Cyclotron Market (Application: Medical and Industrial; and Product: Cyclotron 5-12 MeV, Cyclotron 16-18 MeV, Cyclotron 19-24 MeV, and Cyclotron 24 MeV & Above) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Cyclotron Technology Determines Frequency of COVID-19 Pathogen for Antiviral Drug Development
The cyclotron technology is being used to calculate the frequency of the novel coronavirus (COVID-19), which is estimated to range from ~30 KHz to ~500 KHz. In order to develop antiviral drugs, companies in the cyclotron market are participating in research activities to minimize the extent of negative ramifications caused by the virus. They are increasing focus in genome sequencing to come up with treatments for COVID-19. Companies in the cyclotron market are using low-frequency magnetic fields (LFMF) in multidisciplinary research to find treatments that help to combat the powerful pathogen.
Rapid morbidity and mortality is being associated with the COVID-19 outbreak. This has accelerated R&D activities in healthcare organizations. Thus, the cyclotron technology is one of the important aspects of research activities, as scientists are innovating in antiviral drugs and vaccines for the novel infection.
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Advanced Imaging Techniques Solve Complex Health Issues of Alzheimer’s and Cancer
Radiopharmaceuticals are being used to improve the diagnosis and treatment of diseases such as cancer, Alzheimer’s, multiple sclerosis, and Parkinson’s. Scientists are tagging specific biomolecules with radioisotopes to track the processes of these radiopharmaceuticals in specific organs based on how the tagged molecules are being absorbed. Thus, companies in the cyclotron market should collaborate with such scientists to advance in the treatments for cancer and Alzheimer’s. This trend is anticipated to grow since students and faculty members in universities are increasing the availability of solutions to complex health problems. Moreover, health professionals are acquiring training in advanced imaging and treatment protocols.
On the other hand, companies in the cyclotron market are increasing their research in areas of physics, which is associated with the production of new radioisotopes in order to design more sensitive radiation detectors.
Modification of Magnetic Fields Helps in Diagnosis of Cancer
The photon therapy holds promising potentials in the treatment of cancer. However, this branch of cyclotron technology has its drawbacks, which explains why the global cyclotron market is estimated to register a sluggish CAGR of ~3% throughout the assessment period. It has been found that the speed of the accelerating particle cannot be increased after a certain limit. Thus, to overcome this issue, companies in the cyclotron market are modifying the magnetic field to appropriately shape the poles of a magnet in a cyclotron.
Researchers in the market for cyclotron are tapping into incremental opportunities in the field of animal and human health imaging and research. For instance, the Sylvia Fedoruk Canadian Centre for Nuclear Innovation based in Canada is increasing its focus in crop/plant imaging and research activities. Cyclotrons are being highly publicized for the development of new compounds called radiopharmaceuticals that help in the detection of cancer.
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Commercial Unavailability of Tracers Leads to Development of Custom Radiopharmaceutical for Patients
The cyclotron market is expected to grow from a revenue of US$ 215.5 Mn in 2019 and reach US$ 304 Mn by the end of 2030. This can be ascribed to manufacturers increasing their production capabilities to produce custom radiopharmaceuticals that are being used in medical and research applications. The Cyclotron and Radiopharmaceutical Core is a cGMP-compliant facility in the Houston Methodist Hospital, which caters to the production of clinical grade and rare custom radiopharmaceuticals for medical applications. Companies in the cyclotron market are taking cues from such facilities to operate within the GE PETrace cyclotron that produces tracers for position emission tomography (PET) scans.
GE PETrace cyclotrons are being used to develop clinical grade tracers with half-lives ranging from a few minutes to up to a few hours. Since these tracers are not readily available, manufacturers are capitalizing on this opportunity to develop custom radiopharmaceuticals.
Lightweight Cyclotron Systems Being Integrated with Helium-free Magnets for Radiopharmaceutical Production
One of the oldest particle accelerators housed at the Panjab University, India, is gaining popularity for its contribution toward the development of nuclear medicines. Hence, companies in the cyclotron market in India are increasing their research in nuclear physics to develop nuclear medicines. On the other hand, there is an increasing demand for radiopharmaceuticals used in molecular imaging applications. For instance, PMB-Alcen— a provider of high-technology assemblies and systems for medical and research industries, is increasing its product portfolio to develop compact and lightweight 12 MeV cyclotron for PET radiopharmaceutical production.
