Malaysia Nuclear Medicines Market

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. 

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. 

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.

Malaysia Nuclear Medicines Market Segmentation  

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.

Segment review 

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

• The study provides an in-depth analysis of the Malaysia nuclear medicines market size along with the current trends and future estimations to elucidate the imminent investment pockets.
• It offers Malaysia nuclear medicines market analysis from 2019 to 2027, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
• A comprehensive analysis of factors that drive and restrain the growth of the Malaysia nuclear medicines market is provided. 
• The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook and Malaysia nuclear medicines market growth.

 Malaysia Nuclear Medicines Market Report Highlights