Nuclear Medicine Market to Witness Significant Growth in the Coming Years
High demand for treatment of
diseases like cancer and orthopaedic disorders and increasing funding for
research to drive global nuclear medicine market
According
to TechSci Research report, “Global Nuclear
Medicine Market By Therapy (Radioactive Iodine, Radioactive Antibodies,
Others), By Type (SPECT, PET) By Application (Cardiology, Respiratory,
Orthopaedics, Others), By Therapeutics
(Alpha Particle Emitters, Beta Particle Emitters, Others), By Route of
Administration (Oral, Intravenous, Nasal), By End-User (Hospitals, Diagnostic Centers,
Others), By Region, Forecast & Opportunities, 2025”, the market is expected to grow at a robust CAGR of 2% during forecast
period owing to factors like rising incidence and prevalence of cancer and
cardiovascular diseases and rising awareness about nuclear medicine.
Additionally, conventional chemotherapy treatments are being replaced by
therapeutic radiopharmaceuticals for oncology and cancer treatment due to their
greater convenience. This is further propelling the growth of global nuclear
medicine market. Additionally, nuclear Medicines works as a convenient and safer
alternative for patients when compared to X-Rays and other external radiation
imaging devices. Due to this, physicians nowadays are preferring nuclear
medicines, which are also known as radiopharmaceuticals. Application of nuclear
medicines has also helped in improving pediatric survival rate globally and
hence are getting accepted widely. Moreover, advancements in radiotracers and advent
of alpha radioimmunotherapy (Rit)-based targeted cancer treatments are also
creating high demand for nuclear medicines. Expanding usage across neurological
applications are likely to benefit nuclear medicine manufacturing companies.
However, there are certain issues which nuclear
medicine market faces. Lack of patient and physician education and awareness
proves as a challenge for the market. Also, competition from other imaging
modalities makes the nuclear medicine market highly competitive. The rival
imaging modalities have been successful in being accepted among medical
practitioners.
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The global
nuclear medicine market is segmented based on therapy, type, application,
therapeutics, route of administration, end-user and region. Based on type, the global nuclear
medicine market is segmented into SPECT, PET. PET is majorly used in 80% of Oncology
procedures whereas SPECT contributes majorly in applications such as, Cardiology,
Nephrology and Neuroendocrine.
Based
on application, the market is segmented into cardiology, respiratory,
orthopaedics, neurology, oncology and urology. Among them, the oncology segment holds a strong
dominance in the global nuclear medicines market followed by cardiology
segment. The segment holds largest market share because of the government initiatives and high adoption rate worldwide.
Based
on region, North America dominates the nuclear medicines market with United
States being the largest consumer and Canada being the major supplier of
nuclear medicines. The developments in imaging systems have played a major role
in fueling the growth of the market.
Major players operating in the global nuclear
medicine market include Cardinal Health, Inc., Curium SAS, Lantheus Holdings, Inc.,
Bracco S.p.A., Advanced Accelerator Applications SA, NTP Radioisotopes SOC Ltd,
Eckert & Ziegler AG, Jubilant DraxImage, Inc., GE Healthcare, Inc., Siemens
Healthineers AG, Rotem Industries Ltd., Eczacibasi Holding AS, IBA Group Ltd.,
Ire-Elit S.A., Lucerno Dynamics, LLC, Positron Corporation, NorthStar Medical
Radioisotopes, LLC , Pharmalucence, Inc., Norgine B.V., F. Hoffmann-La Roche AG,
etc. Key players are implementing multiple strategies to maintain their
significant share in the global nuclear medicine market. These strategies
include mergers & acquisition, product developments, business expansion and
collaborative development.
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“Exponential growth in the healthcare industry is expected
to fuel the nuclear medicine market across the globe. Increasing investment for
research and development of nuclear medicine is going to pen myriad
opportunities for the companies. However, nuclear medicines are not cost effective
hence the market is relatively constrained. Some major steps which can be taken
to boost the market could be educating medical practitioners and patients about
the benefits of nuclear medicines,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Global Nuclear Medicine Market By Therapy
(Radioactive Iodine, Radioactive Antibodies, Others), By Type (SPECT, PET), By Application
(Cardiology, Respiratory, Orthopaedics, Others), By Therapeutics (Alpha Particle Emitters,
Beta Particle Emitters, Others), By Route of Administration (Oral, Intravenous,
Nasal), By End-User (Hospitals, Diagnostic Centers, Others), By Region,
Forecast & Opportunities, 2025” has evaluated the future growth potential of nuclear
medicine market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities in global nuclear medicine market.
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