Asia-Pacific Nuclear Medicine Market - Segmented by Diagnostics, Therapeutics, Application, and Geography - Growth, Trends and Forecast (2018 - 2023)
The Asia-Pacific nuclear medicine market has been estimated to register a CAGR of 10% during the forecast period, 2018 to 2023. The growth of this market is due to the increasing preference for SPECT and PET scans.
Increasing Incidence of Cancer and Cardiac Ailments
Increasing incidence of cancer and cardiac ailments is the major driver of the market. Nuclear medicine shows a huge potential in treating cardiac and cancer diseases. According to Cancer Index, it is estimated that 6,763,000 new cases and 4,499,500 deaths occur every year due to cancer in the Asian region. Cardiology applications will continue to demonstrate strong growth in the market. Other factors, such as increasing SPECT and PET applications and growing public awareness for healthcare, are expected to drive the market in the future.
Strict Regulatory Guidelines
Regulatory requirements pose another hurdle to translational research and clinical investigations. For example, in India, all the approvals for nuclear medicine products are given by the Atomic Energy Regulatory Board (AERB), and, including diagnostic radiopharmaceuticals and radio therapeutics, undergo regulatory procedures by AERB. Similarly, in other countries, such as China, have full government infrastructure and corresponding legal system for the safety of nuclear medicine/radiopharmaceuticals. There are several regulatory departments in China to ensure the safety of radiopharmaceuticals, such as the State Food and Drug Administration (SFDA), China Atomic Energy Authority (CAEA), Ministry of Health (MOH), and State Environment Protection Administration (SEPA). Additionally, reimbursement hurdles for the manufacturer and high capital investment are also restraining the market growth.
Diagnostics Segment to Dominate the Market
The diagnostic radioisotopes segment is expected to account for the largest share of the Asia-Pacific nuclear medicine market due to the increased use of SPECT and PET for diagnosis of cardiac diseases, brain diseases, cancer, and many other diseases.
Key Developments in the Market
April 2017: IBA Molecular and Mallinckrodt Nuclear Medicine LLC united created Curium - a world-class provider in nuclear imaging.
January 2017: IBA Molecular had acquired Mallinckrodt Nuclear Imaging.
October 2017: Bracco Imaging had acquired SurgVision.
Major Players: GE HEALTHCARE, LANTHEUS MEDICAL IMAGING, INC., BAYER HEALTHCARE, BRACCO IMAGING SPA, NORDION, INC., IBA MOLECULAR IMAGING, SIEMENS HEALTHCARE, CARDINAL HEALTH, INC., AND NTP RADIOISOTOPES, amongst others.
Reasons to Purchase the Report
Current and future Asia-Pacific nuclear medicine market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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