Nuclear Medicine Market Overview:
Global Nuclear Medicine Market is expected to garner $8,207.5 million by 2022. The market is currently in its growth stage driven by increasing number of cancer cases and rising awareness about nuclear medicine. Radiopharmaceuticals are pharmaceutical formulations comprising radioactive isotopes that are used in diagnosis and therapeutics. They are simple and small substances that contain a radioactive substance that is used in the treatment of cancer and cardiac & neurological disorders.
The conventional chemotherapy methods are being replaced by more convenient therapeutic radiopharmaceuticals for oncology and cancer treatment, which opens up new avenues in the radiopharmaceuticals market. Moreover, it not only helps physicians during diagnosis, but also works as a convenient and safer alternative for patients as compared to X-Rays and other external radiation imaging devices. Radiopharmaceuticals, also known as nuclear medicines, are used in applications such as lymphoma and bone metastasis. F-18, Tc-99, Ga-67, and I-123 are some of the nuclear medicines used in diagnostic procedures, while I-131, Ir-192, Y-90, I-125, Lu-177, and Ra-223 are used in therapeutics procedures.
Convenience of the treatment with minimally invasive techniques attracts more patients towards radiopharmaceuticals mode of treatment as compared to chemotherapy. The factors that drive the Radiopharmaceuticals Industry include increasing incidence of cardiac patients and adoption of clear imaging technique, with the help of diagnostic equipment such as PET and SPECT. The factors that restrain the growth of the market include supply shortages, logistical difficulties, and limited number of trained medical personnel.
The report segments the radiopharmaceuticals industry on the basis of type, modality, application, end user, and geography. On the basis of type, the market is segmented into diagnostic, therapeutic, and research. Based on modality, the nuclear medicine market is segregated into SPECT, PET, alpha emitters, beta emitters, and brachytherapy. According to application, the market is classified into oncology, cardiology, neurology, thyroid, and others. The geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the highest revenue generating region accounting for about 35.1% of the total market and is projected to grow at a high CAGR of 8.4% during the forecast period.
Comprehensive competitive analysis and profiles of major market players such as Mallinckrodt plc., General Electric Co. (healthcare division), Medtronic, Inc., Bayer AG, Cardinal Health, Inc., Lantheus Medical Imaging, Inc., and IBA Group is also provided in this report.
.jpg)
Neuclear Medicine Market Key Benefit
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global nuclear medicine market.
- This report includes a detailed quantitative analysis of the current market and estimations from 2014 to 2022, which contribute in identifying the key market opportunities for growth.
- Exhaustive analysis of the global radiopharmaceuticals market by type helps in understanding the types of radiopharmaceuticals that are currently being used along with the variants that would gain prominence in the future.
- Competitive intelligence (of leading manufacturers of radiopharmaceuticals) helps in understanding the competitive scenario across the geographies.
- Key market players within the radiopharmaceuticals market are profiled in this report and their strategies are analyzed thoroughly. This helps in understanding the competitive outlook of the global nuclear medicine market.
Neuclear Medicine/ Radiopahrmaceuticals Market Key Segments:
By Type
- Diagnostic
- Therapeutic
By Modality
- SPECT
- PET
- Alpha-emitters
- Beta-emitters
- Brachytherapy
By Application
- Oncology
- Cardiology
- Neurology
- Thyroid
- Others
By Procedures
- Oncology
- Cardiovascular
- Central Nervous System
- Endocrine
- Skeletal
- Gastrointestinal
- Genito-urinary
- Pulmonary
- PET & PET-CT
- Therapeutic
- Others
By End-user
- Hospitals and diagnostic centers
- Research institutes
By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- Belarus
- Czech Republic
- Greece
- Hungary
- Rest of Europe
- Asia-Pacific
- China
- India
- Korea
- Pakistan
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- South Africa
- Rest of LAMEA
- North America
Nuclear Medicine Market Report Highlights
| Aspects | Details |
 By Type |
|
 By MODALITY |
|
 By APPLICATION |
|
 By END-USER |
|
 By GEOGRAPHY |
|
 Key Market Players | Mallinckrodt plc., Lantheus Medical Imaging, Inc., General Electric Co., Cardinal Health, Inc., IBA Group, NTP Radioisotopes SOC Ltd., Bracco Imaging S.p.A, Bayer AG, Medtronic, plc. (Covidien, acquired by Medtronic), Advanced Accelerator Applications S.A. |
Analyst Review
Radiopharmaceuticals is a medical specialty that uses specific radiotracers, and have emerged as an efficient imaging technology in the field of nuclear medicine. The non-invasive nature of radiopharmaceuticals has quickened the diagnosis of various diseases such as cardiovascular diseases, neurological disorders, and cancers. Nowadays, therapeutic radiopharmaceuticals are preferred to conventional therapeutic modalities, such as chemotherapy, in the field of oncology for treating cancers. Radiopharmaceuticals are mostly used in diagnostic applications due to advancements in the field such as hybrid imaging technologies using PET/CT and SPECT/CT.
Convenient therapeutic radiopharmaceuticals procedures have a higher capability of mapping physiological functions and metabolic activities and providing specific information about organ function and dysfunction as compared to conventional imaging modalities such as magnetic resonance imaging (MRI), computed tomography (CT), and ultrasonography (US) among others. Furthermore, increase in incidence of cancer & cardiovascular aliments, growing demand for alpha radio immunotherapy-based targeted cancer treatment, need for nuclear imaging techniques, and advancements in radiotracers have opened new avenues for radiopharmaceutical manufactures.
The SPECT and PET radiopharmaceuticals modality are widely used at hospitals and diagnostics centers adopting novel methods of radiolabeling with advanced targeting specificity and better therapeutic efficacy. Therefore, the use of SPECT and PET scans facilitates early and accurate diagnosis of complex diseases such as cancer. Increased usage of SPECT and PET scans in turn fosters the demand for radiopharmaceuticals across varied applications such as cancer, cardiac diseases, neurological diseases, and renal & respiratory diseases, among others. The steady progress in the field of nuclear medicine is expected to continue in the near future, which would eventually help in improving the medical diagnostic sector.
Positron emission tomography (PET) scans are widely used in the medical sector, as they provide better quality images and higher precision diagnosis. The other reasons attributed to the high demand for PET scans include upsurge in R&D activities, especially in developing economies, and wide scope of radiopharmaceutical applications such as thyroid, oncology, and bone pain palliation. The radiopharmaceutical market is dominated by Asia-Pacific region followed by Europe and North America. However, Asia-Pacific region is growing at fastest pace during the study period due to large pool of targeted diseases with unmet medical demands in China and India. The Asia-Pacific radiopharmaceuticals market would offer lucrative growth opportunities to the market players due to improvement in healthcare infrastructure, high disposable incomes, and increasing government initiatives to promote early diagnosis of diseases.
Increasing number of cancer cases and rising awareness about nuclear medicine
The forcast period for Nuclear Medicine Market is 2022 to 2030 (On Demand)
Asia-Pacific would be the highest revenue generating region
North America, Europe, Asia-Pacific, ROW
The base year is 2022 in Nuclear Medicine Market
Mallinckrodt plc., General Electric Co. (healthcare division), Medtronic, Inc., Bayer AG, Cardinal Health, Inc., Lantheus Medical Imaging, Inc., and IBA Group
Loading Table Of Content...
