The Global Medical Cyclotron Market, by Product Type (Fixed Energy Cyclotron and Variable Energy Cyclotron (10-30 MeV and 30-70 MeV)), by Application (Diagnostic and Treatment and Research and Development), by End User (Hospitals, Diagnostic Centers, Commercial Radioisotope Manufacturers, and Research and Academic Institutes) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 212.0 million in 2021 and expected to exhibit a CAGR of 8.3% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Rising research and development activities in the field of radiology for the development of cancer therapeutics as well as diagnostics for cancer, cardiovascular diseases, and other diseases are expected to create opportunities for key players in the medical cyclotron market over the forecast period
For instance, in November 2021, the installation of Cyclone 70P manufactured by , a global medical technology company had started at the Institute of Basic Science (IBS), a South Korea-based research institute.
Global Medical Cyclotron Market – COVID-19 Impact (Demand and Supply Chain Analysis)
The coronavirus or COVID-19 outbreak that started from Wuhan, China, has spread across continents, affecting various industries globally. Supply chain and manufacturing activities have been disrupted globally, due to lockdowns implemented by governments, restricted movement, and other COVID-19 safety precautions.
According to the data provided by the International Atomic Energy Agency (IAEA) survey in April 2020, the production of medical radioisotopes continued during the COVID-19 pandemic as facilities involved in medical radioisotopes were considered as an essential service by the government. However, COVID-19 restrictions led to the disruption of transportation and distribution of these medical radioisotopes, thus causing shortages at hospitals. This is expected to hamper the medical cyclotron market during the COVID-19 pandemic.
The same source also stated that radioisotopes such as molybdenum-99, technetium-99m, and others used in the medical industry for the diagnosis and treatment of cancer and other chronic diseases are short lived and produced in a limited number of research reactors. These medical radioisotopes are transported to the end users across the globe mainly via air. However, several airlines either stopped operating or reduced their operating capacity during the COVID-19 pandemic due to which the transportation of medical isotopes became difficult.
Furthermore, the same source stated that challenges faced due to cross-border distribution of medical radioisotopes resulted in reduced operation of the medical radioisotopes production facilities which were functional below their capacity.
Browse 35 Market Data Tables and 30 Figures spread through 167 Pages and in-depth TOC on “Medical Cyclotron Market”- Global Forecast to 2028, by Product Type (Fixed Energy Cyclotron and Variable Energy Cyclotron (10-30 MeV and 30-70 MeV)), by Application (Diagnostic and Treatment and Research and Development), by End User (Hospitals, Diagnostic Centers, Commercial Radioisotope Manufacturers, and Research and Academic Institutes) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the Global Medical Cyclotron Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/operating-tables-and-lights-market-4911
Factors such as increasing strategic collaborations and partnerships by key players to expand their presence are expected to drive the medical cyclotron market growth.
In August 2017, GE Healthcare, a U.S.-based medical imaging company, and ARTMS Products, Inc., a Canada-based radioisotope production technology developer, entered into a strategic partnership to integrate QUANTM99 Irradiation System (ARTMS Products, Inc.) and PETtrace 800 (GE Healthcare) for the production of medical isotopes such as copper-64, technetium-99m, gallium-68, and zirconium-89.
Key Takeaways of the Global Medical Cyclotron Market:
- The global medical cyclotron market is expected to exhibit a CAGR of 8.3% over the forecast period, owing to increasing launches of medical cyclotrons. For instance, on June 10, 2021, , a global medical technology companylaunched its new variable-energy cyclotron, Cyclone IKON. Cyclone IKON helps in the production of Positron emission tomography (PET) ) isotopes such as Iodine-123, Copper-64, etc. which are used in the development of nuclear medicine and diagnosis of cancer.
- Among product type, the fixed energy cyclotron segment is expected to account for the largest market share in 2021, owing to the strong focus of market players on strategic agreements with hospitals for the installation of cyclotron. For instance, in November 2020, IBA Radiopharma Solutions, a Belgium-based medical technology company, announced an agreement with West China Medical Center, a China-based hospital, to install its 18 MeV Cyclone KIUBE fixed energy cyclotron at the latter for the production of PET radiopharmaceuticals.
- Key players operating in the global medical cyclotron market include IBA Radiopharma Solutions, Advanced Cyclotron Systems, Best Cyclotron Systems, Inc., Best ABT Molecular Imaging, Inc., Siemens Healthineers, GE Healthcare, IONETIX Corporation, PMB-ALCEN, Sumitomo Heavy Industries, Ltd., and The Japan Steel Works, Ltd.
