Global Nuclear Medicine Radioisotope Market - Segmented by Type of Power Source, Product, and Application - Growth, Trends, and Forecast (2018 - 2023)
The global nuclear medicine radioisotope market was valued at USD 13.9 billion in 2017, and is expected to register a CAGR of 12.3% during the forecast period of 2018-2023. North America accounted for the largest share of approximately 40% of the global market, in 2017, whereas, Asia-Pacific is anticipated to register the highest CAGR over the forecast period.
Rising SPECT and PET Applications
The field of nuclear medicine is dominated by the applications related to positron emission tomography (PET) and single-photon emission computerized tomography (SPECT). The growing interest of PET technology in cardiac and neurological disorders is expected to fuel the market’s growth. More than 60% of SPECT procedures are performed in cardiology. In addition, orthopedics, oncology, and infection imaging are emerging as areas that can benefit from the same. Applications have been further increasing, through the inclusion of advancements in computed tomography (CT), making nuclear medicine the right choice for disease diagnosis. In addition, factors, such as rising incidences of cardiac and cancer cases, along with the rising awareness among the public, drive the nuclear medicine market.
High Capital Investments Involved
One of the major hindrance for the nuclear medicine radioisotope market is the high capital investments required for the generation of radionuclide. Cyclotron initial investment is very high, which is followed by renovation and installation. Further, annual operating costs are involved. With high investment, the cost of imaging and treatment becomes a factor of high expenditure, especially in developing markets. These factors, and unclear regulatory guidelines, varied reimbursement policies, and short half-life of radiopharmaceuticals restrict the growth of the market studied.
North America to Dominate the Market
The global nuclear medicine radioisotope market has been segmented by type of radioisotope, application in different indications, and geography. Geographically, the market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America dominated the nuclear medicine radioisotope market, with a share of 40%, in 2017. The factors, such as well-established healthcare facilities, growing geriatric population, rising awareness among people for nuclear medicine treatments and diagnosis, contribute to the growth of the regional market. Moreover, Asia-Pacific is estimated to register the highest CAGR during the forecast period.
Key Developments in the Market