The medical cyclotron market was valued at US$ 180. 00 million in 2019 and is projected to reach US$ 238. 21 million by 2027; it is expected to grow at a CAGR of 3. 6% from 2020 to 2027. Increasing prevalence of cancer and growing inclination toward nuclear scans for accurate diagnosis are the driving the growth of the medical cyclotron market.
New York, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Cyclotron Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type, Capacity, and End User, and Geography" - https://www.reportlinker.com/p06027549/?utm_source=GNW
However, the high cost coupled with the procedures and the lack of expertise may hinder the market growth.
Cyclotron therapy is commonly used to treat various types of cancer.The prevalence of cancer is increasing every year.
According to the World Health Organization (WHO), Cancer is the second-leading cause of death in the world. Further, as per its estimates, in 2018, cancer was a cause of 9.6 million deaths worldwide. It also reported that about one in six deaths in the world occur due to cancer.
Figure 1. Most Prevalent Forms of Cancers in World, 2018
Cancer Global Number of Cases
Lung Cancer 2.09 Millions
Breast Cancer 2.09 Millions
Colorectal Cancer 1.80 Millions
Prostate Cancer 1.28 Millions
Skin Cancer 1.04 Millions
Stomach Cancer 1.03 Millions
Proton beam therapy is used to treat tumors that do not spread in the body and, thus, do not require surgery. brain and spinal cord cancers are prevalent. The procedure is suitable for children as it prevents harm to healthy, growing tissues. Furthermore, it is used to treat eye cancers such as orbital rhabdomyosarcoma and retinoblastoma. Radiotherapy is a scientifically sophisticated way to diagnose and treat cancer. As per the World Nuclear Association data, more than 40 million nuclear medicines are administered annually, with a growth rate of 5% per year. According to the National Cancer Institute, the US government spent US$ 147.3 billion on cancer treatment in 2017. The increase in development of artificial radionuclides, surge in the number of therapies, and rise in prevalence of cancer are driving the global magnetic medical cyclotrons market.
Based on type, the medical cyclotron market is bifurcated into ring cyclotron and azimuthally varying field (AVF).The ring cyclotron segment held a larger share of the market in 2019.
Also, the same segment is estimated to register a higher CAGR of in the market during the forecast period as it is widely used in the proton therapy.
In terms of capacity, the medical cyclotron market is segmented into 10–12 MeV, 16–18 MeV, 19–24 MeV, and 24 MeV and above.In 2019, the 16–18 MeV segment accounted for the largest share.
The demand for medical cyclotron with 16–18 MeV capacity is increasing as it offers maximum capacity and consistent yields.In addition, it utilizes small space and is installed easily and quickly due to its compact size.
Therefore, the market for 16–18 MeV segment is expected to grow during the forecast period.
By end user, the medical cyclotron market is segmented into hospitals, specialized clinics, pharmaceutical companies, and other end users.The hospitals segment held the largest share of the market in 2019.
The same segment is estimated to register the highest CAGR in the market during 2020–2027. Surging installation of medical cyclotron in hospital settings and growing numbers of public and private hospitals would influence the market growth for this segment during the forecast period.
The International Atomic Energy Agency, Korea Institute of Radiological Medical Sciences, European Medicines Agency, and Australian Nuclear Science and Technology Organisation are among the major secondary sources referred to while preparing the report on the medical cyclotron market.
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