Report : Asia Pacific Medical Cyclotron Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type [Ring Cyclotron and Azimuthally Varying Field (AVF)], Capacity (10-12 MeV, 16-18 MeV, 19-24 MeV, and 24 MeV and Above), and End User (Hospitals, Specialized Clinics, Pharmaceutical Companies, and Others)
At 9.2% CAGR, the Asia Pacific Medical Cyclotron Market is speculated to be worth US$ 72.18 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific medical cyclotron market was valued at US$ 42.62 million in 2022 and is expected to reach US$ 72.18 million by 2028, registering an annual growth rate of 9.2% from 2022 to 2028. The rising availability of technologically advanced diagnostic devices and surge in inclination toward nuclear scans for accurate diagnosis are the critical factors attributed to the market expansion.
The healthcare sector is highly dependent on technologies for various diagnostic and therapeutic applications. Mobile devices, including smartphones and tablets, have begun replacing tracking and recording systems in clinics and health centers. Healthcare IT enhanced the efficiencies of diagnostic processes through reduced diagnostic errors. The demand for these tools is predicted to increase shortly due to the development of Positron Emission Tomography (PET) cyclotrons. The advent of advanced devices with a built-in shield and technical compatibility with PET/SPECT is partly responsible for increasing the acceptance of these devices. PET cyclotrons have a positive effect on the growth of the market. Thus, this positive impact on the medical cyclotron industry is projected to provide opportunities for the market in the future.
On the contrary, high cost of procedures and lack of expertise hurdles the growth of Asia Pacific medical cyclotron market.
Based on type, the Asia Pacific medical cyclotron market is bifurcated into ring cyclotron and azimuthally varying fields (AVF). The ring cyclotron segment held 53.9% market share in 2022, amassing US$ 22.96 million. It is projected to garner US$ 39.95 million by 2028 to expand at 9.7% CAGR during 2022–2028.
Based on capacity, the Asia Pacific medical cyclotron market is segmented into 10-12 MeV, 16-18 MeV, 19-24 MeV, and 24 MeV and above. With 42.0% share of the domain, the 16-18 MeV segment dominated the market in 2022. It accrued US$ 17.90 million in 2022 and is estimated to generate US$ 31.18 million by 2028 to grow at a CAGR of 9.7% over the forecast period.
Based on end user, the Asia Pacific medical cyclotron market is categorized into hospitals, specialized clinics, pharmaceutical companies, and others. With 40.0% share of the domain, the hospitals segment dominated the market in 2022. It accrued US$ 17.03 million in 2022 and is estimated to generate US$ 29.61 million by 2028 to grow at a CAGR of 9.7% over the forecast period.
Based on country the Asia Pacific medical cyclotron market is fragmented into China, Japan, India, South Korea, Australia, and rest of Asia Pacific. Our regional analysis states that China captured 34.4% market share in 2022. It was assessed at US$ 14.66 million in 2022 and is likely to hit US$ 25.85 million by 2028, exhibiting a CAGR of 9.9% during the forecast period.
Key players dominating the Asia Pacific medical cyclotron market are Advanced Cyclotron Systems; Best ABT Molecular Imaging, Inc; Best Cyclotron Systems, Inc.; General Electric Company; IBA; Ionetix Corporation; isoSolution Inc.; Siemens AG; and Sumitomo Heavy Industries, Ltd among others.
- In Aug 2020, IBA is the world leader in cancer diagnostic systems and the recipient of a contract to install a Cyclone 70 system at the Institute for Basic Science in Daejeon, South Korea. The project will cost between USD 13 and USD 16 million, all of which will be financed through IBA.