors. The demand for these healthcare IT tools is predicted to increase in the near future. The growing technological developments are accepted to integrate Healthcare IT solutions and services in PET devices. The advent of advanced imaging technologies that are built-in shield and technical compatibility with PET/SPECT is expected to partly responsible for increasing the acceptance of medical cyclotron. At present PET cyclotrons have a positive effect on the growth of the market. Thus, integrating advanced healthcare IT solution will lead to positive impact on the medical cyclotron industry is projected to provide noteworthy opportunities in the future.
Medical Cyclotron Market: Segmental Overview
Based on type, the ring cyclotron segment held the largest share of the market in 2019 and is estimated to register the highest CAGR during the forecast period. Ring cyclotrons use high-energy beams of accelerated protons to treat cancer, i.e., proton therapy. This cyclotron type is designed with a CC-18/9 cyclotron and is used as an injector; it delivers high-intensity radiation and targets only cancer cells without hampering non-cancerous cells. The acceleration of proton therapy takes ~10–20 microseconds. Thus, it helps control the beam by switching off for low energy and end of the therapy session. Thus, the specificity of proton therapy and the growing incidence of cancer are bolstering the adoption of ring cyclotrons.
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