Report : Europe 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 8.0% CAGR, the Europe Medical Cyclotron Market is speculated to be worth US$ 82.59 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe medical cyclotron market was valued at US$ 52.00 million in 2022 and is expected to reach US$ 82.59 million by 2028, registering an annual growth rate of 8.0% from 2022 to 2028. The rising prevalence of cancer and surge in inclination toward nuclear scans for accurate diagnosis are the critical factors attributed to the market expansion.
Cyclotron therapy is commonly used to treat various types of cancer. The prevalence of cancer is increasing every year. Besides, proton beam therapy is used to treat tumors that do not spread in the body; thus, they do not require surgery. Further, 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 rhabdomyoma sarcoma and retinoblastoma. Radiotherapy is a scientifically sophisticated way to diagnose and treat cancer. The increase in the development of artificial radionuclides, a surge in the number of therapies, and a rise in the prevalence of cancer are driving the growth of medical cyclotrons market.
On the contrary, high cost of procedures and lack of expertise hurdles the growth of Europe medical cyclotron market.
Based on type, the Europe medical cyclotron market is bifurcated into ring cyclotron and azimuthally varying fields (AVF). The ring cyclotron segment held 54.1% market share in 2022, amassing US$ 28.15 million. It is projected to garner US$ 45.90 million by 2028 to expand at 8.5% CAGR during 2022–2028.
Based on capacity, the Europe medical cyclotron market is segmented into 10-12 MeV, 16-18 MeV, 19-24 MeV, and 24 MeV and above. With 42.5% share of the domain, the 16-18 MeV segment dominated the market in 2022. It accrued US$ 22.12 million in 2022 and is estimated to generate US$ 36.10 million by 2028 to grow at a CAGR of 8.5% over the forecast period.
Based on end user, the Europe medical cyclotron market is categorized into hospitals, specialized clinics, pharmaceutical companies, and others. With 40.6% share of the domain, the hospitals segment dominated the market in 2022. It accrued US$ 21.10 million in 2022 and is estimated to generate US$ 34.35 million by 2028 to grow at a CAGR of 8.5% over the forecast period.
Based on country the Europe medical cyclotron market is fragmented into Germany, the UK, France, Italy, Spain, and rest of Europe. Our regional analysis states that Germany captured 27.4% market share in 2022. It was assessed at US$ 14.25 million in 2022 and is likely to hit US$ 23.48 million by 2028, exhibiting a CAGR of 8.7% during the forecast period.
Key players dominating the Europe medical cyclotron market are Advanced Cyclotron Systems; ALCEN; 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, The German health company Siemens Healthineers reported on Aug, 2020 that it will acquire Varian Medical Systems Inc. in an agreement that values the U.S. manufacturer of cancer treatment equipment and software at $16.4 billion.