The global cyclotron market size is expected to reach USD 359.8 Million in 2030 and register a revenue CAGR of 5.1% during the forecast period, according to a latest report by Reports and Data. Rapid technological advancements in diagnosis and treatment of cancer is a key factor driving market revenue growth during the forecast period. In addition, increasing investments in research of nuclear medicine is further expected to drive market growth between 2022 and 2030.
Rapid technological advancements in diagnosis and treatment of cancer and increasing investments in research of nuclear medicine are driving growth of the market significantly during the forecast period. Technological innovations have led to numerous breakthroughs in diagnosis and treatment of cancer. Multiple studies have suggested potential of targeted radiation therapy at cellular level to reduce risk of both short term and long term side effects of cancer treatment, while at the same time killing cancerous cells in body. Researchers are currently testing radiopharmaceuticals for various types of cancers such as melanoma, lung cancer, colorectal cancer, and leukemia. Any tumor with a targetable molecule on surface of its cells and a good blood supply is sufficient to deliver drugs and can be treated with radiopharmaceuticals.
In addition, nuclear imaging tests, such as Positron Emission Tomography (PET), use weak radioactive compounds linked to molecules to bind to specific targets on surface of cancer cells, following which specialized cameras enable them to visualize cancer cells and thereby help doctors to measure spread of cancer. This is expected to contribute to revenue growth of the market.
However, stringent regulations on radiopharmaceuticals and stringent regulatory guidelines for installing cyclotron are expected to hamper growth of the market. There has been a significant delay in drug-approval processes by government authorities for radiopharmaceuticals due to stringent regulations on radiopharmaceuticals. In addition, cyclotrons may cause activation of other metals and leave residual radioactivity, therefore research facilities must strictly adhere to regulations of governmentauthorities.
Some Key Highlights in the Report
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For the purpose of this report, Reports and Data has segmented the global cyclotron market based on application, product, and region:
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