Global Nuclear Medicine Market - Segmented by Diagnostics, Therapeutics, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
Nuclear medicine falls under the field of molecular imaging, which involves the usage of very small amount of radioactive material (radiopharmaceuticals) to diagnose and treat disease. In nuclear medicine imaging, the radioisotopes are detected by the special type of cameras attached to the computer, which, in turn, provide very precise pictures of the area of the body examined. The global nuclear medicine market is expected to register a CAGR of 12% during the forecast period, 2018 to 2023.
Increasing Incidence of Cancer and Cardiac Ailments
Increasing incidence of cancer and cardiac ailments are the major drivers for the market. Nuclear medicine shows a huge potential in treating cardiac and cancer diseases. According to a survey by National Cancer Institute, the number of new cases of cancer sites was 460 per 100,000 men and woman per year, while the number of deaths was 176 per 100,000 men and women per year. 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 going to drive the market in the future.
Strict Regulatory guidelines
Regulatory requirements pose another hurdle to translational research and clinical investigations. In the United States, all pharmacologic agents, including diagnostic radiopharmaceuticals and radio therapeutics, undergo regulatory oversight by FDA. Radiopharmaceuticals face additional scrutiny and undergo unique regulatory and approval pathways. Sometimes, extensive toxicology testing poses considerable financial burdens for the investigators.
Additionally, reimbursement hurdles for the manufacturer and high capital investment are also restraining the market growth.
North America to Dominate the Market
The nuclear medicine market is segmented by diagnostics, therapeutics, application, and by geography. By geography, it is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is the dominant market for diagnostic radioisotopes. Within North America, the United States is the largest consumer market for radioisotopes, and Canada is the largest producer of Tc-99m.
Key Developments in the market
April, 2017: IBA Molecular and Mallinckrodt Nuclear Medicine LLC united to create Curium - a world-class provider in nuclear imaging.
October, 2017: Switzerland’s Novartis agreed to pay USD 3.9 billion to take over French nuclear medicines business of Advanced Accelerator Applications, aimed to strengthen its cancer treatment activities.
Major Players: CURIUM, LANTHEUS MEDICAL IMGAGING, TRIAD ISOTOPES, SIEMENS HEALTHINEER, BRACCO, CAMBRIDGE ISOTOPE LABORATORIES INC., CARDINAL HEALTH INC., GE HEALTHCARE, NORDION INC., FUJIFILM HOLDINGS CORPORATION, ECZACIBASI-MONROL amongst others.
Reasons to Purchase this Report
Market analysis for the global nuclear medicine market, with region-specific assessments and competition analysis on a global and regional scale.
Analyzing various perspectives of the industry with the help of Porter’s five forces analysis
The treatment type that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
3 months analyst support, along with the Market Estimate sheet in excel.
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