Global nuclear medicines market is anticipated to exhibit lucrative growth over the forecast period owing to factors including rising prevalence of chronic diseases such as coronary heart disease in verge of requiring extensive treatments. Additionally, rising advent of novel technologies and awareness of these technologies consequentially propel the demand for the nuclear medicines market. Techniques such as Positron Emission Tomography (PET) and Radionuclide Therapy (RNT) are expected to boost the market growth over the next seven years. These advancements enabled relatively better diagnosis leading to benefits such as targeted therapy and low adverse effects which are also anticipated to upsurge the growth of nuclear medicines market over the forecast period.
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The nuclear medicines market is segregated on the basis of application. It includes neurology, oncology, cardiology, gastrointestinal, nephrology, and lymphology. As of 2014, oncology segment held substantial share of nuclear medicines market owing to rising incidences of cancer and the increasing preference for therapies having low side effects. Nephrology is anticipated to be the fastest growing segment owing to factor such as increasing incidences of kidney failures and advent of novel imaging drugs facilitating better evaluation.
As of 2014, North America held the largest share of nuclear medicines market owing to factors such as increasing geriatric patient base, rising prevalence of chronic diseases and presence of sophisticated infrastructure drives the market growth further. Asia Pacific is anticipated to witness substantial growth over the forecast period owing to factors such as rising disposable income, increasing awareness among the population base in this region. Moreover, improving healthcare infrastructure and larger opportunities for new market entrants is expected to drive the growth over the forecast period.
The key market players of the nuclear medicines market are Siemens Healthcare, IBA Group, Lantheus Medical Imaging Inc., Nordion Inc., Covidien PLC and GE Healthcare. These companies focus on strategies such as identifying target market and development of innovative products. MILabs BV launched new preclinical product line that delivers improved SPECT and PET image resolution owing to combined ultra-high resolution anatomical and functional nuclear imaging. Additionally, increasing untapped opportunities for new market entrants due to factor such as fulfilling unmet needs of the market is expected to upsurge the demand of nuclear medicines market over the forecast period.
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