The global nuclear medicine/radiopharmaceuticals market is growing significantly due to increasing prevalence of cancer and cardiovascular diseases, and advances in nuclear medicine imaging procedures. High demand of nuclear medicines in emerging economies and potential radiopharmaceuticals in the pipeline create ample opportunities for the nuclear medicine/radiopharmaceuticals market to grow at a considerable rate in the coming years. The advances in neurological applications and development of new products by the companies are supporting to address the demand for cost effectiveness of radiopharmaceuticals. Nuclear medicine imaging procedures are non-invasive and can be used for the treatment of several diseases, such as cancers, cardiovascular diseases, and neurological disorders.
Use of alpha radio immunotherapy for treatment of oncological disorders and use of nuclear medicine or radiopharmaceuticals with conventional diagnostics imaging systems, such as computed tomography (CT) scan and magnetic resonance imaging (MRI) scan, are the major trends in the global nuclear medicine/radiopharmaceuticals market. Nuclear medicine procedures help in diagnosis of a disease with detailed and accurate results in its early stage, i.e. often before symptoms occur. Nuclear medicine tests are pain less and provide information about specific organs with minimum amount of radiation; this in turn helps physicians to treat a wide range of diseases, such as cancer, bone metastasis, and thyroid.
The nuclear medicine/radiopharmaceuticals market is segmented on the basis of type, application, and region. On the basis of type, the nuclear medicine/radiopharmaceuticals market can be segmented as diagnostics and therapeutics. The diagnostics segment leads the nuclear medicine/radiopharmaceuticals market. The diagnostics segment can be further categorized into single-photon emission computed tomography (SPECT) and positron emission tomography (PET). SPECT segment will be leading the nuclear medicine/radiopharmaceutical diagnostics market in the coming years due to its wider availability and less cost. The therapeutics segment can be further categorized into beta emitters, alpha emitters, and brachytherapy isotopes. The beta emitters will be the leading segment in the global nuclear medicine/radiopharmaceutical therapeutics market.
The nuclear medicine/radiopharmaceuticals market can be categorized on the basis of applications as oncology, neurology, cardiology, bone metastasis, thyroid, and others. The oncology segment leads the nuclear medicine/radiopharmaceuticals market due to increasing prevalence of cancer.
Some of the factors driving the growth of nuclear medicine/radiopharmaceuticals market are increasing prevalence of chronic diseases, technological advancements, increasing healthcare expenditure, and increasing demand of radiopharmaceuticals in emerging economies. In addition, rising awareness of radiopharmaceuticals among healthcare providers also fuels growth of the global nuclear medicine/radiopharmaceuticals market. However, stringent regulatory approvals, high cost of devices using radioisotopes, short half-life of radiopharmaceuticals and availability of conventional diagnostics procedures are some of the factors restraining the growth of the nuclear medicine/radiopharmaceuticals market to some extent.
Geographically, North America will be leading the global nuclear medicine/radiopharmaceuticals market in the coming years due to increasing prevalence of cancer, ready availability of radiopharmaceuticals, popularity of nuclear medicine among physicians, and technological advancements. Asia-Pacific is the fastest growing region in the global nuclear medicine/radiopharmaceuticals market. The major reasons for the fastest growth in the region are increasing healthcare expenditure, and rising awareness of radiopharmaceuticals among healthcare providers. Moreover, Japan will be leading the nuclear medicine/radiopharmaceuticals market in Asia-Pacific region in the coming years.
Some of the major players operating in the global nuclear medicine/radiopharmaceuticals market are GE Healthcare, Bayer Healthcare, Cardinal Health Inc., Eczacibasi-Monrol Nuclear Products, Bracco Imaging S.p.A, Nordion Inc., Lantheus Medical Imaging Inc., Advanced Accelerator Applications S.A, Mallinckrodt plc, and IBA Molecular Imaging.
Report Coverage
- Provides comprehensive understanding of the market with the help of informed market outlook, opportunities, challenges, trends, size and growth, competitive analysis, major competitors and Porter analysis
- Identifies the key drivers of growth and challenges of the key industry players. Also, assesses the future impact of the propellants and restraints on the market
- Uncovers potential demands in the market
- Porter analysis identifies competitive forces within the market
- Provides information on the historical and current market size and the future potential of the market
- Provides sizes of key regional markets using yardsticks of processes, segments, products, end user and technology, etc (as applicable)
- Highlights the competitive scenario of the market, major competitors, market share, benchmarking, investments and merger acquisitions
- Provides profiles of major competitors of the market including details of their operations, product and services, recent developments and key financial metrics. Profiles provide better understanding of competition as well as the demands of the market.
