The medical cyclotron market has witnessed significant growth in recent years due to the increasing incidence of cancer and cardiovascular diseases. Medical cyclotrons are compact particle accelerators that are used to produce radioactive isotopes for positron emission tomography (PET) imaging procedures and therapeutic purposes. The advantages of medical cyclotrons include widespread utility for both diagnostic and therapeutic applications such as cancer diagnostics and treatment. Cyclotrons help produce clinically relevant radioactive isotopes such as 18F, 13N, and 15O which are injected into the patient's body to create images that reveal important biological processes.
The Global Medical Cyclotron Market is estimated to be valued at US$ 212.0 million in 2021 and is expected to exhibit a CAGR of 8.3% over the forecast period 2021 to 2028.
Key Takeaways
Key players operating in the medical cyclotron market are IBA Radiopha, Sumitomo Heavy Industries, and Siemens Healthineers AG.
Medical Cyclotron Market Insights include increasing adoption of integrated cyclotrons, growing approvals for cyclotrons by regulatory bodies, and expanding applications of short-lived positron-emitting radiotracers produced by cyclotrons.
Advancements such as compact cyclotrons with high magnetic fields and energy and automated synthesis modules are enabling production of novel radiotracers for clinical use.
Market drivers
The primary driver boosting the medical cyclotron market is the rising geriatric population who are more prone to developing neurological disorders and cancer. According to the World Health Organization, the global population aged over 60 years is projected to reach 2 billion by 2050. The surging cancer cases worldwide is also fueling demand for cyclotron-produced radiopharmaceuticals used in positron emission tomography (PET) scans for detection, diagnosis, and staging of cancer.
Current challenges in the Medical Cyclotron Market
The medical cyclotron market is facing challenges due to the high cost involved in the installation and maintenance of medical cyclotrons. In addition, the lack of qualified personnel for operating medical cyclotrons is another challenge. Finding an experienced cyclotron engineer is difficult as cyclotron technology requires extensive training. The high energy radiations involved in medical cyclotron also require stringent safety regulations which increase compliance costs. Overall, the capital intensive nature and need for trained manpower are creating barriers for widespread adoption of medical cyclotrons.
SWOT Analysis
Strength: Medical cyclotrons provide cost effective solutions for production of radioisotopes used in diagnosis and treatment. Compact size and on-site production reduce transportation costs of radioisotopes.
Weakness: Higher installation and maintenance costs. Short half-life of produced isotopes requires nearby facility for use.
Opportunity: Increasing demand for molecular imaging and targeted radiotherapy presents growth opportunities. Adoption in emerging countries with improving healthcare infrastructure.
Threats: Strict regulations around installation and radioactive waste disposal increase compliance burden. Threat from alternative technologies for production of medical radioisotopes.
Geographical regions of concentration
North America dominates the medical cyclotron market in terms of value, owing to the large number of PET scanning centres and cyclotron facilities in the region. The United States exhibits high demand for medical cyclotrons due to well-established healthcare infrastructure and increasing adoption of imaging and radiotherapy procedures.
Fastest growing geographical region
The Asia Pacific region is poised to witness the fastest growth in the medical cyclotron market during the forecast period. This can be attributed to improving healthcare infrastructure, rising medical tourism, and growing awareness about diagnostic imaging technologies in emerging countries such as China and India. In addition, initiatives by national governments to provide affordable healthcare will support market expansion.
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