The global medical cyclotron market is expected to reach a valuation of US$ 41.5 Bn by 2032 from US$ 26 Bn in 2022, rising at a steady CAGR of 4.8% throughout the forecast period.
The expanding number of cancer patients, the rising frequency of the geriatric population, and rising levels of investment in the development of improved medical techniques are all expected to drive up sales of medical cyclotrons.
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Furthermore, increased demand for PET scan diagnostic treatments, rising disposable income, and changes in consumer lifestyle are some of the significant and critical variables that are expected to boost the medical cyclotron market outlook.
Cost advantages resulting from economies of scale in the number of nuclear medicine scans, as well as a growing number of technological advancements, on the other hand, contribute to the expansion of the medical cyclotron market share by creating massive opportunities during the forecasted timeframe.
Increased cancer occurrence, a growing desire for nuclear scans for reliable detection, cost advantage over outsourced radioactive tracers, and the availability of technologically complex diagnostic devices are all factors pushing the medical cyclotron industry.
Sales of medical cyclotrons are likely to increase as the usage of PET medical accelerators for cancer therapy, and diagnosis grows. With the surge in cancer awareness, the number of nuclear scans is on the rise.
As a result, manufacturers are extending their manufacturing capacities in order to generate novel radiopharmaceuticals for medicinal and research reasons, boosting demand for medical cyclotrons even more throughout the projection period.
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- Joint replacement technology dominated the global medical cyclotron market in terms of technology, with a CAGR of 4.5 percent.
- The knee segment dominated the medical cyclotron market by type, growing at a CAGR of 4.8 percent over the forecast period.
- During the projection period, the United States is expected to dominate the medical cyclotron market, with a market value of roughly US$ 15 billion and a CAGR of 4.6 percent.
- By 2032, the Asia Pacific region is expected to have the second-largest share of the US$ 3.1 billion in the medical cyclotron market.
- The region is expected to maintain its dominance during the projection period, owing to rising demand for nuclear scans and an increase in the number of cancer patients.
- The market for medical cyclotrons is predicted to increase at a revenue CAGR of 11.6 percent over the forecast period, owing to significant demand in Asia Pacific.
- In Asia Pacific, China leads the medical cyclotron market. With a revenue share of around US$ 3.1 billion by 2032, the country is likely to be the biggest source of revenue.
Competitive Landscape
The medical cyclotron market is fragmented, yet there is a lot of opportunity for enterprises and their components. Some of the key players include Covidien plc, Stryker Corporation, Zimmer Biomet, Depuy Synthes, and Smith and Nephew.
According to PMR's latest analysis on the medical cyclotron market, the market has a wide range of interests as cutting-edge technology increases, allowing important competitors to compete.
Key players in the global medical cyclotron market are active in regulatory approvals, the launch of technologically sophisticated items, acquisitions, and collaboration agreements with other companies.
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Recent Developments in Medical Cyclotron Market
In September 2019, IBA signed a contract with iThemba Laboratory for Accelerator Based Sciences (iThemba LABS), an official scientific organization of the National Research Foundation (NRF) of South Africa, to build a Cyclone 70 system in Cape Town, South Africa.
The Korea Institute of Radiological & Medical Sciences (KIRAMS) received a cyclotron with a full PET radiopharmacy suite from GE Healthcare Korea in July 2018, making it the world's 400th GE cyclotron production plant.
In August 2020, Siemens Health, based in Germany, announced its plan to purchase Varian Medical Systems Inc., a manufacturer of cancer treatment equipment and software based in the United States. As part of the arrangement, Siemens Health expects to buy all of Varian's shares, increasing the total value of the transaction to US$ 16.4 billion.
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