Medical Cyclotron Market Trends

Growth Drivers

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. 

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. 

Challenges

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.