High performance and reliability are preferred for the production of PET radiopharmaceutical. Companies in the cyclotron market are increasing efforts to make technological improvements in systems that use helium-free superconducting magnets. They are increasing efforts to install lightweight cyclotrons in facilities to boost the production of radiopharmaceuticals.
Nuclear Waste Management Creates Business Opportunities for Companies
Automated technologies are bolstering the credibility of companies in the cyclotron market. These easy-to-use and easy-to-install attributes of lightweight cyclotrons are being highly publicized for radiopharmaceuticals production. Automated operations are facilitating an intuitive and user-friendly interface for users. This trend has led to the demand for skilled and trained professionals for radiopharmaceuticals production. Moreover, automated operations are associated with easy and quick maintenance of cyclotrons.
Companies are unlocking value-grab opportunities in nuclear waste management applications. In order to achieve this, companies are developing high-power cyclotrons. Since accelerator-driven systems (ADS) are associated with serious long-term radiological risks, companies are capitalizing on this opportunity to develop high-power cyclotrons for nuclear waste management. They are combining their accelerator expertise and new ideas in nuclear science to innovate in nuclear waste management applications. Companies are increasing efforts to introduce automated processes in nuclear waste management.
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The unprecedented demand for antiviral drugs has led to increase in research activities with the help of cyclotrons to determine the frequency of COVID-19 pathogens. However, cyclotrons are associated with the generation of high levels of radiation that can cause health problems in scientists and researchers. Hence, companies in the cyclotron market should invest in robust radioisotope laboratories that enable researchers to work safely with radioactive materials. As such, automated procedures are taking the forefront in the radiopharmaceutical production. These radiopharmaceuticals hold promising potentials to improve the diagnosis of cancer, Parkinson’s, and multiple sclerosis. In addition, companies are leveraging business opportunities in nuclear waste management applications.
Cyclotron Market: Overview
- According to Transparency Market Research’s latest market report on the global cyclotron market for the historical period 2018–2019 and forecast period 2020–2030, increase in per-capita healthcare expenditure; rise in nuclear imaging and healthcare infrastructure, such as cardiac & oncology institute & hospitals; and rapid urbanization in developing countries, such as in Asia, is expected to increase the influx of emigrant population that requires sufficient healthcare services to cater to the unmet medical needs, are anticipated to drive the global cyclotron market
- According to the report, the global cyclotron market was valued at US$ 215.5 Mn in 2019. It is projected to expand at a CAGR of ~3% from 2020 to 2030.
Increase in Purchasing Power of Hospitals and Technological Advancements: Key Drivers in Cyclotron Market
- Increase in prevalence of cancer and rise in demand for nuclear scans for precise diagnosis are key factors driving the market. Additionally, cost advantage over outsourced radioactive tracers and accessibility of technologically advanced diagnostic devices, such as positron emission tomography scan (PET/CT), and a single-photon emission computerized tomography (SPECT) are playing a crucial role in propelling the market.
- Radionuclide medicine is primarily utilized in hospitals, owing to high usage of cyclotron radioisotopes in treatment. According to the World Nuclear Association, 95% of radioisotopes in the form of nuclear medicine are utilized by hospitals. The trend of development of radioisotopes has come into existence due to the introduction of SPECT and PET systems for cancer diagnosis and imaging techniques. Introduction of PET systems and increase in installation of cyclotrons, regionally, have driven the production of photon emitting radioisotopes (radiopharmaceutical), which, in turn, fuels the global cyclotron market. Moreover, availability of cyclotrons producing FDG is limited to few healthcare facilities, leading to restricted patient volume across healthcare facilities with no cyclotron.
