Rising Cases of Cancer and Increasing Demand for Nuclear Scans to Boost the Market Growth
Lifestyle changes such as smoking and excess consumption of tobacco are the factors resulting in rise in cancer prevalence among majority of the population. According to the International Agency for Research on Cancer (IARC), in 2018, there were about 17 million new cancer cases and 9.5 million deaths due to cancer. Since there is a demand for accurate diagnosis of cancer at an early stage owing to increase in cancer awareness among the people, the demand for medical cyclotron is high. This is anticipated to significantly expand the medical cyclotron market.
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Advancement in Medical Imaging Technologies to Drive the Market Growth
The advancement in healthcare technology all over the world is improving at a fast pace owing to the increasing number of cases of various medical problems. As per the World Nuclear Association, the global radioisotope market was valued at $9.6 billion in 2016 and it is expected to reach about $17 billion by 2021. This results in the inclination towards advanced diagnostic methods like nuclear scans and growing acceptance of PET medical accelerators for the treatment of cancer. On the back of these, the market is predicted to grow over the forecast period.
High Costs and Regulatory Constraints to Hamper the Market Growth
Factors such as high maintenance and operating costs associated with the cyclotron equipment coupled with the strict government regulations to be used in commercial purpose negatively affect the market growth. Also, lack of expertise to operate cyclotrons is estimated to hinder the growth of medical cyclotron market in the future.
Increasing number of cancer patients and wide-scale applications of medical cyclotrons in production of medical isotopes coupled with its increased efficiency in the treatment of cancer are some of the significant factors boosting the market growth. The medical cyclotron market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by energy into 10-12 MeV, 16-18 MeV, 19-24 MeV and 24 MeV. Among these segments, the segment for 16-18 MeV is anticipated to hold the leading share in the market on account of its small size compared to other particle accelerators along with the rise in demand for nuclear scans in hospitals owing to increasing incidence rate of cancer. Further, these cyclotrons are also required in universities and local industrial radionuclide plants. The 19-24 MeV based energy segment, on the other hand, is anticipated to grow at the highest rate in the medical cyclotron market as a result of its wide scale application in production of SPECT and PET radioisotopes used for medical researches. Additionally, they are the most cost-effective and best suited for diagnostic of patients and radio-pharmaceutical commercial plants.
Our in-depth analysis of the medical cyclotron market includes the following segments:
By End User
On the basis of regional analysis, the medical cyclotron market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for medical cyclotron in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market medical cyclotrons. Moreover, soaring demand for nuclear scans owing to rise in cases of cancer and increasing capital investments in healthcare infrastructure further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of increasing demand for cost-effective diagnosis owing to high awareness of cancer related disease among the people. The advancement in healthcare infrastructure like easy availability of radioactive tracers in the region, especially in countries such as China and Japan further raise the demand for medical cyclotron market.
The medical cyclotron market is further classified on the basis of region as follows:
July 2018: GE Healthcare in Korea announced that it has installed its cyclotron with a complete PET radio pharmacy suite at the Korea Institute of Radiological & Medical Sciences (KIRAMS). The installation has made the nuclear medicine institute the world’s 400th cyclotron production facility under the GE brand.
May 2017: Ion Beam Applications S.A. (IBA), a leading organization of the world that provides proton therapy solutions for the treatment of cancer, announced that in the new Apollo Proton Cancer Center in Chennai, India, it has delivered and rigged the C230 cyclotron.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.