Report : North America 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 8.9% CAGR, the North America Medical Cyclotron Market is speculated to be worth US$ 152.68 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America medical cyclotron market was valued at US$ 91.67 million in 2022 and is expected to reach US$ 152.68 million by 2028, registering an annual growth rate of 8.9% from 2022 to 2028. The growing inclination toward nuclear scans for accurate diagnosis and increasing prevalence of cancer are the critical factors attributed to the market expansion.
Nuclear medicine is a highly specialized area that develops and uses instruments and radiopharmaceuticals to investigate the physiological processes of patients as well as diagnose diseases noninvasively. Nuclear medicines are used to cure diseases, including cancer, heart disease, psychiatric conditions, and gastrointestinal diseases. These medicines can be used to diagnose several disorders that may require surgery, biopsy, or other invasive diagnostic tests. 1 in 5 patients is said to be using nuclear medicines per year, and 1 in 10 are using radioactive sources. The number of patients using nuclear diagnostics is expected to increase soon due to their accuracy, which will significantly push the market. The introduction of advanced devices with a built-in shield and technological compatibility with positron emission tomography (PET) and single-photon emission computerized tomography (SPECT) devices is responsible for an increase in the acceptability of these devices. The rising acceptability of cyclotrons is poised to escalate the market's growth. Moreover, the high prevalence of cardiovascular diseases (CVDs) propels the market for nuclear medicines. Targeted treatments for a particular disease are easy to implement in clinics, and high efficacy and lesser side-effects of the molecular imaging approach are the main advantages of personalized medicines. Among differentiated cancer types, thyroid cancer is one of the most common type that is diagnostic or therapeutic. Molecular imaging plays an important role in the diagnosis and treatment of thyroid cancer as it aids visual representation, classification, and quantification of biological characteristics of cells and tissues in patients; using this methods, healthcare providers can also provide personalized health management. Thus, the results of multimodal nuclear imaging could be used to develop a lesion-based strategy for patients with multiple heterogeneous metastatic lesions.
On the contrary, high cost of procedures and lack of expertise hurdles the growth of North America medical cyclotron market.
Based on type, the North America medical cyclotron market is bifurcated into ring cyclotron and azimuthally varying fields (AVF). The ring cyclotron segment held 55.3% market share in 2022, amassing US$ 50.68 million. It is projected to garner US$ 86.64 million by 2028 to expand at 9.4% CAGR during 2022–2028.
Based on capacity, the North America medical cyclotron market is segmented into 10-12 MeV, 16-18 MeV, 19-24 MeV, and 24 MeV and above. With 40.2% share of the domain, the 16-18 MeV segment dominated the market in 2022. It accrued US$ 36.81 million in 2022 and is estimated to generate US$ 62.89 million by 2028 to grow at a CAGR of 9.3% over the forecast period.
Based on end user, the North America medical cyclotron market is categorized into hospitals, specialized clinics, pharmaceutical companies, and others. With 41.2% share of the domain, the hospitals segment dominated the market in 2022. It accrued US$ 37.77 million in 2022 and is estimated to generate US$ 64.42 million by 2028 to grow at a CAGR of 9.3% over the forecast period.
Based on country the North America medical cyclotron market is fragmented into the US, Canada, and Mexico. Our regional analysis states that US captured 67.3% market share in 2022. It was assessed at US$ 61.67 million in 2022 and is likely to hit US$ 104.88 million by 2028, exhibiting a CAGR of 9.3% during the forecast period.
Key players dominating the North America 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 May 2020, According to filings with the U.S. Securities and Exchange Commission, Ionetix is raising $42,988,663.00 in new funding.
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