Report Code: A11515 | Pages: 139 | Jun 2021 | 2763 Views | ||
Author(s) : Ravi T, Stephy K , Onkar S | Tables: 38 | Charts: 50 |
|
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Malaysia Nuclear Medicines Market
Request Now !The Malaysia nuclear medicine market was valued at $33.68 million in 2020, and is projected to reach $70.24 million by 2028, registering a CAGR of 9.86% from 2021 to 2028.Â
As COVID-19 is a communicable disease, there has been a decrease in the number of diagnostic and therapeutic procedures with nuclear medicines, which is anticipated to hinder the growth of the market.
Radiopharmaceuticals are formulations related to pharmaceuticals that include radioactive isotopes used in therapeutics and diagnosis. They are the simplest and among the smallest substances that contain radioactive substance. In addition, these can be used in the treatment of cancer, cardiac ailments & neurological disorders. Applications such as lymphoma and bone metastasis use radiopharmaceuticals, also known as nuclear medicines. F-18, Tc-99, Ga-67, and I-123 are some of the nuclear medicines used in diagnostic procedures, while I-131, Ir192, Y-90, I-125, Lu-177, and Ra-223 are used in therapeutics procedure. In addition, nuclear medicines of modality, SPECT and PET work as a convenient and safer alternative for patients as compared to X-Rays and other external radiation imaging devices. More suitable therapeutic radiopharmaceuticals for oncology and cancer treatment replace the conventional chemotherapy methods to open up new opportunities in the radiopharmaceuticals market.
Surge in the number of cancer cases in the Malaysian country and rise in awareness about nuclear medicine boost the growth of the market. However, convenience of treatment with minimally invasive techniques attracts more patients toward the radiopharmaceuticals mode of treatment as compared to chemotherapy. The factors that drive the radiopharmaceuticals industry include rise in incidence of cardiac patients and adoption of clear imaging techniques such as SPECT and PET in Malaysia, with the help of diagnostic equipment.Â
The factors that hinder the growth of the market include supply shortages, logistical difficulties, stringent regulations related to the use of nuclear medicine, and limited number of trained medical personnel.
The World Health Organization (WHO) on January 30, 2020 declared COVID-19 outbreak a public health emergency of international concern. COVID-19 has affected around 210 countries across the globe.
Nationwide lockdown, government regulations, and continuous increase in infection rate across the country created a widespread financial impact on neurology hospitals and clinics. There are a huge number of hospitals and clinics that have witnessed a drop in number of patient visits amid COVID-19 ultimately reducing client contact. Radiopharmaceuticals can be used for the detection of COVID-19. They have the potential to provide evidence and clarify contradictory concepts in the use of non-steroidal anti-inflammatory drugs for COVID-19 patients which is in the research phase. The resulting outcomes of the radiopharmaceuticals in the diagnosis of the COVID-19 infection are expected to help the market gain traction in the coming years. At the same time, limited availability of healthcare staff across the country is another factor, which has an undesirable effect on the Malaysia nuclear medicines market.
The Malaysia nuclear medicine market is segmented into type, modality, application, and end user. On the basis of type, the market is divided into diagnostics, therapeutics, and biochemistry research. By modality, the market is classified into SPECT, PET, beta emitters, alpha emitters, brachytherapy, and others. Furthermore, SPECT can be categorized into Technetium 99m, Chromium-51, Gallium-67 and others.
PET is further categorized into Fluorine 18, Gallium-68, and others. On the basis of application, the market is fragmented into oncology, cardiology, thyroid, neurology, and others. By end user, the nuclear medicine market is bifurcated into hospitals & diagnostic centers and research institutes.
By type, the diagnostics segment is the major revenue contributor, and is projected to grow at a significant rate during the forecast period. Surge in incidence of cardiac related ailments and better imaging technique with the help of diagnostic equipment such as SPECT and PET propel the market growth. The increase in number of cancer patients who require early diagnosis for appropriate treatment is the key factor that boost the growth of the segment.
By modality, the SPECT segment is the major shareholder in the Malaysia nuclear medicines market, owing to surge in the market for medical diagnosis such as cardiology, cancer, and neurology. In addition, getting multiple 2-D and 3-D images that are found by performing SPECT imaging technique aids in receiving better access in visualization and is useful for the physicians.
