Global cyclotron market size was USD 232.0 million in 2021 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.
Rate of new cases of cancer is 442.4 per 100,000 men and women per year between 2013 and 2017, 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.
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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.
Market Dynamics:
Driver: Increasing prevalence of cancer is a key factor driving revenue growth in the market
Increasing prevalence of cancer has led to growing demand for nuclear drugs as well as better imaging techniques, which is expected to increase demand for cyclotrons. Cyclotrons enable researchers to use radioactive materials with minimal chances of exposure by separating them from cyclotron and preparing them to be used in radiopharmaceuticals or experiments. In addition, Positron Emission Tomography (PET) requires positron-emitting radionuclides, which are produced by cyclotrons. Positron-emitting radionuclides emit 511-keV photons that are detectable by PET imagers. The most common radiopharmaceuticals for PET imaging are carbon-11-, nitrogen-13-, and oxygen-15-labeled compounds. Many compounds are either used in normal states or incorporated into other compounds and serve as physiological tracers.
Furthermore, rising demand for medical imaging has led to increasing use of radioisotopes, which has led to development of accelerators with new features that uses targets and separation techniques to produce isotopes. For example, to enable nuclear imaging agents based on peptides, antibodies, and nanoparticles, there is an ongoing development for longer-lived positron-emitting radionuclides. This is expected to contribute significantly to revenue growth of the market during the forecast period.
Restraint: Stringent regulations on radiopharmaceuticals is a key factor restraining revenue growth
Stringent regulations on radiopharmaceuticals have led to delays in process of drug-approval process for radiopharmaceuticals, which should be kept in well-closed containers and stored in an area assigned for the purpose. Storage conditions should be such that, maximum radiation dose rate to which persons may be exposed, is reduced to an acceptable level. Additionally, care should be taken to comply with national regulations for protection against ionizing radiation.
Particles accelerated within a cyclotron may lead to activation of other materials around the target and leave residual radioactivity. Radioactive isotopes produced due to neutron activation have short half-lives but their accumulated activity should be considered while handling shielding materials, particularly components near the target that are likely to get activated to significant levels. For instance, in India compliance with regulatory requirements of Atomic Energy Regulatory Board (AERB) is important to get a permit for establishing a medical cyclotron facility. These factors are expected to hamper market growth significantly.
Key Takeaways
Offering Outlook:
Based on offering, the global cyclotron market has been segmented into medical and industrial. The medical segment is expected to account for largest market share over the forecast period. Rapid development in biomedical engineering has led to commercialization of new products and solutions that have helped in diagnosing and treating life-threatening diseases such as cancer. For instance, medical imaging techniques, such as Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT), use radioisotopes which are produced by cyclotrons. Cyclotrons are different from research reactors as they do not use nuclear materials and are not subject to same radiological safety and security considerations as reactors. Similarly, radioisotopes from cyclotrons are used to develop radiopharmaceuticals. Technetium-99m is a radioisotope used widely in diagnostic nuclear medicine and allows diagnosis of numerous diseases including cancers by attaching itself to specific molecules in body. For instance, technetium-99m-MDP (methylene diphosphonate) is a radiotracer used in nuclear medicine, which is used widely for detection of bone metastasis associated with cancer. This is expected to increase demand for cyclotron and thereby contribute to revenue growth of this segment.
Product Outlook:
Based on product, the global cyclotron market has been segmented into 10-12 MeV, 16-18 MeV, 19-24 MeV, 24 MeV, and above. The 16-18 MeV segment accounted for largest revenue share in 2021. Cyclotrons with proton energy below 20 MeV are referred to as medical cyclotrons. Increasing use of nuclear medicine has led to growing demand for cyclotrons in range of 16-18 MeV, which typically provide proton beam currents in range of 60-100 μA. These cyclotrons are mainly installed in hospitals, universities, and small industrial radionuclide manufacturing facilities and demand for small medical cyclotrons is growing significantly over the last decade. Rapid economic growth in developing countries has led to increasing modernization of healthcare facilities, which has led to growing demand for cyclotrons. Cyclotrons within 16-18 MeV range accelerate protons and deuterons at half of
the specified energy of protons. Short-lived radionuclides are produced for
PET studies and medical radionuclides. This is expected to boost revenue growth of this segment significantly.
Regional Outlook:
Based on regional analysis, the North America market is expected to account for largest revenue share over the forecast period. Rising demand for radiopharmaceuticals and robust presence of key players in countries in the region is expected to drive market revenue growth. In addition, rapid growth of the pharmaceutical industry in the region has led to presence of numerous large private enterprises working towards developing new radiopharmaceutical drugs and better imaging techniques to detect cancers. This is expected to boost revenue growth of the cyclotron market significantly.
The Europe market is expected to register a rapid revenue CAGR over the forecast period, which is attributable to increased investments to boost research and industrial capacity. Numerous research associations and organizations supporting research on nuclear medicine and facilitating better industry-academia collaboration are further expected to drive revenue growth of market. For instance, PRISMA-P is a medical radionuclide program in Europe, which consists of beneficiaries from 13 countries, one European Research Laboratory, and an International Organization. PRISMA-P offers researchers seeking innovative radionuclides of high purity grade for medical application to enable and accelerate early phase research on radiopharmaceuticals, targeted drugs for cancer, theranostics, and personalized medicine single-point entry. Leading associations, such as European Association of Nuclear Medicine (EANM) and International Atomic Energy Agency (IAEA), support the program through expertise. Similarly, for promotion and awareness of nuclear medicine and molecular healthcare in Europe, industrial associations, such as Nuclear Medicine Europe, are working on spreading awareness. Nuclear Medicine Europe works as an interlocutor between European Union and industrial representatives from the field of radiopharmaceuticals, medical equipment, and molecular imaging systems. It further keeps close connection with political and regulatory authorities in Europe as well as with patient associations.
The Asia Pacific market is expected to register a steady revenue CAGR over the forecast period in the global market during the forecast period. Rapid increase in population and rise in geriatric population are expected to contribute to rising incidence of cancer cases in region, which is expected to drive market growth. According to International Agency for Research on Cancer (IARC) by 2040, global burden is expected to increase to 27.5 million new cancer cases and 16.3 million cancer deaths owing to growth and aging of population. In China, the elderly population above 65 years is expected to increase from 166 million in 2018 to 250 million by 2030. China accounted for 24% of newly diagnosed cases and 30% of cancer-related deaths worldwide in 2020. This is expected to increase demand for diagnosis and treatment of cancer and thereby drive revenue growth of the market.
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
- In January 2022, IONETIX Corporation signed a supply agreement for therapeutic radioisotope astatine-211 (211At) with Precision Molecular, Inc. (PMI). A new facility is commissioned by the company in Lansing, Michigan for
purpose of manufacturing and distribution of alpha-emitting radioisotopes,
including 211At . The company is working towards building its commercial supply chain for Astatine-211 in North America that can support drug discovery, development, and commercialization of astatine-211 labeled targeted alpha therapies.
Segments Covered in the report
This report offers historical data and forecasts revenue growth at a global, regional & country-level, and provides analysis of market trends in each of the sub-segments from 2022 to 2030. For the purpose of this report, Reports and Data has segmented the global cyclotron market based on application, product, and region:
Cyclotron Market Report Scope
Segments covered By Application Outlook, Product Outlook, Regional Outlook
By Application Outlook
Medical
Industrial
By Product Outlook
10-12 MeV
16-18 MeV
19-24 MeV
24 MeV and Above
Regional scope
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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