(MENAFN- iCrowdNewsWire) May 26, 2020
The global nuclear medicine/radiopharmaceuticals market expected to be US$ 3,982.11 Mn in 2018 and is predicted to grow at a CAGR of 6.2% during the forecast period 2019 - 2027, to reach US$ 6,683.99 Mn by 2027.
Global nuclear medicine/radiopharmaceuticals market, based on the applications, was segmented as, diagnostic applications and therapeutic applications. In 2018, the diagnostic applications segment held a largest market share of 70.6% of the radiopharmaceuticals market, by applications. This segment is also expected to dominate the market in 2027 owing to availability of diagnostic devices and ease offered by these devices for diagnosis of various disorders. Moreover, increasing incidences of cardiac diseases, cancer, and neurological disorders are expected to fuel the demand for better diagnosis of these disorders. Also, nuclear medicine provide better diagnostic information about the functioning of a specific organ, as it uses radiation. Hence, owing to the above statements, this segment is also anticipated to witness the growth at a significant rate during the forecast period, 2019 to 2027.
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The major players operating in the nuclear medicine/radiopharmaceuticals market include Cardinal Health, IBA Worldwide, Curium, GENERAL ELECTRIC, Bayer AG, Positron Corporation, NTP Radioisotopes SOC Ltd, Bracco, Lantheus Medical Imaging Inc., and Advanced Accelerator Applications.
The market has witnessed various organic as well as inorganic developments during recent years in the nuclear medicine/radiopharmaceuticals market. During January 2019, Curium and Progenics entered into a collaboration to develop and commercialize PyL in Europe. This agreement has helped the companies to offer better products to its customers across the globe.
The market for nuclear medicine/radiopharmaceuticals is expected to grow, owing to factors such as rising prevalence of chronic diseases, alpha radioimmunotherapy-based targeted oncology treatment and advancement in imaging technologies using radiopharmaceuticals play vital role in the growth of the radiopharmaceuticals market. However, the restraints such as short shelf-life of radiopharmaceuticals and availability of substitutes of radiopharmaceuticals are likely to impact the growth of the market in the forecast period.
Europe is the second largest geographic market and is expected to be the second most significant revenue contributor throughout the forecast period. The region has witnessed several technological advancements in the field of healthcare by the incorporation of advanced nuclear medicines in order to increase the efficiency of imaging processes in the region. The growth is driven by factors such as the rising prevalence of neurologic disorders such as, Alzheimer's and others along as well as the rising focus by market players in the European countries.
The nuclear imaging uses long lived gamma emitters, which allow blood clearance as the tumor increases its uptake of the conjugate over time, so improving contrast. The nuclear imaging agents allows dose to the tumor and organs to be determined. The high energy gamma rays are emitted from alpha emitters, which also allow dose estimates for organs and tumors. In addition, the rise in the awareness about the alpha radio immunotherapy and availability of the therapies for the cancer treatment procedures are likely to foster the demand for nuclear imaging. Thus, owing to these factors the market for the nuclear medicine/radiopharmaceuticals is likely to propel at a significant rate during the forecast period.
The report segments the global nuclear medicine/radiopharmaceuticals market as follows:
Global Nuclear Medicine/Radiopharmaceuticals Market – By Applications
- Diagnostic Applications
- SPECT (Single-Photon Emission Computed Tomography) Applications
- PET (Positron Emission Tomography) Applications
- Therapeutic Applications
- Thyroid
- Bone Metastasis
- Lymphoma
- Endocrine Tumors
- Other Therapeutic Applications
Global Nuclear Medicine/Radiopharmaceuticals Market – By End User
- Hospitals
- Diagnostic Centers
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