Report : South & Central 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 7.8% CAGR, the South & Central America Medical Cyclotron Market is speculated to be worth US$ 15.79 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America medical cyclotron market was valued at US$ 10.07 million in 2022 and is expected to reach US$ 15.79 million by 2028, registering an annual growth rate of 7.8% from 2022 to 2028. The rise in acceptance for particle accelerators and rising availability of technologically advanced diagnostic devices are the critical factors attributed to the market expansion.
The increasing acceptance of medical accelerators for cancer treatment and diagnosis is emerging as a prominent trend in the medical cyclotron market. With the mounting awareness related to cancer prevention, the number of radiation scans is also on the rise. The escalating demand for nuclear scans from 2022 to 2021 drove the medical cyclotron market growth. The demand for nuclear scans is due to the increasing incidences and prevalence of cancer, heart disease, gastrointestinal, endocrine, and neurological disorders. Such diseases are diagnosed in comparatively early stages by nuclear imaging equipment and other equipment. Strong radio waves are guided into specially shaped metal tubes called resonators in conventional particle accelerators. To bring particles to high energy levels, many resonators have to be connected in series, which makes today's accelerators, in many cases, kilometers long. This is the reason why experts are eagerly working on an alternative: plasma accelerators. In May 2021, an international research group made significant progress in further developing compact plasma accelerators, considered a promising technology for the future. Furthermore, with two complementary experiments, the team combined two different plasma technologies for the first time and built a novel hybrid accelerator. The concept could advance accelerator development and, in the long term, become the basis of highly brilliant X-ray sources for research and medicine. With this escalating demand, these innovations are likely to make rapid progress in the medical diagnostics industry. Furthermore, the demand for medical cyclotrons is expected to rise in the future.
On the contrary, high cost of procedures and lack of expertise hurdles the growth of South & Central America medical cyclotron market.
Based on type, the South & Central America medical cyclotron market is bifurcated into ring cyclotron and azimuthally varying fields (AVF). The ring cyclotron segment held 54.2% market share in 2022, amassing US$ 5.46 million. It is projected to garner US$ 8.80 million by 2028 to expand at 8.3% CAGR during 2022–2028.
Based on capacity, the South & Central America medical cyclotron market is segmented into 10-12 MeV, 16-18 MeV, 19-24 MeV, and 24 MeV and above. With 40.6% share of the domain, the 16-18 MeV segment dominated the market in 2022. It accrued US$ 4.09 million in 2022 and is estimated to generate US$ 6.59 million by 2028 to grow at a CAGR of 8.3% over the forecast period.
Based on end user, the South & Central America medical cyclotron market is categorized into hospitals, specialized clinics, pharmaceutical companies, and others. With 42.0% share of the domain, the hospitals segment dominated the market in 2022. It accrued US$ 4.23 million in 2022 and is estimated to generate US$ 6.80 million by 2028 to grow at a CAGR of 8.2% over the forecast period.
Based on country the South & Central America medical cyclotron market is fragmented into Brazil, Argentina, and rest of South & Central America. Our regional analysis states that Brazil captured 45.7% market share in 2022. It was assessed at US$ 4.60 million in 2022 and is likely to hit US$ 7.43 million by 2028, exhibiting a CAGR of 8.3% during the forecast period.
Key players dominating the South & Central America medical cyclotron market are Advanced Cyclotron Systems; Best ABT Molecular Imaging, Inc; General Electric Company; Ionetix Corporation; isoSolution Inc.; Siemens AG; and Sumitomo Heavy Industries, Ltd among others.
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