Major Shift from Reactor to Cyclotron-based Production of Radioisotopes
- The field of nuclear medicine is dominated by applications related to positron emission tomography (PET) and single-photon emission computerized tomography (SPECT). Increase in applications of PET technology in oncology, cardiac, and neurological disorders is anticipated to drive the cyclotron market. Tracer production and PET/CT go hand-in-hand. The relatively short half-lives of PET radioisotopes make it a race against the clock to produce a radioactive isotope, synthesize it into a radiopharmaceutical, and bring it to the patient. Access to a cyclotron is necessary to search of true discovery with PET, and yet cyclotrons are considered highly difficult and sophisticated part of a PET installation.
Stringent Regulatory Guidelines to Hamper Cyclotron Market
- Production, storage, and usage of radioisotopes require proper precautions, as radioisotopes generate radiation that can affect the mass population and the environment. Approval from the Food and Drug Administration and Medicines and Healthcare Products Regulatory Agency is mandatory for any usage, storage, or production of radioisotopes.
- According to the Nuclear Regulatory Commission, approximately 6,000 licenses are maintained for the use of radioactive materials; violation of agreement leads to enforcement actions, including loss of license
Cyclotron Market: Competition Landscape
- This report profiles major players in the global cyclotron market based on various attributes such as company overview, cyclotron cost analysis, pricing analysis, service cost analysis, financial overview, product portfolio, business strategies, and recent developments in cyclotron market
- The global cyclotron market is highly consolidated with the presence of a small number of players
- GE Healthcare, Siemens Healthineers, IBA Radiopharma Solutions, and Sumitomo accounted for a majority market share and were Tier 1 players in the global market in 2019. These companies dominated the market due to
- diversified product portfolios
- extensive geographic presence
- acquisition strategies. Scanditronix
- ABT Molecular Imaging, Inc.,
- Advanced Cyclotron Systems
- PMB Alcen
- Thomson CSF accounted for a relatively minor share of the cyclotron market.
Cyclotron Market: Key Developments
- Key players in the global cyclotron market are engaged in regulatory approvals, introduction of technologically advanced products, acquisitions, and collaborative agreements with other companies. Major developments by key players are likely to fuel the global cyclotron market. A few expansion strategies adopted by players operating in the cyclotron market are:
- In September 2019, IBA signed a contract with iThemba Laboratory for Accelerator Based Sciences (iThemba LABS), an official research facility of the National Research Foundation (NRF) of South Africa, to install a Cyclone 70 system in Cape Town, South Africa
- In July 2018, GE Healthcare Korea installed its cyclotron with a complete PET radiopharmacy suite at the Korea Institute of Radiological & Medical Sciences (KIRAMS), making the nuclear medicine institute the world’s 400th cyclotron production facility under the GE brand
- The report on the global cyclotron market discussed individual strategies, followed by company profiles of manufacturers of cyclotron products. The competition landscape section has been included in the cyclotron market report to provide readers with a dashboard view and a company market share analysis of key players operating in the global cyclotron market.
Cyclotron Market – Scope of the Report
TMR’s report on the global cyclotron market studies past as well as current growth trends and opportunities to gain valuable insights of the same indicators for the market during the forecast period from 2020 to 2030. The report provides revenue of the global cyclotron market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global cyclotron market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involves bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involves referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global cyclotron market.
Secondary research also includes Internet applications, statistical data from government agencies, websites, companies’ presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global cyclotron market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on changing competitive dynamics in the global cyclotron market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global cyclotron market.
The report delves into the competition landscape of the global cyclotron market. Key players operating in the global cyclotron market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global cyclotron market that have been profiled in this report.
Key Questions Answered in Cyclotron Market Report
- What is the scope of growth of products in the cyclotron market?
- What will be the Y-o-Y growth of the cyclotron market between 2020 and 2030?
- What is the influence of changing trends in nuclear medicine & PET/CT on the global cyclotron market?
- Will North America continue to remain the most profitable regional market for cyclotron providers?
- Which factors are anticipated to impede the growth of the global cyclotron market during the forecast period?
- Which are the leading companies in the global cyclotron market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global cyclotron market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global cyclotron market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers who contributed to the production of TMR’s study on the cyclotron market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the cyclotron market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global cyclotron market with accuracy. The study also uses the top-down approach to assess the revenue for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global cyclotron market more reliably and accurately.
Cyclotron Market – Segmentation