Cyclotron Market USD 232.0 Billion in 2022

Global cyclotron market size was USD 232.0 Billion in 2022 and is expected to register a revenue CAGR of 5.1% during the forecast period.

Market revenue growth is primarily driven by factors such as increasing prevalence of cancer, rising demand for radiopharmaceuticals, and rapid technological advancements in diagnosis and treatment of cancer.

Key Pointers

  • The medical segment is expected to account for largest market share over the forecast period.
  • The 16-18 MeV segment accounted for largest revenue share in 2022.
  • The North America market is expected to account for largest revenue share over the forecast period.
  • The Europe market is expected to register a rapid revenue CAGR over the forecast period,
  • The Asia Pacific market is expected to register a steady revenue CAGR over the forecast period in the global market during the forecast period.

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Report Scope of the Cyclotron Market:

   Report Coverage     Details
The market size value in 2022 USD  232.0 Billion
CAGR (2023 – 2032) 5.1%
The Revenue forecast in 2032 USD 359.8 Billion
Quantitative units
  • Revenue in USD Billion
  • CAGR from 2023 to 2032
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

Rate of new cases of cancer is 442.4 per 100,000 men and women per year between 2014 and 2018, hence increasing prevalence of cancer is expected to increase demand for cyclotrons. Prostate, lung, and colorectal cancers account for an estimated 43% of all cancers diagnosed in men in 2020. Rising number of cancer cases is expected to increase demand for diagnosis and treatment for cancer cases. Cyclotrons produce radioisotopes, which can be used for Positron Emission Tomography (PET) scans to investigate tumors, will drive revenue growth of the market during the forecast period.

Cyclotrons accelerate charged particles to very high speed using electromagnetic fields and produce radioisotopes, which are used to produce a type of medical drug called radiopharmaceuticals, used to diagnose and treat cancer. Radiopharmaceuticals are used in diagnostic imaging and radiotherapy and further assists in diagnosis of organs and treatments of pathological conditions such as cancer. Radiopharmaceuticals deliver radiation therapy directly and specifically to cancer cells. Radioactive compound present in radiopharmaceuticals breaks down naturally after targeting cancer cells. This radioactive decay of compound releases energy that irreparably damages DNA of nearby cells resulting in the death of cell. Cancer cells are particularly sensitive to radiation-induced DNA damage. For instance, in 2018, the United States Food and Drug Administration (USFDA) approved lutetium Lu 177-dotatate (Lutathera) for treatment of certain cancerous Neuroendocrine Tumors (NETs) affecting digestive tract. Lutetium Lu 177 dotatate is the first radioactive drug approved to treat these rare cancers.

Rapid technological advancements in diagnosis and treatment of cancer are expected to increase demand for cyclotrons significantly. Major advances made in nuclear medical imaging and rapidly increased use of radioisotopes in medicine are expected to support revenue growth of the market significantly. Radioisotopes used in biomedical procedures, such as diagnostic imaging or treatments, are produced in cyclotrons wherein charged particles are bombarded in an accelerator. Similarly, superconducting cyclotron allows an increase in intensity of proton beam by a significant rate and thereby lowers irradiation time. Additionally, power consumption is reduced by 40% due to incorporation of superconducting magnets, thereby lowering operation costs of proton therapy system. This is expected to contribute to market revenue growth significantly.

Competitive Landscape:

Competitive landscape of the global cyclotron market is moderately consolidated with a few key players operating on global and regional levels. These players are engaged in strategic alliances to expand their respective portfolio and gain a robust footing in the global market. Major players operating in the market include GE Healthcare (General Electric Company), IBA Radiopharma Solutions, Sumitomo Heavy Industries, Ltd., Advanced Cyclotron Systems, Inc., Siemens Healthcare GmbH, BV Cyclotron VU, Varian Medical Systems, Inc., Ionetix Corporation, CNMC Company Inc., and PMB Alcen

Cyclotron Market Segmentations:

  By Application Outlook   By Product Outlook   Regional scope
Medical

Industrial

10-12 MeV

16-18 MeV

19-24 MeV

24 MeV and Above

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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