According to a new report published by Allied Market Research, titled, “Malaysia Nuclear Medicines Market by Type, Modality, Application and End User: Opportunity Analysis and Industry Forecast, 2020–2028," the Malaysia Nuclear Medicines 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 2020 to 2028.
Radiopharmaceuticals are the radioactive materials or the radioisotopes that when bound to biological molecules, are able to target specific tissues, organs, or cells within the human body. These radioactive drugs can be used for the diagnosis and increasingly, for the therapy of diseases. A radiopharmaceutical can be observed as an entity built up having radionuclide and a vehicle molecule with high affinity or binding power toward tissue or a specific function of a human organ. Furthermore, it may comprise only the radioisotope itself if it illustrates suitable biological properties.
The Malaysia nuclear medicine/radiopharmaceuticals market is poised to grow at a significant pace, owing to the demand for non-invasive techniques, availability of effective cancer treatment, and ability to observe the functioning of the organ from outside the body. Factors that drive the use of radiopharmaceuticals include change in lifestyle, elevated levels of stress, and their ability to identify various diseases sooner than other diagnostic tests. However, factors such as supply volatility & logistical challenges, stringent regulatory norms, and competition from conventional diagnostic procedures impede the market growth. Furthermore, surge in incidence of cancer & cardiovascular aliments in Malaysia, rising demand for alpha radio immunotherapy-based targeted cancer treatment that is propelling the need for nuclear imaging techniques, and advancements in radiotracers will open new avenues in the radiopharmaceuticals market.
The Malaysia nuclear medicines market is segmented on the basis type, modality, application, and end user. On the basis of type, the market is divided into diagnostics, therapeutics, and biochemistry research.
The diagnostics segment led the market in 2020, and is anticipated to continue this trend throughout the forecast period, owing to surge in incidence of cardiac related ailments and better imaging technique with the help of diagnostic equipment such as SPECT and PET. The increase in number of cancer patients who require early diagnosis for appropriate treatment propel the growth of diagnostics segment.
By modality, the Malaysia nuclear medicine market is segregated into SPECT, PET, beta emitters, alpha emitters, brachytherapy, and others. The SPECT segment is expected to witness considerable market growth during the forecast period, owing to increase in the market for medical diagnosis such as cancer, cardiology, and neurology. Furthermore, getting multiple 2-D and 3-D images that are found by performing SPECT imaging technique helps in receiving better access in visualization and is useful for the physicians.
By application, the Malaysia nuclear medicine market is segregated into oncology, cardiology, thyroid, neurology, and others. The oncology segment is expected to witness substantial market growth during the forecast period, owing to increase in advancements of radio-therapeutics which has propelled the ease in the treatment process of cancerous tumors and surge in the incidences of cancer.
By end user, the Malaysia nuclear medicine market is segregated into hospitals & diagnostics centers and research institutes. The hospitals & diagnostic centers segment is expected to witness significant market growth during the forecast period, owing to increased patient flow in the hospitals and the higher preference toward hospitals and diagnostic centers.
Market players are adopting growth strategies such as product launches, mergers & acquisitions (M&As), and partnerships & collaborations to create sustainable position in the market. For instance, in March 2021, GE Healthcare unveiled StarGuide, a next-generation SPECT/CT system that uses the latest digital technologies to help clinicians improve patient outcomes in bone procedures, cardiology, neurology, oncology, and other medical specialties. The key players operating in the market are 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 Findings Of The Study
- By type, the diagnostics segment was the highest contributor to the market in 2020.
- By modality, the SPECT segment is anticipated to register highest revenue shares during the forecast period.
- By application, the oncology segment is anticipated to gain highest revenue shares in the coming years.
- By end user, hospitals & diagnostic centers segment is anticipated to gain highest revenue