Medical Cyclotron Market Size, Share & Trends Analysis Report by Product (10-12 MeV, 16-18 MeV, 19-24 MeV, 24 MeV & Above), By Region (North America, Europe, APAC, LATAM, MEA), and Segment Forecasts, 2018 - 2025

Report Overview

The global medical cyclotron market size was valued at USD 118.2 million in 2016. It is anticipated to expand at a CAGR of 10.9 % over the forecast period. Increasing prevalence of cancer, growing inclination towards nuclear scans for accurate diagnosis, cost advantage as compared to outsourced radioactive tracers, and availability of technologically advanced diagnostic devices are among key trends triggering the market growth.

Radiotherapy is one of the technologically advanced methods used in the diagnosis and treatment of cancerous cells. According to the World Nuclear Association, about 40 million procedures are carried out each year globally with nuclear medicines, with an annual growth of 5% per annum.

It is estimated that in developed economies, one in fifty patients use nuclear medicines for diagnosis each year and one-tenth of this population is treated with radioisotopes. Hence, the number of patients using nuclear diagnostics is expected to increase soon owing to their accuracy, which in turn will provide a significant push to the market.

A growing number of PET cyclotrons and the closing of nuclear reactors such as the Tomari nuclear plant in Japan are projected to augment the market. The introduction of upgraded devices with a built-in shield and technological compatibility with PET & SPECT devices is responsible for an increase in the acceptability of these devices. The rising acceptability of cyclotrons is poised to escalate the growth of the market.

Product Insights

Based on product, the market has been segmented into 10-12 MeV, 16-18 MeV, 19 -24 MeV, and 24 MeV and above. Cyclotrons in the range of 16 to 18 MeV dominated the market and accounted for more than 55.0% of the overall market revenue in 2016. The growth of the segment can be attributed to the soaring demand for nuclear scans, the increasing prevalence of cancer, and raising cancer awareness. Cyclotrons ranging from 10-12 MeV also command a substantial share in the market. Their prominence can be attributed to their use in hospitals and diagnostic centers for nuclear scans.

Cyclotrons in the range of 10 to 12 MeV are smaller in size as compared to other particle accelerators. They are available as shielded & unshielded, thus providing a wide range of options for healthcare professionals. These devices are equipped with dual-particle capability based on dual-target irradiations such as proton beam current of 60 μA to 130 μA and deuteron beam current of 60 μA. The Asia Pacific has the highest number of cyclotrons in the range of 16-18 MeV, owing to its higher demand in hospitals and diagnostic centers for nuclear scans.

Cyclotrons ranging from 19 to 24 MeV are cost-effective solutions for the production of SPECT & PET radioisotopes used for medical purposes and in research institutions. These accelerators are medium-energy and high-current accelerators used to produce commercial quantities of SPECT isotopes, for instance, Ga-67, Ge-68, I-123, In-111, as well as other traditional PET isotopes. Cyclotrons in the range of 19-24MeV are more suitable for various research, diagnostic, and treatment needs of customers. The 19 to 24 MeV segment is likely to witness the highest CAGR in terms of revenue from 2017 to 2025.

Growing acceptance for PET-associated medical accelerators for the treatment and diagnosis of cancer is anticipated to promote the demand for medical cyclotrons. With an upswing in cancer awareness, the number of nuclear scans is also increasing. Increasing demand for nuclear scans and an increase in cancer awareness are estimated to drive the global medical cyclotron market.

Regional Insights

The Asia Pacific accounted for the highest share of the market in 2016. The region is expected to maintain its dominance throughout the forecast period, owing to spiraling demand for nuclear scans and the widening base of cancer patients. Besides this, increasing investments in healthcare infrastructure, the shutdown of nuclear reactors, and the growing demand for cost-effective options are contributing to the growth of the regional market.

As of 2016, Japan was at the forefront of the APAC market. The country will continue to be the leading revenue contributor with a share of about 77.0% by 2025. Due to the easy availability of radioactive tracers, the number of nuclear scans is projected to increase in this region during the forecast period.

In 2012, Japan closed its last nuclear reactor at the Tomari nuclear plant. This nuclear plant was the source of radioactive isotopes used as radioactive tracers in medical diagnoses. Hence, Japan witnessed the installation of the highest number of new particle accelerators and is poised to install 49 new accelerators by 2025. With the high demand for medical cyclotrons in the Asia Pacific, the market is likely to witness a CAGR of 11.6% in terms of revenue over the forecast period.

The European market is anticipated to exhibit a CAGR of 11.1% over the forecast period. Europe is estimated to hold the second-largest volume share throughout the forecast period. The region will remain a prominent destination for market players owing to the high prevalence of cancer, increasing cancer diagnostic procedures, and rising awareness regarding nuclear scans.

The International Atomic Energy Agency (IAEA) is a regulatory body that authorizes the installation of particle accelerators. IAEA has stringent regulatory guidelines that must be considered while installing these devices in any European country. These well-defined regulatory guidelines help to maintain patient safety around these radioactive devices.

Key Companies & Market Share Insights

The market is dominated by a few key players, such as IBA; GE Healthcare; Siemens Medical Solutions USA, Inc.; Advanced Cyclotron Systems; Sumitomo Heavy Industries, Ltd.; and TeamBest (Best Medical International, Inc.).

The market is oligopolistic, owing to which there is fierce competition among existing players. Manufacturers face high market entry barriers and strict regulatory compliance along with higher setup costs for the manufacturing of these devices. As a result, there are only a few players who account for a larger market share. However, some companies such as TeamBest are developing an innovative product with the capacity of 400 MeV for particle therapy with heavy ions, which are expected to provide a more accurate diagnosis and treatment of cancer.

Medical Cyclotron Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For this study, Grand View Research has segmented the global medical cyclotron market report based on product type and region:

• Product Type Outlook (Revenue, USD Million, Volume Units, 2014 - 2025)

  • Cyclotron 10-12 MeV

  • Cyclotron 16-18 MeV

  • Cyclotron 19-24 MeV

  • Cyclotron 24 MeV & above

• Regional Outlook (Revenue, USD Million, Volume Units, 2014 - 2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • Japan

    • Australia

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa