Global Nuclear Medicine Radioisotope Market - Segmented by Type of Radioisotope ,Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Nuclear Medicine Radioisotope market was valued at USD 10124.70 million in 2017, is expected to register a CAGR of about 11.17% during the forecast period, 2018-2023. Medical radioisotopes are defined as safe radioactive substances that are primarily used in the diagnosis of medical conditions. These radioisotopes used in a diagnosis emit gamma rays of energy that are sufficient to escape from the body. The rays also have a short half-life, which is apt, since the rays can decay as soon as the imaging is completed. 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 Incidence of Cancer and Cardiac Disorders Boost the Growth of Nuclear Medicine Radioisotope Market
The increasing number of cancer and cardiac ailments are the major drivers for the market. Nuclear medicine has a huge potential in treating cancer and cardiac diseases. Cancer rates could further increase by 50%, to 15 million new cases by 2020, as per the World Cancer Report. It also suggests that healthy lifestyles and public health initiatives by governments and health practitioners could stem this trend, and prevent as many as one-third of cancer cases, worldwide. The National Cancer Institute reports that more than 60% of the world’s new cancer cases occur in Africa, Asia, Central America, and South America, and 70% of the cancer deaths in the world occur in these regions. The International Agency for Research on Cancer (IARC) predicts that by 2030, the global burden is expected to increase to 21.7 million new cancer cases and 13 million cancer deaths, due to the growth and aging of the population, apart from factors, such as smoking, poor diet, physical inactivity, and fewer childbirths in economically developing countries. There is a significant evidence that diagnosing with nuclear imaging techniques has greater impact on patient management for monitoring tumor and its response to drug. Cardiology applications are expected to continue to demonstrate strong growth in the market. In cardiology, nuclear medicine imaging plays an important role in the diagnosis and management of patients with coronary artery disease, atherosclerosis, and other cardiovascular diseases. Cardiac PET is an advanced test used for cardiac disease or coronary artery disease. It provides information about flow of blood through coronary arteries. The emerging radiotracer approaches can also be used for tumor imaging. They play pivotal role in the management of patients with cancer, which is a key growth factor for this market.
Regulatory Issues Hindering the Growth of Nuclear Medicine Radioisotope Market
In Europe, practices involving radio medical exposure are subject to regulatory supervision by the Member States' competent authorities in radiation protection. Member States have transposed the Euratom radiation protection provisions and secondary legislation (Euratom Basic Safety Directive and Medical Exposures Directive) in their national law, and have national regulatory authorities in charge of radiation protection of the public and the workers. However, the practical implementation of the requirements for radiation protection of patients, and in some cases of medical staff, is often weak. This is caused, to some extent, by an unclear distribution of responsibilities between national authorities and by the lack of adequately trained regulatory staff. Recent scientific findings indicate that there is an increased risk of cardiovascular diseases in the range of radiation doses typical for certain radiotherapy and interventional procedures, which could also be reached for patients undergoing repeated radio diagnostic examinations. In light of these findings, the regulatory framework for radioisotopes procurement and usage has become more stringent because there are issues related to the prudent use of radiopharmaceuticals. The stringent regulatory environment is a deterrent to the growth of the global nuclear medicine radioisotope market. However, the stringent framework for regulating radiopharmaceuticals cannot be taken away because of the growing evidence of the damages caused due to non-prudent use of radioisotopes.
Market Segmentation Insights for the Nuclear Medicine Radioisotope Market
The global nuclear medicine radioisotope market is segmented on the type of radioisotope, application and geography. Technetium-99m (Tc-99m) has the largest market share in the nuclear medicine radioisotope market as it used in almost 85% of diagnostic imaging procedures in nuclear medicine, as a radioactive tracker. It is used in bone scans, myocardial perfusion imaging, cardiac ventriculography, functional brain imaging, sentinel-node identification, immunoscintigraphy, blood pool labeling, pyrophosphate for heart damage, sulfur colloid for spleen scan, and Meckel's diverticulum. Tc-99m has a short half-life, which makes it safer than other radioisotopes, even though it has certain side-effects of radiation on patients and even technicians using it. It is widely used in different diseases related to the central nervous system, skeletal system, endocrine system, genitourinary system, hepatobiliary system, and others. All these factors are resulting in the highest share for Technetium-99m (Tc-99m). Iodine-131 (I-131) has the highest CAGR which is 15.01% during the forecast period as it has a wide range of medical applications such as Diagnostic study of the thyroid, parathyroid, and salivary glands, Radiology for the pediatric hospitalist and many other.
Insights from application segment, Cardiology has the largest share in the global market which is around 40% due to nuclear medicine examinations provide pictures of the distribution of blood flow to the heart muscle and can be used to visualize the function of the heart. Thallium-201 used in cardiac scintigraphy and SPECT, is also used for the diagnosis of other heart conditions, such as heart muscle death and the location of low-grade lymphomas. Thus use of emerging techniques for the evaluation of myocardial necrosis and metabolism is anticipated to drive the growth of the market. Oncology has the highest CAGR which is 13.06% as nuclear medicine is proven effective in oncology in several roles, spanning the course of the disease, including the characterization of a mass, staging, restaging, monitoring of therapeutic response.
North America to Dominate the Nuclear Medicine Radioisotope Market
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. PET imaging is widely used in other Canadian provinces and worldwide in the diagnosis of cancer, cardiac, and neurological diseases. PET scans have increasingly revolutionizing the early diagnosis of many diseases, including heart disease and cancer. In Canada, over 43,000 patients are administered PET scans every year and this type of imaging is rapidly expanding in Canada and internationally.
Key Developments in the Market
- December 2017- Caris Life Sciences identified a new mechanism for the treatment of non-Hodgkin lymphoma (NHL), using a single-stranded DNA aptamer, C10.36, specifically binding to heterogeneous nuclear ribonucleoprotein U (hnRNP U)
- October 2017- Siemens Healthcare introduced biograph vision PET/CT system, a software platform at the 30th Annual Congress of the European Association of Nuclear Medicine (EANM), to provide a new level of precision in PET/CT imaging.
Major Players -Medtronic PLC, GE Healthcare, Lantheus Medical Imaging Inc., Hologic Inc., Cardinal Health Inc., Bayer Healthcare AG, Bracco Imaging SPA, NTP Radioisotopes SOC Ltd, Positron Corporation, and Siemens Healthcare, among others.
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- Analysis of the global nuclear medicine radioisotope market, with region-specific assessments and competition analysis, on global and regional scales.
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