By application, the oncology segment is expected to witness substantial market growth during the forecast period, owing to rise in advancements of radio-therapeutics which has propelled the ease in the treatment process of cancerous tumors and rise in the incidences of cancer.
By end user, the hospitals & diagnostic centers segment is expected to witness significant market growth during the forecast period, owing to surge in number of patient flow in the hospitals and the higher preference toward hospitals and diagnostic centers.
The key players profiled in this report include Cardinal Health, Inc., Fujifilm Holdings Corporation (Irvine Scientific Sales Company, Inc.), GE Healthcare, Ion Beam Applications (Ion Beam Applications, SA), Lantheus Holdings, Inc. (Lantheus Medical Imaging, Inc.), MERCK KGAA (Sigma Aldrich), Novartis AG (Advanced Accelerator Applications S.A.), Otsuka Holding Co., Ltd. (ABX advanced biochemical compounds GmbH), Siemens Healthcare GmbH, and Taiyo Nippon Sanso Corporation (Mitsubishi Chemical Holdings Corp).
Key Benefits For Stakeholders
Malaysia Nuclear Medicines Market Report Highlights
Aspects | Details |
---|---|
By Type |
|
By Modality |
|
By Application |
|
By End User |
|
Key Market Players | Siemens Healthcare GmbH, Fujifilm Holdings Corporation (Irvine Scientific Sales Company, Inc.), Novartis AG (Advanced Accelerator Applications S.A.), Otsuka Holding Co., Ltd. (ABX advanced biochemical compounds GmbH), MERCK KGAA (Sigma Aldrich), GE Healthcare, Lantheus Holdings, Inc.(Lantheus Medical Imaging, Inc.), Taiyo Nippon Sanso Corporation (Mitsubishi Chemical Holdings Corp)., Cardinal Health, Inc., Ion Beam Applications (Ion Beam Applications, SA) |
Loading Table Of Content...
Nuclear medicine is amongst the type of radiology that uses minute amounts of radioactive materials to help diagnose the severity of the conditions such as cancer and other cardiac related ailments
Malaysia nuclear medicines are expected to witness a significant rise with increase in research activities. Ever since its inception, this technology has grabbed the interest of several scientists due to its high accuracy and precision over conventional methods such as medical imaging and its wide range of applications across various fields of research. There are remarkable advancements and some major developments in this field. The market in Malaysia is anticipated to grow, owing to growth in incidence of cancer in Malaysia, surge in preference for SPECT and PET scans, surge in the geriatric population, advances in radiotracers, CVDs, and alpha radio immunotherapy-based targeted cancer treatment, and rise in awareness about the effective use of radiopharmaceuticals owing to increase in research activities, outsourcing of research projects and rise in demands for sophisticated health care facilities in Malaysia.
The market in Malaysia is projected to register significant growth rate, owing to presence of large population base suffering from cancer or other cardiac ailments, coupled with rise in prevalence of chronic diseases, growth in awareness about wearable patches, and rise in disposable income.
A. Surge in cancer patients will increase the demand of Malaysia nuclear medicinees, that will drive the market over the near future according to the KOLs.
A. The market has drawn the interest of the healthcare industry, owing to surge in awareness regarding Malaysia nuclear medicine, increase in number of cancer and the patients suffering from cardiovascular diseases.
A. By type, the diagnostics segment holds the maximum market share.
A. By application, cardiology segment holds the maximum market share.
A. Nuclear medicine is a specialized area of radiology that uses smaller amounts of radioactive materials or radiopharmaceuticals that helps in examining the organ's function and its structure, to ensure the change in its functining due to any acute or chronic condition.
A. Malaysia nuclear medicine used for the diagnosis and therapeutics of cancer and cardiac ailments
A. The total value of Malaysia nuclear medicine market was $33.68 million in 2020.
A. The forecast period in the report is from 2020-2028.
A. The market value of nuclear medicine market in 2028 was $70.24 million.
A. The base year calculated in the report is 2020.
Start reading instantly.
This Report and over 53,854+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers